In opening market trading Wednesday, the SGX Nifty is lower by 50 points as stocks appear slightly overpriced. The high resistance level for the SGX Nifty on Wednesday is 8,042.33 and the low support level is 7,787.33.
On Tuesday stocks in India were mostly higher. The NSE Nifty was up 30.00 points or 0.38 percent to 7,890.75 and the BSE Sensex was higher by 120.38 points or 0.47 percent to 25,773.61. Most all sectors were higher for the day. The S&P Oil & Gas Index was up 108.12 points to 9,240.51, leading gains for the day as oil prices gained and energy stock valuations increased globally. In India, Bharat Petroleum, Hindustan Petroleum and Indian Oil were all higher.
Banking sector stocks also gained broadly. The S&P BSE Bankex Index was higher at 19,077.75 for a gain of 45.6 points. Among stocks leading gains in the banking sector Tuesday were HDFC and Axis Bank. HDFC was up 2.41 percent to 1,215.00 INR. Axis Bank was up 3.35 percent to 502.75 INR.
In other Asian markets, stocks traded mostly higher. The Nikkei 225 in Japan was up 186.40 points or 1.13 percent to 16,652.80. Hong Kong’s Hang Seng Index was also higher, closing at 20,118.80 for a gain of 234.85 or 1.18 percent. In China, the Shanghai Composite was lower on Tuesday, down -7.18 points or -0.25 percent to close at 2,843.68. The Asia Dow was higher for the day, closing at 2,610.52 for a gain of 27.73 points or 1.07 percent.
In Europe, the FTSE 100 closed at 6,167.77 for a gain of 16.37 points or 0.27 percent. The FTSE 250 was also higher, closing at 16,845.08 for a gain of 145.76 points or 0.87 percent. France’s CAC 40 was lower at 4,297.57 for a loss of -14.71 points or -0.34 percent. The Stoxx Europe 600 traded flat at 334.72 for a loss of -0.01 points. The Stoxx Europe 50 was lower at 2,801.13 for a loss of -0.20 points or -0.01 percent. The Europe Dow was also down, closing at 1,532.31 for a loss of -0.80 points or -0.05 percent.
In the U.S., market indexes were lower Tuesday as uncertainty over a June rate increase from the Federal Reserve weighed on valuations and increased volatility. For the day, the Dow Jones Industrial Average lost -180.73 points or -1.02 percent to close at 17,529.98. The S&P 500 Index was also down at 2,047.21 for a loss of -19.45 points or -0.94 percent. The Russell 3000 closed at 1,203.74 for a loss of -11.82 points or -0.97 percent. The Nasdaq Composite Index closed at 4,715.73 for a loss of -59.73 points or -1.25 percent and the Nasdaq 100 was lower by -57.93 points or -1.32 percent at 4,322.56.