SGX Nifty Pointing Higher with High Volatility in Indian Stocks

In opening market trading Tuesday, the SGX Nifty is higher by 20.50 points indicating a higher open for stocks in India. The high resistance level for the SGX Nifty on Tuesday is 8,056.83 and the low support level is 7,672.83.

On Monday, the NSE Nifty was higher by 45.85 points or 0.59 percent to close at 7,860.75. The BSE Sensex was also higher, gaining 163.66 points or 0.64 percent to close at 25,653.23. Most sectors were higher Monday, however bank stocks continued to fall. Higher inflation data in India continues to keep stock volatility high as uncertainty surrounds the Bank of India’s next move on interest rates. The S&P BSE Bankex closed at 19,032.15, down -7.62 and the Bank of Baroda led losses for the day, down -13.05 points or -8.41 percent to 142.05 INR.

Sectors gaining for the day included auto, healthcare, information technology and metals. Among stocks leading gains for the day included clothing retailer, Raymond, and chemicals company, Akzo Nobel India.

In other Asian markets Monday, stocks were also mostly higher despite some disappointing economic data from China. In China, industrial output increased by 6 percent year-over-year in April, missing estimates of 6.6 percent and falling below the previous month’s reading of 6.8 percent. Retail sales in China were also lower than expectations with a year-over-year increase of 10.1 percent in April and down from 10.5 percent in March. China’s Shanghai Composite was higher by 23.75 points or 0.84 percent to close at 2,850.86. Hong Kong’s Hang Seng Index was higher by 164.66 points or 0.84 percent to close at 19,883.95. Japan’s Nikkei 225 gained 54.19 points or 0.33 percent to close at 16,466.40. As a broad market measure, the Asia Dow was higher by 2.92 points or 0.11 percent to close at 2,582.79.

In Europe, the FTSE 100 gained 12.90 points or 0.21 percent to close at 6,151.40. The FTSE 250 was higher by 49.02 points or 0.29 percent to close at 16,699.32. France’s CAC 40 was down -7.71 points or -0.18 percent to close at 4,312.28. The Stoxx Europe 600 gained 0.05 points or 0.01 percent to close at 334.73. The Europe Dow was higher on Monday closing at 1,533.11 for a gain of 2.22 points or 0.15 percent. Germany’s DAX was closed Monday for a holiday and on Friday finished at 9,952.90 for a gain of 90.78 points or 0.92 percent.

In the U.S., stocks traded mostly higher regaining some of last week’s losses despite weaker manufacturing data reported Monday from the Empire State Manufacturing Index. The Dow Jones Industrial Average closed at 17,710.71 for a gain of 175.39 points or 1.00 percent. The S&P 500 closed at 2,066.66 for a gain of 20.05 points or 0.98 percent. The Nasdaq Composite also gained at 4,775.46 for a gain of 57.78 points or 1.22 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

You may also like...

Rules of Discussion on SGX Nifty Pointing Higher with High Volatility in Indian Stocks

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is strictly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Members are requested to flag any violations to keep Forum Clean.
Note: If old messages appear, it is due to a software bug. Please click the 'Sort By Newest' Button on below right, then first select Oldest & after that Newest. Latest Message will appear. Sorry for this.