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14 Jan 2015
Nikkei tanks -1.8% on tumbling commodities
FXStreet (Mumbai) - The Japanese equities index opened with a sharp negative gap of around 130 points as weak cues overnight from Wall street and the ongoing rout in commodities prices weighed on the market sentiments.
The benchmark Nikkei 225 index trades at 16777.45, down -1.82%, compared to previous session’s close of 17087.71. The index extended losses after a brief reversal seen yesterday as stronger yen also continued to put downside pressure on the index.
The index breadth ended negative with an advance-decline ratio of 39:182. Metals and mining stocks are down with Sumitomo Metal Mining Co Ltd being the top loser, losing -7.77%. Mitsubishi Materials and JFE Holdings Inc are also down over 5%. Among the major gainers, NTT DOCOMO Inc led the index up 3.15% followed by Kao Corp which gained 2.63% and Shinsei Bank Ltd moved up 2.62%.
Nikkei Technical Levels
The index has an immediate resistance stands at 17111 above which gains could be extended to 17540 levels. Meanwhile, support is seen at 16670 levels and from here to 16500 levels.
The benchmark Nikkei 225 index trades at 16777.45, down -1.82%, compared to previous session’s close of 17087.71. The index extended losses after a brief reversal seen yesterday as stronger yen also continued to put downside pressure on the index.
The index breadth ended negative with an advance-decline ratio of 39:182. Metals and mining stocks are down with Sumitomo Metal Mining Co Ltd being the top loser, losing -7.77%. Mitsubishi Materials and JFE Holdings Inc are also down over 5%. Among the major gainers, NTT DOCOMO Inc led the index up 3.15% followed by Kao Corp which gained 2.63% and Shinsei Bank Ltd moved up 2.62%.
Nikkei Technical Levels
The index has an immediate resistance stands at 17111 above which gains could be extended to 17540 levels. Meanwhile, support is seen at 16670 levels and from here to 16500 levels.