Stocks in India Likely to Gain as SGX Nifty is Pointing Higher

In opening market trading Wednesday, the SGX Nifty is higher by 15.5 points indicating gains for stocks in India. The SGX Nifty’s high resistance level for Wednesday is 8297.17 and the low support level is 8082.67.

As a leading indicator for stocks in India, the SGX Nifty is predicting gains for the NSE Nifty after valuations were slightly lower on Tuesday. On Tuesday, the NSE Nifty was down -18.40 points or -0.22 percent to 8160.10. Tuesday’s loss followed a significant rally for stocks in India which led to a weekly gain of 5.25 percent for the May 27 week. On Tuesday, the BSE Sensex was also lower, down -57.64 points or -0.22 percent to 26667.96. For the May 27 week the BSE Sensex gained 5.34 percent.

On Tuesday, sector trading in India was mixed with healthcare, technology, capital goods and consumer goods all leading losses. Sectors gaining for the day included auto and banking.

Many of India’s leading stock losses on Tuesday were from top performing stocks in May as the market took gains from some overvaluations. Stocks leading gains in May with losses on Tuesday included Larsen & Toubro, Tech Mahindra and Housing Development Finance Corp. Stocks gaining for the day included Tata Motors and Hindalco Industries, both with increases following positive earnings reports.

In other Asian markets, stocks traded mostly higher. China’s Shanghai Composite closed at 2916.62 for a gain of 94.17 points or 3.34 percent. Hong Kong’s Hang Seng Index closed at 20815.09 for a gain of 185.70 points or 0.90 percent. Japan’s Nikkei closed at 17234.98 for a gain of 166.96 points or 0.98 percent.

In Europe, the FTSE 100 closed at 6230.79 for a loss of -40.00 points or -0.64 percent. The FTSE 250 closed at 17184.73 for a loss of -47.53 points or -0.28 percent. The Stoxx Europe 600 was lower at 347.45 for a loss of -2.69 points or -0.77 percent. Germany’s DAX was lower at 10262.74 for a loss of -70.49 or -0.68 percent. France’s CAC 40 was lower at 4505.62 for a loss of -23.78 points or -0.53 percent.

In the U.S., stock trading was mixed on Tuesday. the Dow Jones Industrial Average was lower at 17787.13 for a loss of -86.09 points or -0.48 percent. The S&P 500 was also down, closing at 2096.95 for a loss of -2.11 points or -0.10 percent. The Nasdaq Composite was higher for the day at 4948.05 for a gain of 14.55 points or 0.29 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000 closing at 1155.23 for a gain of 4.78 points or 0.42 percent; the S&P 600 closing at 705.10 for a gain of 2.25 points or 0.32 percent; the S&P 400 Mid-Cap Index closing at 1493.24 for a gain of 1.17 points or 0.08 percent; the Russell 3000 closing at 1236.24 for a loss of -0.38 points or -0.03 percent; and the Dow Jones U.S. Select Dividend Index closing at 591.73 for a gain of 0.23 points or 0.04 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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