Paint stocks gains on expiry day
DSIJ Intelligence / 24 Nov 2016
On a volatile expiry session on Thursday, the paint stocks are outperforming the markets. Asian Paints and Berger paints are up by more than 1.5 per cent each even as Sensex is down by almost 109 points at 25949 levels.
On a volatile expiry session on Thursday, the paint stocks are outperforming the markets. Asian Paints and Berger paints are up by more than 1.5 per cent each even as Sensex is down by almost 109 points at 25949 levels.
Asian Paints now trading at Rs 959 per share is up by 1.75 per cent and has recently taken a beating since the announcement of demonetisation in India. The stock is down by almost 10 per cent since banning the Rs 500 & Rs 1000 notes was announced.
Berger Paints on the other hand is down by almost 15 per cent if we consider the price correction since November 8. On Thursday, the stock is trading up by Rs 10.37 per share or 5 per cent and is trading at Rs 210 per share.
Technically both the stocks are trading below their 30 days' moving average showing weakness in the scrips. However, owing to the recent correction, investors may find some value in the stocks.
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