SGX Nifty Pointing Higher to Start the Week for Stocks in India

In opening market trading Monday, the SGX Nifty is higher by 72.5 points as stocks are trading mostly higher in Asia. The high resistance level for the SGX Nifty on Monday is 8438.17 and the low support level is 8226.67.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India on Monday. On Friday, stocks in India traded mostly flat as investors were cautious ahead of earnings season. The NSE Nifty closed at 8323.20 for a loss of -14.70 points or -0.18 percent. The BSE Sensex was also lower closing at 27126.90 for a loss of -74.59 points or -0.27 percent.

Most all Indian stock sectors were lower in Friday’s trading for the day. The BSE Capital Goods Index was lower at 15157.56 for a loss of -151.16. The S&P Oil & Gas Index was lower at 9956.99 for a loss of -98.22 points. The Bank Nifty Index was lower at 18016.25 for a loss of -68.65 points.

The telecom sector was also lower for the day. Stocks leading losses included telecom stocks Reliance Communications, Tata Teleservices Ltd., Bharti Airtel and Idea Cellular after the government reported it would require payments for companies reporting inaccurate telecommunications revenue.

In other Asian markets, China’s Shanghai Composite was lower at 2988.09 for a loss of -28.75 points or -0.95 percent. Hong Kong’s Hang Seng Index was lower at 20564.17 for a loss of -142.75 points or -0.69 percent. Japan’s Nikkei Index was lower at 15106.98 for a loss of -169.26 points or -1.11 percent.

In Europe, stocks were mostly higher. The Stoxx Europe 600 was higher at 327.35 for a gain of 5.23 points or 1.62 percent. The Stoxx Europe 50 was higher at 2796.81 for a gain of 36.07 points or 1.31 percent. France’s CAC 40 was higher at 4190.68 for a gain of 72.83 points or 1.77 percent. Germany’s DAX was higher at 9629.66 for a gain of 210.88 points or 2.24 percent. The FTSE 100 was higher at 6590.64 for a gain of 56.85 points or 0.87 percent. The FTSE 250 was higher at 16177.75 for a gain of 278.94 points or 1.75 percent.

In the U.S., the leading indexes were higher on Friday. The Dow Jones Industrial Average closed at 18146.74 for a gain of 250.86 points or 1.40 percent. The S&P 500 was also higher, closing at 2129.90 for a gain of 32.00 points or 1.53 percent. The Nasdaq Composite closed higher at 4956.76 for a gain of 79.95 points or 1.64 percent.

Other notable index closes for the day included the small-cap Russell 2000, closing higher at 1177.36 for a gain of 27.60 points or 2.40 percent; the S&P 600 closing at 722.40 for a gain of 16.84 points or 2.39 percent; the S&P 400 Mid-Cap Index closing at 1520.42 for a loss of 27.82 points or 1.86 percent; the Russell 3000 closing at 1255.97 for a gain of 19.85 points or 1.61 percent; and the Dow Jones U.S. Select Dividend Index closing at 615.80 for a gain of 8.01 points or 1.32 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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