SGX Nifty Pointing Lower as Indexes Retreat Globally

In opening market trading Wednesday, the SGX Nifty is lower by 17 points at 7,902.50 and it appears markets could be taking back some of their early week gains. The high resistance level for Wednesday is 8,021.50 and the low support level is 7,801.00. As a leading indicator of the NSE Nifty, the SGX Nifty is pointing lower Wednesday following gains from the NSE Nifty Tuesday. On Tuesday the NSE Nifty reported a gain of 21.75 points or 0.28 percent to close at 7,887.80. The BSE Sensex was also higher for a gain of 83.67 points or 0.33 percent to close at 25,772.53. Most all sectors were higher Tuesday except for energy, metals and auto.

The day’s gains in India were mainly driven by the global market trend as all stocks broadly gained. Oil price levels continued to weigh on energy stocks, with the sector down overall. A boost from newly listed stock, Ujjivan Financial Services helped broader market gains. The stock saw an increase of 10 percent from its opening IPO price on Tuesday. Stocks leading losses included Tata Motors, Range Rover, Hindalco, ONGC, NTPC and Adani Ports.

In other Asian markets Tuesday, Japan’s Nikkei 225 was up 349.16 points or 2.15 percent to 16,565.19. The Nikkei 300 gained 5.85 points or 2.22 percent to 269.14. Hong Kong’s Hang Seng Index was up 85.87 points or 0.43 percent to 20,242.68. China’s Shanghai Composite gained 0.48 points or 0.02 percent to close at 2,832.59. The S&P BSE Sensex was up 83.67 points or 0.33 percent to close at 25,772.53. In Australia the S&P/ASX gained 22.10 points or 0.42 percent to 5,342.80.

In Europe, stocks finished higher Tuesday and the market gained broadly. The FTSE 100 was higher, gaining 41.84 points or 0.68 percent to close at 6,156.65. The FTSE 250 was up 37.36 points or 0.22 percent to close at 16,724.42. Stocks were mainly higher helped by a narrowing trade deficit announced Tuesday. The day’s gains helped give back to mining stocks which posted some of the highest increases for the day.

In other European markets, France’s CAC 40 closed up 15.40 points for a gain of 0.36 percent at 4,338.21. Germany’s DAX was higher by 64.95 points or 0.65 percent at 10,045.44. The Stoxx Europe 600 closed at 336.24 for a gain of 3.02 points or 0.91 percent. The Europe Dow was up 14.89 points or 0.97 percent to close at 1,549.73

In the U.S., the Dow Jones Industrial Average gained 222.44 points or 1.26 percent to close at 17,928.35. The S&P 500 was up 25.69 points or 1.25 percent to close at 2,084.38. The Nasdaq Composite gained 59.67 points or 1.26 percent to close at 4,809.88. Expectations of no change in the federal funds rate in June by the Federal Reserve kept trading flat and investors continued to watch economic indicators for more direction.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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