On Monday, 25 Apr 2016, 8 AM SGX Nifty was is 7920 up 8.5 points trading flat. On Friday SGX Nifty closed at 7,913.50 down 1.50 points or -0.02 percent. The high for the day was 7,943.00 and the low for the day was 7,883.00. The high resistance level for Monday is 8,004.33 and the low support level is 7,824.33.
Closely tracking the movement of NSE Nifty, the SGX Nifty Futures fell on Friday as India’s NSE Nifty closed at 7,899.30, down 12.75 points or 0.16 percent. Among India NIFTY stocks moving the market on Friday were HDFC Bank (HDFC), Reliance Industries (RELIANCE) and Cairn India (CAIRN). BSE Sensex closed at 25,838.14, down 42.24 points or 0.16 percent.
HDFC Bank reported strong quarterly earnings results with a 20.05 percent increase in year over year net profit. Reliance and Cairn India also reported quarterly earnings. Reliance posted a 16 percent increase in profit for the quarter as refining margins improved. Cairn India’s earnings report had a greater impact on the day’s market trading with revenue down 41 percent from lower oil price effects and earnings also trending lower. Volatility in oil and lower corporate earnings in India’s energy sector primarily led the SGX Nifty and NSE Nifty lower on Friday.
In other Asian markets India’s China’s Shanghai Composite closed at 2,959.24, up 6.35 points for a gain of 0.22 percent. Hong Kong’s Hang Seng Index closed at 21,467.04 down 155.2 points or 0.72 percent. Japan’s Nikkei closed at 17,572.49 a gain of 208.87 points or 1.20 percent.
On other hand in Europe market indexes were also lower as a result of oil prices. The FTSE 100 closed at 6,310.44 down 71 points or 1.11 percent. In the FTSE 100, Glencore, BP and Royal Dutch Shell were all lower. Glencore (GLEN) fell nearly 3 percent, BP (BP) was down 0.09 percent and Royal Dutch Shell (RDSA) was down 1.44%. The FTSE 250 was also lower at 16,871.46 down 107.98 points for a loss of 0.64 percent.
In the United States, companies continued reporting earnings for the first quarter. On Friday the Dow Jones Industrial Average closed at 18,003.75, up 21.23 points for a gain of 0.12 percent. The S&P 500 also reported positive trading for the day ending Friday at 2,091.58 up 0.10 points for a gain of 0.01 percent. For the week the Dow Jones Industrial Average was up 0.60 percent and the S&P 500 gained 0.53 percent. In the week ahead the spotlight will be on Apple (AAPL) which reports earnings on Monday.