SGX Nifty Pointing Higher as Stocks Continue to Gain in India

In opening market trading Wednesday, the SGX Nifty is higher by 37.5 points which is in trend with what is happening in other Asian markets. The high resistance level for the SGX Nifty on Wednesday is 8581.67 and the low resistance level is 8460.17.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India on Wednesday. On Tuesday, stocks in India were also higher. The NSE Nifty gained 53.15 points or 0.63 percent to close at 8521.05. The BSE Sensex was also higher at 27808.14 for a gain of 181.45 points or 0.66 percent.

In India, most all stock sectors were higher on Tuesday led by banking, metals, auto and consumer durables. The S&P BSE Bankex Index was higher at 21402.08 for a gain of 340.83 points. The S&P BSE Metals Index was higher at 9116.51 for a gain of 254.17 points. The S&P BSE Auto Index was higher at 20254.8 for a gain of 114.84 points. The S&P BSE Consumer Durables Index was higher at 12137.69 for a gain of 110.05 points.

Bank stocks led gains in India on Tuesday with State Bank of India, ICICI Bank, Axis Bank and Federal Bank Ltd. all higher. Aluminum company, Hindalco Industries was also higher as Alcoa reported an earnings beat in the materials sector in the U.S.

In global markets, stocks were also higher Tuesday. In Asia, China’s Shanghai Composite was higher at 3049.38 for a gain of 54.46 points or 1.82 percent. Hong Kong’s Hang Seng Index was higher at 21224.74 for a gain of 344.24 points or 1.65 percent. Japan’s Nikkei was higher at 16095.65 for a gain of 386.83 points or 2.46 percent.

In Europe, stocks were higher. The Stoxx Europe 600 closed at 336.26 for a gain of 3.54 points or 1.06 percent. The Stoxx Europe 50 closed at 2855.79 for a gain of 24.28 points or 0.86 percent. France’s CAC 40 was higher at 4331.38 for a gain of 66.85 points or 1.57 percent. Germany’s DAX was higher at 9964.07 for a gain of 130.66 points or 1.33 percent. The FTSE 250 was higher at 16807.07 for a gain of 100.68 points or 0.60 percent.

In the U.S., the leading market indexes were also higher on Tuesday. The Dow Jones Industrial Average closed at 18347.67 for a gain of 120.74 points or 0.66 percent. The S&P 500 closed at 2152.14 for a gain of 14.98 points or 0.70 percent. The Nasdaq Composite closed higher at 5022.82 for a gain of 34.18 points or 0.69 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing at 1205.85 for a gain of 15.82 points or 1.33 percent; the S&P 600 closing at 740.23 for a gain of 9.70 points or 1.33 percent; the S&P 400 Mid-Cap Index closing at 1543.72 for a gain of 14.59 points or 0.95 percent; the Russell 3000 closing at 1270.73 for a gain of 9.54 points or 0.76 percent; and the Dow Jones U.S. Select Dividend Index closing at 622.60 for a gain of 3.94 points or 0.64 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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