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[08/02 Market Update] Nifty (+1%) as RBI delivered a smaller rate hike in line with market expectations.

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[08/02 Market Update] Nifty (+1%) as RBI delivered a smaller rate hike in line with market expectations.

Tribe Daily

Tribe Wealth
Feb 8
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[08/02 Market Update] Nifty (+1%) as RBI delivered a smaller rate hike in line with market expectations.

blog.investwithtribe.com

Market Summary

Nifty rose after RBI slowed down the pace of interest rate hikes.


Companies

Adani Enterprise (+23%) rose on the backdrop of its decision to prepay a $ 1.11 billion loan ahead of its maturity in 2024. Adani Ports (+9%) rose after the firm announced to repay $ 605 million in debt to improve the net debt-to-earnings ratio and boost investor sentiment. Larsen & Toubro (-1%) declined after non-executive chairman A.M Naik announced that he step down as a chairman in October. Bharti Airtel (-1%) declined as Q3 results missed estimates.


Sectors

Nifty Metal (+4%) rose due to stellar performance of Adani Enterprise, Jindal Steel, SAIL, JSW Steel and NMDC. Nifty IT (+2%) rose due to strong performance of L&T Technology, Infosys, Wipro and HCL Tech.


Market News

1.Patel Engineering (+11%) rose as Q3 net consolidated profit rose by 13.50% to Rs 31.19 cr. (Business Standard)

2.Symphony Ltd (+8%) rose due to impressive Q3 results and the board approved a proposal to buy back shares worth Rs 200 cr. (Mint)

3.Adani Wilmar (+5%) rose as Q3 net profit rose by 16% YoY to Rs 246 cr. (Economic Times)

4.Shree Cements Q3 PAT declined by 44% to Rs 277 cr. (Economic Times)

5.Piramal Enterprise Q3 net profit nearly rose by 300% to Rs 3,545 cr and revenue rose by 41% to Rs 3,231 cr. (Mint)


Market Sentiment


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Articles You Like to Read

India must reduce its public debt ratio to build economic resilience. (Source: Mint)

Indecision over India’s fiscal law ought to end. (Source: Mint)

Adani stocks have given us a case study in the theory of reflexivity. ( Source: Mint)


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[08/02 Market Update] Nifty (+1%) as RBI delivered a smaller rate hike in line with market expectations.

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