[22/02 Market Update]Nifty (-2%) declined as investors remained pessimistic amidst negative global cues.
Nifty declined as investors remained pessimistic amidst negative global cues.
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).
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.
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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