BPCL(+6%), Reliance(+5%) and more

Tribe Daily

Nov 28, 2022

Market Summary

Market ends on a positive note. Nifty ends lower after hitting an intra-day life high of 18,614

Companies

BPCL(+5%) rose due to expected strong returns. Reliance Industries(+4%) rose after media reports claimed that Reliance Retail is planning to enter the artefacts business. JSW Steel(-1%) plunged after the company revised FY23 Capex to Rs 15,000 cr amidst global uncertainties.

Sectors

Nifty Oil & Gas(+2%) rose after Kirit Parikh Committee recommended complete liberalization of natural gas prices by January 1st, 2026. Nifty Auto(+1%) rose due to the strong performance of Eicher Motors, Tata Motors, and Bajaj Auto.

News of The Day

1.S&P cuts India’s FY23 GDP growth forecast by 30 bps to 7%.(Economic Times)

2.HSBC acquires L&T MF; schemes to be transferred or merged with HSBC schemes. (Economic Times)

3.Max Financial Services(+2%) rose after the company announced that they have received IRDAI ( Insurance Regulatory and Development Authority of India) approval to purchase a 5.17% stake in Max Life Insurance. (Economic Times)

4.Hero Motor Corporation(+2%) rose after the company announced that it will revise the prices of its motorcycles and scooters. (Economic Times)

5. Dharmaj Crop Guard IPO subscribed 48% in the first 2 hours of bidding. (Economic Times)