Asian Paints Investment Market Smith India

SGX Nifty Indicates Muted Opening; Asian Paints to Invest Rs. 960 Crore to Expand Gujarat Unit

November 30 2021 | Reading Time: 2 Minutes

At 8:10 am IST, SGX Nifty Futures were trading at 17,083, compared with Nifty’s close of 17,054, on Monday.

Market Pulse: Downtrend

Distribution Day Count:

Nifty50: Six Nifty Midcap100: Seven Nifty Smallcap100: Seven

Global Stock Markets: Dow 30, +0.7%; Nasdaq, +1.9%; S&P 500, +1.3%; Nikkei, +0.7%; Kospi, -0.9%; Shanghai Composite, +0.2%.

Yesterday, Nifty was highly volatile throughout the session. It made a day’s low of 16,782 within the first 10 minutes. However, good buying was seen at the lower levels as the index pared its losses and turned positive. Later in the session, Nifty fell about 100 points and closed 0.2% higher. Barring Nifty IT (+0.8%) and Financial Service (+0.1%), all the sectors ended lower. Nifty Media (-2.2%) and PSU Bank (-2.0%) were the major decliners.

Yesterday, Nifty undercut Friday’s low and made a new correction low. However, it rebounded from low and closed in positive territory. So, we will consider today’s session as a day one of an attempted rally. Looking forward, we will shift the market to a Rally Attempt if Nifty establishes a bottom and stays above today’s low (16,782) for two more sessions. From there, we would prefer to see a follow-through day before shifting the market back to a Confirmed Uptrend.

Key News

Asian Paints has signed a MOU with the Government of Gujarat commencing the proposed expansion of manufacturing capacity of plant from 1.3 lakh kl to 2.5 lakh kl and resins and emulsions from 32,000 MT to 85,000 MT.

Zee Entertainment Ents. and Invesco matter’s hearing to continue on November 30 by a division bench of the High Court.

Spicejet settles suit with aircraft lessor Goshawk.

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