[03/03 Market Update]Nifty PSU Bank (+5%) rose due to fading effect of the Hindenburg report on Adani stocks and global recovery.

Tribe Daily

Tribe Wealth

Mar 3

Market Summary

Nifty rose due to positive global cues.

Companies

Adani Enterprise (+17%) rose after the firm sold a minority stake in four of its listed companies to GQG Partners for Rs 15,446 cr. SBI (+5%) rose as three year lock-in period in Yes Bank will end next week.

Sectors

Nifty PSU Bank (+5%) rose due to fading effect of the Hindenburg report on Adani stocks and global recovery.

Market News

1.World Bank will support India with $ 1 Billion to boost public health infra. (Mint)

2.WPIL (+10%) rose after the company secured orders worth Rs 1,225 cr from Madhya Pradesh Jal Nigam. (Business Standard)

3.India’s February services sector activity at 12-year high. (CNBC TV 18)

4.Patel Engineering (+8%) rose after the company bagged a micro-irrigation project in Madhya Pradesh. (CNBC TV 18)

5.Vedanta (+5%) rose as Anil Agarwal-led firm is confident of meeting debt repayment liabilities.(Mint)

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