SGX Nifty Pointing Higher for Stocks in India

In opening market trading Thursday, the SGX Nifty is higher by 25 points as Asian markets are mixed. The high resistance level for the SGX Nifty on Thursday is 8,340.83 and the low support level is 8,225.33.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for continued gains in stocks in India. On Wednesday, the NSE Nifty was higher by 6.60 points or 0.08 percent to close at 8273.05. The S&P BSE Sensex was also higher, closing at 27020.66 for a gain of 10.99 points or 0.04 percent.

Most sectors gained in India on Wednesday. The S&P BSE Capital Goods Index closed at 14863.6 for a gain of 257.31. The S&P BSE Auto Index closed at 19615.19 for a gain of 86.28 points. Technology and healthcare stocks were lower for the day. The S&P BSE Information Technology Index was lower at 11575.84 for a loss of -70.92 points. The S&P BSE Healthcare Index was lower at 14991.15 for a loss of -14.09 points.

Defense stocks were higher on Wednesday, after the United States recognized the country as a defense partner in talks with Prime Minister Narendra Modi. Defense stocks, Bharat Electronics, Astra Micro Wave Products Ltd., Reliance Defence and Engineering Ltd. and Walchandnagar Industries Ltd. were all higher for the day. Outlooks also improved for the sector as new contracts from the U.S. are anticipated to help revenue growth.

On Tuesday, Amazon reported a new investment in India of $3 billion which is expected to increase e-commerce in the country. Analysts also cited HDFC Bank as a leading global investment for bank sector stocks as rates in the country remained stable following no change from the Bank of India in monetary policy Tuesday. Oil prices were also higher, reaching $51 a barrel and helping energy stocks to gain.

In other Asian markets China’s Shanghai Composite was lower closing at 2927.16 for a loss of -8.89 points or -0.30 percent. Hong Kong’s Hang Seng Index closed at 21297.88 for a loss of -30.36 points or -0.14 percent. Japan’s Nikkei closed at 16830.92 for a gain of 155.47 points or 0.93 percent.

In Europe market indexes were mostly lower. The Stoxx Europe 600 closed at 344.56 for a loss of -1.70 points or -0.49 percent. The Stoxx Europe 50 was lower at 2879.81 for a loss of -17.05 points or -0.59 percent. France’s CAC 40 closed at 4448.73 for a loss of -27.13 points or -0.61 percent. Germany’s DAX closed at 10217.03 for a loss of -70.65 points or -0.69 percent. The FTSE 100 was higher at 6301.52 for a gain of 16.99 points or 0.27 percent. The FTSE 250 was lower at 17177.85 for a loss of -17.53 points or -0.10 percent.

In the U.S., stocks were mostly higher Wednesday. The Dow Jones Industrial Average closed at 18005.05 for a gain of 66.77 points or 0.37 percent. The S&P 500 was also higher, closing at 2119.12 for a gain of 6.99 points or 0.33 percent. The Nasdaq Composite also gained with a closing value of 4974.64, up 12.89 points or 0.26 percent.

Other notable U.S. index closes included the small-cap Russell 2000, higher at 1188.95 for a gain of 8.98 points or 0.76 percent; the S&P 600 closing at 726.38 for a gain of 6.23 points or 0.87 percent; the S&P 400 Mid-Cap Index closing at 1525.14 for a gain of 6.40 points or 0.42 percent; the Russell 3000 closing at 1252.20 for a gain of 4.51 points or 0.36 percent; and the Dow Jones U.S. Select Dividend Index closing at 604.10 for a gain of 1.79 points or 0.30 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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