Market Movers: China rains on steel stocks’ parade as fertilizer stocks jump in glee
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The Chinese rained on the parade of steel stocks today as their move to curb the exuberance in domestic commodity prices cut deep gash into the fortune of metal stocks owners.
The Nifty Metal index slid over 3 per cent, the biggest sectoral loser in town
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MUMBAI: Can you smell the odor of palpitation? No, it’s not coming from the cryptocurrency traders; they are probably in mourning. It is coming from investors who have a large exposure to commodity stocks and it is pretty strong, one could say.
Market Movers: What’s fueling Asian Paints; HUL’s race to catch Infosys; ITC’s good day
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Market Movers: What’s fueling Asian Paints; HUL’s race to catch Infosys; ITC’s good dayBy
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Asian Paints managed to have its best day in nearly a year by rising 8.5 per cent following some bubbly commentary by the company’s management.
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MUMBAI: Asian Paints’ stock redefined rebel today. On a day when the benchmark indices struggled to pick themselves from their post-holiday snooze,
Asian Paints was having none of it.
The stock managed to have its best day in nearly a year by rising 8.5 per cent following some bubbly commentary by the company’s management. The management said that it was confident that demand will be back soon once the disruption from the second Covid wave subsides.
“On the upside, there is stiff resistance at 14,700 and until we do not get past that, we will not enter a bullish trend. It is a tight range and traders need to be cautious in their approach,” said Manish Hathiramani, technical analyst at Deen Dayal Investments.
The ongoing second wave of infections in the country have created uncertainties around more localized restrictions, which may cloud investors ability to forecast economic and earnings growth in the near term, said analysts.