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Markets at a glance:
After 6 straight green sessions, a red landscape was seen over the market. Nifty contracted by 260 points, while Sensex slumped by 839 points. Major reasons behind the fall were SEBI’s push for change in rules for margin pledge, expected contraction in GDP data and Indo-China Border tensions.
All sectoral indices were in the red. India VIX, which measures volatility and fear in the near term, was jumped by almost 27%.
Top Gainer/Losers:
In Nifty50, only ONGC and TCS were in the green, while all remaining 48 were in the red. Top losers were Sun Pharma, Zee Entertainment Enterprises, SBI, CIPLA and Shree Cement.
DII/FII Data:
A reverse trend was observed today in DII/FII investment strategy. DIIs invested a net amount of Rs.680 crore, while FIIs took away a whopping sum of Rs.3395.49 crore, as per the data available on NSE.
| CATEGORY | DATE | BUY VALUE (₹ Crores) | SELL VALUE (₹ Crores) | NET VALUE (₹ Crores) |
| DII | 31-Aug-20 | 5,760.96 | 5,080.08 | 680.88 |
| FII/FPI | 31-Aug-20 | 16,290.34 | 19,685.83 | -3,395.49 |
GDP plunges by 23.9%, sharpest contraction on record:
India’s Gross Domestic Product (GDP) for the 1st quarter of FY 2020-21 suffered the sharpest fall of 23.9% as compared to last FY’s same quarter. Agriculture is the only sector which showed growth of 3.4%, while the construction sector was down by 50.3% and MFG was down by 39.3%compared to the previous year.
GDP at constant prices for Q1 of current FY is 26.9 lakh crore rupees as compared to 35.35 lakh crore rupees GDP for the same quarter in last year, as per the data released by Ministry of Statistics and Programme Implementation.
Future Retail up by 20%, Reliance is the new king of Retail:
Reliance strengthened its position in the retail segment by acquiring the debt-ridden Future group for Rs.24713 crore. Shares of Future retail closed 20% higher, while its sister companies like Future Consume hit 5% upper circuit. Read more about this deal and our target price on Future retail in this article.