[01/03 Market Update] Nifty (+1%) snapped an eight-day losing streak due to better-than-expected manufacturing PMI data.

Tribe Daily

Tribe Wealth

Mar 1

Market Summary

Nifty snapped an eight-day losing streak due to better-than-expected manufacturing PMI data.

Companies

Adani Enterprise (+16%) rose after the company reassured their investors that they are capable of fulfilling their obligations and generating cash in the upcoming years. Cipla (-1%) declined after USFDA flagged quality and procedural lapses at the Cipla facility.

Sectors

Nifty Metal (+4%) rose due to an improvement in metal prices. Nifty PSU Bank (+3%) rose amid expectations of improving business/earning outlook.

Market News

1.Welspun Corporation (+5%) rose after the company bagged orders from the middle east. (Money Control)

2.PNB (+4%) rose after the bank called off divestment in Canara HSBC Life Insurance. (Money Control)

3.Coal India (+2%) rose as the company is aiming to achieve record production of 700 million tonnes in FY23. (CNBC TV 18)

4.GST collections rose by 12% to Rs 1.49 lakh crore in February. (Indian Express)

5.Axis Bank (+2%) rose after the bank completed the acquisition of Citigroup's India consumer business for Rs 11,603 cr. (CNBC TV 18)

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