Market Summary

Nifty declined as investors remained pessimistic amidst negative global cues.

Companies

Adani Enterprise (-11%) and Adani Ports (-7%) plunged after Wikipedia editors stated that employees of the Adani Group have " almost certainly" manipulated the site entries with non-neutral PR versions. ITC (+1%) rose after Goldman Sachs maintained a buy call for the FMCG major due to its strong Q3 results and a strong recovery in the cigarette business (+15% YoY growth).

Sectors

Nifty Metal (-3%) declined due to weak performance of Adani Enterprise, NMDC, SAIL, Welspun Corporation, JSW Steel and Jindal Steel. Nifty Media (-2%) declined due to weak performance of Dish TV, Zee Entertainment, PVR, Network 18, and SUN TV Network. Nifty PSU Bank (-2%) declined due to weak performance of Indian Bank, Union Bank, Central Bank, and PNB.

Market News

1.Mahindra entered into an asset transfer agreement with Mahindra Electric Automobile. (Business Today)

2.Godrej Properties (-3%), DLF (-3%), and Mahindra Lifespace Developers (-4%) declined due to concerns about rising interest rates and fears of the global recession. (Business Standard)

3.Delhivery (-4%) declined after stakes worth Rs 410 cr changed hands. (Money Control)

4.IRB Infra (+11%) rose as shares trade ex-split of 1:10. (Mint)

5.Mukesh Ambani's conglomerate to stream IPL for free after paying $ 2.7 billion. (Business Standard)

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