On Friday in Singapore the SGX Nifty closed at 7,857.50 down -35.00 points for a loss of -0.45 percent. The high for the day was 7,938.50 and the low for the day was 7,826.00. The high resistance level for Monday is 8,057.83 and the low resistance level is 7,720.33. As a leading indicator for the India NSE Nifty, the futures SGX Nifty Index fell on Friday as market sectors were mixed. The NSE Nifty closed at 7,849.80 on Friday for a gain of 2.55 points or 0.03 percent. The BSE Sensex closed at 25,606.62 for a gain of 3.52 points or 0.01 percent. HCL Technologies (HCLTECH) was in the spotlight Friday as disappointing earnings and analysts’ downgrades led the stock lower. In the broader market the SGX Nifty followed Friday’s trend lower as stocks fell across the globe due to some overcorrection after the Bank of Japan’s decision to keep interest rates unchanged.

HCL Technologies, one of the NSE Nifty’s leading components, reported earnings on Friday that led to a 5.4 percent drop in the stock’s trading price for the day. Revenue below analysts’ expectations was the main factor for the losses however slower technology sector growth overall and especially in the financial services industry also led the valuation lower. Following the results, numerous analysts reduced the stock’s target price, including Goldman Sachs, Jefferies and Nomura.

In other Asian markets China’s Shanghai Composite closed at 2,938.32 for a loss of -7.27 points or -0.25 percent. Hong Kong’s Hang Seng Index closed at 21,067.05 for a loss of -320.98 points or -1.50 percent. Japan’s stock market was closed on Friday.

In Europe, market indexes were lower. The FTSE 100 closed at 6,241.89 for a loss of -80.51 points or -1.27 percent. The FTSE 250 was also lower at 16,801.55 for a loss of -264.90 points or -1.55 percent. France’s CAC 40 closed at 4,428.96 for a loss of -128.40 points or -2.82 percent and Germany’s DAX closed at 10,038.97 for a loss of -282.18 points or -2.73 percent.

In the U.S., stock valuations lost more ground on Friday as the market overcorrected for the unanticipated decision by the Bank of Japan to leave rates unchanged and disappointing energy sector results also weighed on valuations. On Friday, the Dow Jones Industrial Average closed at 17,773.64 for a loss of 57.12 points or -0.32 percent. The Standard & Poor’s 500 was also lower, closing at 2,065.30 for a loss of 10.51 points or -0.51 percent. In the Dow Jones Industrial Average further losses in energy sector earnings were a main factor with Exxon (XOM) and Chevron (CVX) reporting earnings losses on Friday. In the technology sector, stocks were also lower with the Nasdaq Composite closing at 4,775.36 for a loss of -29.93 points or -0.62 percent.

Pre-market trading in the eastern hemisphere is showing losses as these markets continue to be highly affected by the Bank of Japan’s decision to keep interest rates unchanged and the subsequent factoring in of a weaker Japanese economy than previously expected. Nikkei futures are unchanged however Shanghai futures show valuations down -0.24 percent.