SGX Nifty Higher as Stocks in India Appear Ready to Regain Losses

In opening market trading Thursday, the SGX Nifty is higher by 29 points pointing to a higher open for stocks in India. The high resistance level for the SGX Nifty on Thursday is 7,991.33 and the low support level is 7,746.83.

Stocks in India were lower on Wednesday. The NSE Nifty was down -20.60 points or -0.26 percent to close at 7,870.15. The BSE Sensex was also down on Wednesday with a loss of -69.00 points or -0.27 percent to close at 25,704.61. In India, sectors were mixed for the day with gains led by capital goods and losses led by auto. The S&P BSE Capital Goods Index was higher at 13,477.32 for a gain of 85.13 points. Metals and healthcare stocks were also higher. The S&P BSE Auto Index led losses, down -235.97 points for the day to close at 18,194.69. In the automotive sector, Maruti Suzuki and Mahindra and Mahindra were both down after negative safety test ratings. Banks, consumer durables, technology and energy were all also lower for the day.

In other Asian markets on Wednesday, stocks traded mostly higher. The Nikkei 225 in Japan was down -8.11 points or -0.05 percent to 16,644.69. Hong Kong’s Hang Seng Index was down -292.39 points or -1.45 percent to 19,826.41. In China, the Shanghai Composite was lower at 2,807.51 for a loss of -36.17 points or -1.27 percent. The Asia Dow was lower at 2,593.91 for a loss of -16.61 points or -0.64 percent.

In Europe, France’s CAC 40 was up 21.73 points or 0.51 percent to 4,319.30. The Stoxx Europe 600 was up 2.86 points or 0.85 percent to 337.58. Germany’s DAX was up 53.04 points or 0.54 percent to 9,943.23.  The FTSE 100 Index was lower at 6,165.80 for a loss of -1.97 points or -0.03 percent. The FTSE 250 was higher gaining 36.16 points or 0.21 percent to close at 16,881.24. The Europe Dow was up 4.13 points or 0.27 percent to 1,536.44. In Europe, political tensions over a U.K. exit from the European Union and deal talks regarding a Greek bailout were less of a factor in trading Wednesday however still remain top concerns for the region.

In the U.S., stock trading was mixed on Wednesday after the Federal Reserve released its April meeting minutes. For the day, the Dow Jones Industrial Average closed lower at 17,526.62 for a loss of -3.36 points or -0.02 percent. The S&P 500 Index was higher at 2,047.63 for a gain of 0.42 points or 0.02 percent. The Nasdaq Composite Index was also higher at 4,739.12 for a gain of 23.39 points or 0.50 percent. Overall, the Fed is likely to take a cautious approach to rate increases for the remainder of the year. Weakening economic data in the U.S. and globally combined with global political challenges, have most investors pointing to September for the next rate increase however June is still an option.

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