SGX Nifty Pointing Higher with Gains Expected to Continue in Indian Stocks

In opening market trading Monday, the SGX Nifty is higher by 16.5 points in trend with what is happening in other Asian markets. The high resistance level for Monday is 8,303.33 and the low support level is 8,015.33.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India. Monday’s opening market gains follow gains from last week. For the May 27 week, the NSE Nifty gained 5.25 percent. On Friday the NSE Nifty was higher by 87.00 points or 1.08 percent to close at 8,156.65. The BSE Sensex was also higher Friday, closing at 26,653.60 for a gain of 286.92 points or 1.09 percent. All stock sectors in India gained on Friday except the S&P BSE Fast Moving Consumer Goods Index which was down -0.98 points to 8147.25. Sectors leading gains included healthcare, oil and gas and banking.

Stocks leading the day’s gains on Friday in India included Bharat Petroleum Corp. Ltd, up 8.48 percent and State Bank of India, up 9.32 percent. Pharmaceutical companies, Sun Pharmaceutical Industries and Taro Pharmaceutical Industries were both higher for the day after U.S. subsidiary Taro Pharmaceutical Industries reported strong annual results. Sun Pharmaceutical Industries was up 6.24 percent and Taro Pharmaceutical Industries gained 6.92 percent.

In other Asian markets Friday, China’s Shanghai Composite closed at 2821.05 for a loss of -1.40 points or -0.05 percent. Hong Kong’s Hang Seng Index closed at 20576.77 for a gain of 179.66 points or 0.88 percent. Japan’s Nikkei closed at 16834.84 for a gain of 62.38 points or 0.37 percent.

In Europe, the FTSE 100 closed at 6270.79 for a gain of 5.14 points or 0.08 percent. The FTSE 250 closed at 17232.26 for a gain of 39.43 points or 0.23 percent. France’s CAC 40 closed at 4514.74 for a gain of 2.10 points or 0.05 percent. Germany’s DAX closed at 10286.31 for a gain of 13.60 points or 0.13 percent.

In the U.S., the Dow Jones Industrial Average closed at 17873.22 for a gain of 44.93 points or 0.25 percent. The S&P 500 was higher at 2099.06 for a gain of 8.96 points or 0.43 percent. The Nasdaq Composite was higher at 4933.50 for a gain of 31.74 points or 0.65 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000 closing higher at 1150.45 for a gain of 10.69 points or 0.94 percent; the small-cap S&P 600 closing at 702.84 for a gain of 5.86 points or 0.84 percent; the S&P 400 Mid-Cap Index closing at 1492.07 for a gain of 11.42 points or 0.77 percent; the Russell 3000 closing at 1236.62 for a gain of 5.92 points or 0.48 percent; and the Dow Jones U.S. Select Dividend Index closing at 591.50 for a gain of 2.23 points or 0.38 percent.

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