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SGX Nifty Indicates Higher Opening; Asian Paints, JSW Steel to Announce Results Today | Marketsmith India

Topic: Financial FreedomPublished October 21, 2021

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Market Pulse: Confirmed Uptrend Distribution Day Count: Nifty50: Four Nifty Midcap100: Three Nifty Smallcap100: Four Global stock markets: Dow 30, +0.4%; Nasdaq, -0.05%; S&P 500, +0.4%; Nikkei, -0.3%; Kospi, +0.2%; Shanghai Composite, +0.2%. Yesterday, Nifty opened in the green but was volatile throughout the day and continued to trade lower during the entire session. Nifty opened at 18,439 and made an intraday high of 18,458 in the first hour. Since then, the trajectory turned southward for the day. The fear index (India VIX) continued its climb and ended the session 5.4% higher. Along with the benchmark index, Nifty Midcap and Smallcap were hammered yesterday. On the sectoral front, all sectors closed in the red, except Nifty Media and Nifty PSU Bank, which were up 1.0% and 1.5%, respectively. Nifty Realty and Metal remained laggards and closed lower at 2.2% and 2.1%, respectively. Nifty added a distribution day yesterday, taking the count to four. However, one distribution day is set to expire next week. The market remains in an Uptrend, but if the index adds a couple of distribution days, stages a reversal, or breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important. Results Today: Asian Paints, Indiamart Intermesh, Jsw Steel, Biocon (Nse), Indian Energy Exchange, Icici Lombard General Ins Co, and others. Key News Angel Broking announced its Q2 FY22 results yesterday. Consolidated revenue surged 70% y/y to Rs 527 crore. Profit grew 81% to Rs 134 crore. L&T Finance Holdings announced its Q2 FY22 results yesterday. Consolidated revenue declined 10% y/y to Rs 3,051 crore. Profit was down 15% to Rs 224 crore. Tata Communications(Nse)’s revenue for the September quarter fell 5% y/y to Rs 4,174 crore. Profit grew 10% to Rs 425 crore. Visit MarketSmith India to Read More About Indian Share Market News, Daily Market Tips, Model Portfolio etc.

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