SGX Nifty Pointing Higher for Continued Gains in India

In opening market trading Wednesday, the SGX Nifty is higher by 39.5 points as Asian markets are trading mixed. The high resistance level for Wednesday 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 Wednesday. On Tuesday, stocks were mostly higher with the NSE Nifty closing at 8266.45 for a gain of 65.40 points or 0.80 percent. The S&P BSE Sensex was also higher, closing at 27009.67 for a gain of 232.22 or 0.87 percent. Stock sectors mostly gained on Tuesday with the exception of energy and information technology. The S&P BSE Bankex led gains on Tuesday closing at 20536.01 for a gain of 329.68. The S&P Oil & Gas Index closed at 9335.6 for a loss of -12.98 while the S&P BSE Information Technology Index closed at 11646.76 for a loss of -4.32.

On Tuesday the Bank of India reported it would keep rates unchanged at 6.50 percent which helped stocks gain. ICICI Bank Ltd led stock gains for the day with an increase of 11.00 points or 4.52 percent to 254.50 INR. Dhanlaxmi Bank Ltd. was also higher for the day, gaining 6.93 percent.

In other Asian markets, China’s Shanghai Composite closed at 2936.04 for a gain of 1.95 points or 0.07 percent. Hong Kong’s Hang Seng Index closed at 21328.24 for a gain of 298.02 points or 1.42 percent. Japan’s Nikkei closed at 16675.45 for a gain of 95.42 points or 0.58 percent.

In Europe market indexes were mostly higher on Tuesday. The Stoxx Europe 600 closed at 346.26 for a gain of 3.85 points or 1.12 percent. The Stoxx Europe 50 closed at 2896.86 for a gain of 34.64 points or 1.21 percent. France’s CAC 40 closed at 4475.86 for a gain of 52.48 points or 1.19 percent. Germany’s DAX closed at 10287.68 for a gain of 166.60 points or 1.65 percent. The FTSE 100 closed at 6284.53 for a gain of 11.13 points or 0.18 percent. The FTSE 250 closed at 17195.38 for a gain of 13.62 points or 0.08 percent.

In the U.S., the leading market indexes were higher on Tuesday. The Dow Jones Industrial Average gained 17.95 points or 0.10 percent to 17938.28. The S&P 500 was also higher, closing at 2112.13 for a gain of 2.72 points or 0.13 percent.

Other notable index closes for the day included the small-cap Russell 2000, closing higher at 1179.97 for a gain of 3.10 points or 0.26 percent; the S&P 600 closing at 720.15 for a gain of 2.77 points or 0.39 percent; the Nasdaq Composite closing at 4961.75 for a loss of -6.96 points or -0.14 percent; the S&P 400 Mid-Cap Index closing at 1518.74 for a gain of 5.92 points or 0.39 percent; the Russell 3000 closing at 1247.68 for a gain of 1.96 points or 0.16 percent; and the Dow Jones U.S. Select Dividend Index which closed at 602.31 for a gain of 2.00 points or 0.33 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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