[02/05 Market Update] Bulls in control, Nifty hits 18100; US FDA asked Sun pharma(-1.54%) to halt drug testing.

US Federal Reserve to announce interest rate decision tomorrow

Market summary

Closing Bell: Nifty above 18,100, Banknifty above 43,300, Sensex gains 240 pts;

Indian equity indices continue upward trend for 8th consecutive day, boosted by IT, metal, oil gas sectors.🚀

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Companies

ONGC(+3.37%) shares surge over 3% as Indian govt slashes windfall tax on crude oil.📈

Tech Mahindra(+2.86%) receives major deal of USD 592 million win and strong Q1 cash flow at USD 142 million.📈

NTPC's(+2.33%) coal production jumps to 2.75 MT in Apr2023, up 148% YoY.📈

Niranjan Gupta takes charge as CEO of Hero MotoCorp(-2.46%).📉

Sun Pharma(-1.54%) asked by US FDA to halt testing of experimental drug over blood clot concerns.📉

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Sectors

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Market news

1. Strong Q4 earnings lift Adani Green Energy's stock to 5% upper circuit on BSE.🚀

2. NBCC secures ₹749.28 crore order from Ministry of Housing & Urban Affairs.📊

3. RVNL-SCC JV bags EPC project worth ₹2,249 cr, RVNL shares rise 10% and hit 52-week high.📊

4. NMDC's April production jumps by 11.4%, sales rise by 9.9%.🚀

5. Varun Beverages Q1 net profit jumps 68.8% YoY to Rs 429 crore, board approves stock split in the ratio of 1:2.🚀

6. Following JPMorgan's acquisition of First Republic Bank, Uday Kotak emphasizes the need for strong financial institutions supported by reliable domestic capital in India.🕵️‍♂️

7. Former Wipro chairman Azim Premji's investment firm to invest $150mn in TVS Credit Services.💰

8. Adani Total Gas reports strong Q4 results with 21% YoY increase in net profit.📈

9. Newgen Software's revenue grows by 19.7% in Q4, reaches Rs 305 crore.📈

10. UCO Bank reports strong Q4 results with net profit up 86.2% at ₹581 cr and NII up 19% at ₹1,972 cr (YoY).🚀

11. Mold-Tek Tech Q4 net profit jumps 114% YoY to Rs 10.1 crore, revenue surges 49.5% YoY to Rs 42.6 crore.🚀