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