Market Updates Dated 18.08.2020

Market Update

Markets kept the yesterday’s momentum and closed 1.2% higher today. NIFTY and SENSEX reclaimed their crucial levels of 11300 and 38000 respectively. All sectoral indices were in green with a marginal loss in Nifty pharma.

Grasim Industries, Ultratech Cement, JSW Steel, Kotak Bank and Zee Entertainment were the top gainers. While, BPCL, Tech Mahindra, Cipla, HCL Tech and GAIL were top losers.

DII/FII Data for 18^th August:

FII showed high enthusiasm today by investing net amount of Rs. 1134.57 crores, while DII stick to their strategy of sell-off and took home Rs. 379.38 crores, as per the NSE data.

Media Stock Zee Entertainment Q1 Results: profit down by 95%, Ad revenues drop by 64%:

Zee Entertainment Enterprises posted a consolidated net profit of Rs. 29.28 crores for Q1 which is down by whooping 94.5% as compared with same quarter last year. But its domestic subscription revenue grew by 6.2% YOY led by its OTT platform ZEE5. It has a partnership with Airtel, where Airtel’s gold & platinum plan members get a premium subscription to ZEE5 content. Company promoted R Gopalan as chairman from additional director.

BirlaSoft closed 14.6% higher on announcement of strategic partnership with Microsoft:

IT major Birlasoft today announced a global strategic cloud alliance with Microsoft. The company said it intends to grow its Microsoft cloud business to $100 million with this partnership. Birlasoft has been a Microsoft Gold partner for 10 years now. On account of this announcement, the stock grew 14.6% on NSE today and closed at Rs.172.2.

Five million people lost their jobs in July, says CMIE:

As per data released by Centre for Monitoring India Economy for July month, overall unemployment rate in India stood at 7.43%. 17.7 million salaried jobs were lost in April 2020, while additional 0.1 million jobs were lost in May. Then, 3.9 million jobs were gained in June. But, 5 million jobs were lost in July.