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[10/02 Market Update]Nifty (-1%) declined due to weak global cues.

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[10/02 Market Update]Nifty (-1%) declined due to weak global cues.

Tribe Daily

Tribe Wealth
Feb 10
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[10/02 Market Update]Nifty (-1%) declined due to weak global cues.

blog.investwithtribe.com

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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[10/02 Market Update]Nifty (-1%) declined due to weak global cues.

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