[10/02 Market Update]Nifty (-1%) declined due to weak global cues.
[10/02 Market Update]Nifty (-1%) declined due to weak global cues.
Tribe Daily
Market Summary
Nifty declined due to weak global cues.
Companies
Tata Motors (+2%) rose due to new product launches, pick-up in demand, and better chip availability. Adani Enterprise (-4%) declined as MSCI announced that they will be reducing the amount of freely traded shares in their calculation. HCL Tech (-3%) after MSCI trimmed the firm weightage by 0.2 basis points. Hindalco (-2%) declined due to disappointing Q3 results.
Sectors
Nifty PSU Bank (+1%) rose after RBI increased the repo rates as an increment in the repo rate will result in stronger interest income. Nifty Metal (-2%) declined due to lacklustre Q3 earnings.
Market News
1.Bharat Heavy Electrical's (BHEL) Q3 PAT rose 56% YoY to Rs 42 cr. (Business Standard)
2.GAIL (+1%) rose after the firm entered into an advance pricing agreement (APA) with CBDT( Central Board of Direct Taxes). (Business Standard)
3.Mahindra and Mahindra's Q3 standalone net profit rose by 13.5% to Rs 1,528 cr. (Money Control)
4.Abbott India's standalone net profit rose by 24% to Rs 246.83 cr and sales rose by 8% to Rs 1326.48 cr. (Business Standard)
5.Zomato (-2%) declined due to disappointing Q3 results. (Money Control)
Market Sentiment
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