[20/03 Market Update] BPCL (+2%) rose as oil hit its lowest since 2021 due to banking fears
[20/03 Market Update] BPCL (+2%) rose as oil hit its lowest since 2021 due to banking fears
Tribe Daily
Market Summary
Market closes in the red, but makes a sharp intra-day recovery from lows
Companies
BPCL (+2%) rose as oil hit its lowest since 2021 due to banking fears. Bajaj Finserv (-4%) & Bajaj Finance (-3%) fall amid wider market sell-off as new worries over the risks of high-yield debt issued by big banks offset the feel-good effect of UBS sealing a deal to take over troubled lender Credit Suisse.
Sectors
Nifty FMCG (+1%) rose due to the strong performance of HUL, GODREJCP & ITC. Nifty IT (-1%) fell due to IT stocks remain under pressure on global banking crisis. Nifty Metal (-2%) fell due to weak performance of NATIONALUM, Adani Ent & Hind Copper.
Market News
1.Cash is king now! Mutual funds hoarding Rs 63,000 Cr, Buffett $130 Bn (Economic Times)
2.Jayanti Chauhan to head Bisleri International after Tatas walk out. (Business Standard)
3.GMR Airports Infra to merge subsidiary with itself, raise Rs 2,900 Cr from Groupe ADP. (CNBCTV18)
4.Indian airlines to report $1.6-1.8 Bn consolidated loss in FY24: CAPA. (Business Standard)
5.Cochin Shipyard jumps on Rs 550 Cr-order win from Samskip Group (Moneycontrol)
Expert of The Day
Latest on our Social:
Follow our Socials
Looking for fantastic content on the stock market, trading and investing?