Some light at the end of a tunnel! US markets firing up!
Good Evening everyone! It was a quiet day for all of us as we had a market that kept falling through the day.
The fall continued in the day from the word go this morning and went on to fall till 12 pm when the Europen market opened positive.
That gave some positivity to the Indian market and we could see the market moving up and finally closing at 15632, down by 120 points from the day's start.
On the daily chart, it was a big red candle that indicates strong bearishness in the market and hence we need to look out for good support near 15600 on Thursday. But Thursday being this week's expiry, we may see some more violent moves.
However, the light in the tunnel is that both European & US markets have rebound today with a foot positive move, which could help our market to recover too.
Of course, as I always say, FMCG & IT perform when the market is bearish, we can see that today. FMCG was the only sector to close positively today. MEdia was among the top loser though there was data that started that the revenue in the media industry has gone higher compared to the previous month. This could be because of profit booking.
Asian Paints today, reported an over two-fold increase in its consolidated profit to Rs 574.30 crore for the first quarter ended June 30, 2021, on account of higher revenue from operations.
The company had posted a profit of Rs 219.61 crore during the April-June quarter of the previous fiscal.
The company's stock gained 6.04 percent to close at Rs 3,159.20 on the BSE on the back of strong earnings. During the day, it zoomed 6.66 percent to Rs 3,178, its 52-week high. Also, the falling crude oil prices are beneficial to the paint industry as it is a raw material for the paint industry. We could see other paint stocks also going up in the day.
Shares of cement maker ACC Ltd zoomed over 7 percent to its 52-week high after the company reported an over two-fold jump in consolidated net profit for the second quarter ended June 2021.
The stock jumped 7.34 percent to close at Rs 2,308.55 on the BSE. During the day, it rallied 8.94 percent to Rs 2,342.95, its 52-week high.
Again this led to a rally in the cement sector today, and we could see many of them in the top gainers section.
TCS also finally started moving up today after a long consolidation after its results were announced.
The metal sector had profit booking and we could see them down today after few days of rally, Hindalco was the top loser for the day.
Apart from that Tata motor's share fell in the day after Rakesh Jhunjhunwala offloaded a portion of his holdings in the company today in a bulk deal.
Tomorrow is a holiday on the occasion of Eid. So I wish you all Eid Mubarak. Let us enjoy the holiday and catch up on the pre-market report on Thursday.