In opening market trading Wednesday, the SGX Nifty is lower by 16 points indicating further losses to follow Tuesday. On Tuesday in Singapore the SGX Nifty closed at 7,765.00 down -16.00 points for a loss of -0.21 percent. The high for the day was 7,934.50 and the low for the day was 7,763.00. The high resistance level for Wednesday is 8,060.83 and the low resistance level is 7,546.33.

Closely tracking the movement of the India NSE Nifty, the futures SGX Nifty Index fell on Tuesday as all market sectors were primarily lower. The NSE Nifty closed at 7,747.00 for a loss of -58.90 points or -0.75 percent. The BSE Sensex closed at 25,229.70 for a loss of -207.27 or -0.81 percent. Banking stocks reported some of Tuesday’s greatest losses. The S&P BSE BANKEX closed at 18,665.15 for a loss of -193.92 points and the Bank Nifty Index reported a loss of -154.3 points to close at 16,388.7.

While India market indexes have been following global stocks lower, analysts believe India is ready for a breakout session with minimal domestic economic issues and a positive outlook on earnings for the second half of the year. Stocks leading the day higher Tuesday in the NSE Nifty were Aurobindo Pharm at 803.25, up 4.34 points, Bharti Airtel at 368.35, up 2.95 points and Bharti Infratel at 383.65, up 2.13 points. In the BSE, Adani Ports, HDFC, Tata Motors and Tata Steel led the Index higher.

In other Asian markets China’s Shanghai Composite was higher despite the Caixin PMI’s lower manufacturing report which was a primary catalyst for lower valuations globally on Tuesday. The Shanghai Composite closed at 2,992.64 for a gain of 54.32 points or 1.85 percent. Hong Kong’s Hang Seng Index followed the broader market trend, closing lower at 20,676.94 for a loss of -390.11 points or -1.85 percent. Japanese stock exchanges were closed Tuesday.

In Europe, market indexes were also lower. The FTSE 250 closed at 16,730.09 for a loss of -71.46 points or -0.43 percent. The FTSE 100 closed at 6,185.59 for a loss of -56.30 points or -0.90 percent. In France the CAC 40 closed at 4,371.98 for a loss of -70.77 points or -1.59 percent. The DAX in Germany was down -1.94 percent to 9,926.77 for a loss of -196.50 points.

In the U.S., weak manufacturing reports domestically and internationally caused losses on Tuesday and erased most of Monday’s gains. The Dow Jones Industrial Average closed at 17,750.91 for a loss of 140.25 points or 0.78 percent. The S&P 500 closed at 2,063.37 for a loss of 0.87 percent or 18.06 points. The Nasdaq Composite was also lower Tuesday closing at 4,763.22 for a loss of -54.37 points or -1.13 percent.