[24/02 Market Update] ONGC (+3%) rose as the company is planning to invest $2 Billion in Mumbai offshore to raise oil and gas output
[24/02 Market Update] ONGC (+3%) rose as the company is planning to invest $2 Billion in Mumbai offshore to raise oil and gas output
Tribe Daily
Market Summary
Nifty declined as investors were concerned about rate hikes by central banks, a rise in geopolitical tensions, and a fall in liquidity.
Companies
ONGC (+3%) rose as the company is planning to invest $2 Billion in Mumbai offshore to raise oil and gas output. Adani Ports (+2%) rose after the company paid $ 1.2 billion for acquiring Haifa port in Israel.
Sectors
Nifty Oil & Gas (+1%) rose due to strong performance of GAIL, IGL, Petronet LNG and Gujarat Gas. Nifty Consumer Durables (+1%) rose due to strong performance of Whirlpool, Dixon Technology, Blue Star, and Orient Electric. Nifty Pharma (+1%) rose due to strong performance of Biocon, Divis Labs, Aurobindo Pharma and Lupin.
Market News
1.Spicejet Q3 profit zoomed by 160% to Rs 110 cr. (Money Control)
2.GAIL India (+6%) rose as CLSA retained buy tag. (Money Control)
3.Reliance Retail opened first freestanding Gap store in Mumbai. (CNBC TV 18)
4.HDFC Bank got orders of more than $ 2.1 billion for $ 750 million bond. (CNBC TV 18)
5.Zydus Life got final USFDA nod for cholesterol drug. (Business Standard)
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