Markets were under heavy selling pressure. Nifty and Sensex held their own at the beginning of the week but couldn’t sustain on the expiry. But both Nifty and Sensex fell -2.32% and -2.06%, respectively, over the week. Midcaps (-2.56%) and Smallcaps (-3.25%) also had the same story.
Most sectors closed lower. PSU Banks (-10.12%) and Energy (-7.68%) were the major losers. Only Auto (2.75%) and FMCG (1.13%) closed in positive.
Top stories of the week 📝
Yes Bank tanked over 8% on weak Q3 results plus the Bombay High Court ruling in the AT1 bonds dispute. Know more. 🧐
Results reaction. Ultratech Cement was the top loser on Nifty. JSW Energy (-6%) dropped the most in a month. 🚨
Coforge rallied +6% after increasing their FY23 revenue growth guidance from 20% to 22%. 📊
Jindal Stainless increased their FY23 volume guidance from flat to 3%-5%. 📊
Adani Group stocks got hammered. Ambuja Cements (-26.41%) was the top loser on Nifty. Adani Ports (-22.84%), Adani Transmission (-25.39%), ACC (-20.46%) and Adani Total Gas (-23.28%) were down too.
Zomato tanked over 8% to hit the lowest level since July last year. They recently announced that they would stop the 10-minute delivery service due to operational challenges. 🚫
Overheard on Stocktwits
Adani FPO 📈
Billionaire Gautam Adani-led company Adani Enterprises has launched its follow-on public offering or FPO this Friday. Adani Enterprises FPO worth a whopping Rs. 20,000 crores would be the largest ever in the history of India.
Want to know more about lot price, size, issue end date etc?
Rakesh Jhunjhunwala portfolio review📝
Over the next few weeks, we’ll cover the top 3 holdings of India’s biggest investors. We kick things off with the late big bull Rakesh Jhunjhunwala. PS – his portfolio is now managed under his wife’s name – Rekha Jhunjhunwala 🙏
Jhunjhunwala’s biggest holding is in Titan, the Tata group company where he controls a 5.2% stake valued at nearly Rs 11,000 cr! Read about his other 2 holdings 👇
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