SGX Nifty Pointing Higher Ahead of Bank of India Policy Meeting

In opening market trading Tuesday, the SGX Nifty is higher by 39.50 points with stocks trading mixed in Asia. The high resistance level for the SGX Nifty on Tuesday is 8,314.17 and the low support level is 8,170.17.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India on Tuesday. On Monday, stocks in India started the week lower. The NSE Nifty was down -19.75 points or -0.24 percent to close at 8201.05. The S&P BSE Sensex was also lower at 26777.45 for a loss of -65.58 points or -0.24 percent. Most sectors were lower Monday with losses led by consumer durables and healthcare. Sectors reporting gains included capital goods and auto. The S&P BSE Consumer Durables Index was down -159.08 points to 11283.38. The S&P BSE Healthcare Index was down -118.94 points to 14937.97. The S&P BSE Capital Goods Index was higher at 14428.14 for a gain of 67.79 points. The S&P BSE Auto Index was higher by 19.02 points at 19437.35.

Investors traded cautiously Monday prior to the Bank of India’s policy meeting on Tuesday. Economists expect no change from the Bank of India on monetary policy. Bank stocks traded higher with gains from Punjab National Bank, State Bank of India and Bank of Baroda. Stocks leading losses Monday included Tech Mahindra Ltd, Axis Bank Ltd. and Bharat Petroleum Corp Ltd.

In other Asian markets, stock trading was mixed. China’s Shanghai Composite closed at 2934.10 for a loss of -4.58 points or -0.16 percent. Hong Kong’s Hang Seng Index closed at 21030.22 for a gain of 82.98 points or 0.40 percent. Japan’s Nikkei closed at 16580.03 for a loss of -62.20 points or -0.37 percent.

In Europe market indexes were mostly higher on Monday. The Stoxx Europe 600 closed at 342.41 for a gain of 1.12 points or 0.33 percent. The Stoxx Europe 50 closed at 2862.22 for a gain of 11.45 points or 0.40 percent. France’s CAC 40 closed at 4423.38 for a gain of 1.60 points or 0.04 percent. Germany’s DAX closed at 10121.08 for a gain of 17.82 points or 0.18 percent. The FTSE 100 closed at 6273.40 for a gain of 63.77 points or 1.03 percent. The FTSE 250 closed at 17181.76 for a gain of 113.83 points or 0.67 percent.

In the U.S., the Dow Jones Industrial Average closed for the day at 17920.33 for a gain of 113.27 points or 0.64 percent. The S&P 500 Index was also higher at 2109.41 for a gain of 10.28 points or 0.49 percent. The Nasdaq Composite also gained, closing at 4968.71 for a gain of 26.20 points or 0.53 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, which closed higher at 1176.87 for a gain of 12.74 points or 1.09 percent; the S&P 600 closing at 717.38 for a gain of 7.83 points or 1.10 percent; the S&P 400 Mid-Cap Index closing at 1512.82 for a gain of 11.92 points or 0.79 percent; the Russell 3000 closing at 1245.73 for a gain of 6.91 points or 0.56 percent; and the Dow Jones U.S. Select Dividend Index closing at 600.31 for a gain of 3.32 points or 0.56 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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