SGX Nifty Pointing Higher as Stocks Recover Globally from U.K. Exit Vote

In opening market trading Wednesday, the SGX Nifty is higher by 9.5 points as stocks in Asia trade mostly higher. The high resistance level for the SGX Nifty on Wednesday is 8332.00 and the low support level is 7900.00.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India on Wednesday. Stocks globally have been recovering from steep losses caused by the U.K.’s exit vote. On Tuesday, stocks in India were higher. The NSE Nifty closed at 8127.85 for a gain of 33.15 points or 0.41 percent. The BSE Sensex closed at 26524.55 for a gain of 121.59 points or 0.46 percent. Sectors in India traded mostly higher led by consumer goods, healthcare and metals. The S&P BSE Fast Moving Consumer Goods Index closed at 8390.06 for a gain of 144.68 points. The S&P BSE Healthcare Index closed at 15327 for a gain of 100.53 points. The S&P BSE Metals Index closed at 8295.79 for a gain of 82.58 points.

Less focus on the U.K. and monsoons in India helped the following stocks gain for the day:

ITC Ltd. 2.54 percent

Hindustan Unilever 3.11 percent

Tata Communications Ltd. 1.56 percent

Idea Cellular Ltd. 3.74 percent

In other Asian markets, China’s Shanghai Composite was higher at 2912.56 for a gain of 16.85 points or 0.58 percent. Hong Kong’s Hang Seng Index was lower at 20172.46 for a loss of -54.84 points or -0.27 percent. Japan’s Nikkei was higher at 15323.14 for a gain of 13.93 points or 0.09 percent.

In Europe, stocks gained on Tuesday. The Stoxx Europe 600 closed at 316.70 for a gain of 7.95 points or 2.57 percent. The Stoxx Europe 50 closed at 2700.18 for a gain of 63.47 points or 2.41 percent. France’s CAC 40 closed at 4088.85 for a gain of 104.13 points or 2.61 percent. Germany’s DAX closed at 9447.28 for a gain of 178.62 points or 1.93 percent. The FTSE 100 closed at 6140.39 for a gain of 158.19 points or 2.64 percent. The FTSE 250 closed at 15503.06 for a gain of 535.20 points or 3.58 percent.

In the U.S., the leading stocks indexes were higher. On Tuesday, the Dow Jones Industrial Average closed at 17409.72 for a gain of 269.48 points or 1.57 percent. The S&P 500 was also higher, closing at 2036.09 for a gain of 35.55 points or 1.78 percent. The Nasdaq Composite closed higher at 4691.87 for a gain of 97.42 points or 2.12 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing higher at 1107.30 for a gain of 17.65 points or 1.62 percent; the S&P 600 closing at 679.84 for a gain of 8.94 points or 1.33 percent; the S&P 400 Mid-Cap Index closing at 1442.50 for a gain of 25.84 points or 1.82 percent; the Russell 3000 closing at 1198.45 for a gain of 21.10 points or 1.79 percent; and the Dow Jones U.S. Select Dividend Index closing at 591.19 for a gain of 7.32 points or 1.25 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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