Tata Motors (+6%), Adani Ent (-6%) & more
Tata Motors (+6%), Adani Ent (-6%) & more
Tribe Daily
Market Summary
Nifty declined due to the weak performance of Nifty Bank and Nifty IT.
Companies
Tata Motors (+6%) rose after JLR reported a rise in wholesale volumes in Q3. Bharti Airtel (-3%) declined after BofA Securities downgraded the stock due to lower margins, interest expenses, and slower-than-expected net addition of subscribers.
Sectors
Nifty PSU Bank (-3%) declined due to weak performance of Bank of Maharashtra, JK Bank, UCO Bank, Punjab& Sind Bank, IOB and Bank of India. Nifty Financial Services (-1%) declined due to weak performance of Power Finance, SBI, REC, ICICI Lombard and Bajaj Finance.Nifty Auto (+1%) rose due to strong performance of Tata Motors, Bosch, MRF, Ashok Leyland and M&M.
Market News
1.Schneider Electric (+14%) rose due to positive outlook. (Business Standard)
2. Sona Blw (+6%) rose after the company acquired a 54% stake in Serbian firm Novelic for 40.5 million euros.(Mint)
3.Max Financial Services Ltd (+4%) rose after Axis Bank agreed to acquire the remaining company's share using discounted cash flow. (CNBC TV 18)
4.PSP Projects awarded projects worth Rs 13.44 Billion. (Market Screener)
5.Carlyle Group bought a majority stake in beauty product brand VLCC for $ 300 million. (Mint)
Market Sentiment
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