Market Update: Nifty, Sensex continues their Green march

Markets at a Glance:

Markets continued to rise on 2^nd day after the fallout and closed almost 0.5% higher. PSU bank and Financial services indices took some beating. Otherwise, all remaining sectoral indices were in the green. Midcaps and small-caps outperformed the benchmark indices by rising more than 1.5% in today’s session.

Top Gainers/Losers:

Zee Entertainment, Mahindra & Mahindra, Tata Motors, Bharti Infratel and Adani Ports were the top performers, while Bajaj Auto, Hero Motocorp, Asian Paints, Nestle India and Sun Pharma were among the top losers.

DII/FII Data:

DIIs continued their sell-off and took away a net amount of Rs.657.48 crore, while FIIs invested Rs.990.57 crore, as per NSE data.

Auto Sales in August, a mixed paradigm:

For Bajaj, 2-Wheeler sales were down by 1%, while commercial sales plunged by 46% in August month as compared to the same period of last year. TVS also reported fall of 1% in total sales. On the other hand, Hero Motocorp reported a jump of 7.55% sale in 2-Wheeler segment, but exports are still down by 18.7%.

India’s largest car manufacturer, Maruti Suzuki, reported 17% growth in overall sales, while tractor manufacturer recorded 80% growth in total sales along with 9% increase in exports. But Mahindra & Mahindra, Eicher Motors and Ashok Leyland reported a significant drop in sales by 16%, 30% and 52% respectively in August month, as compared to the same period of last year.

Vodafone-Idea’s board to meet on September 4, to discuss fundraising proposal:

On account of AGR verdict, the board of Vodafone Idea will meet on September 4 to discuss fundraising proposals. Board will explore various options like a preferential allotment, public issue, private placement including QIP or by way of issuing any instrument. The news saw a positive movement in the stock, closing 13% higher than yesterday’s closing price.