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Market Update
Markets continued their upward march today, but couldn’t keep their significant gains occurred during the early hours of the session. Nifty Pharma, IT and FMCG sectoral indices took some beating, while other sectors were in the green.
Zee Entertainment, GAIL, Tech Mahindra, Airtel and Maruti Suzuki were top gainers, while Bajaj Auto, ONGC, Nestle India, Kotak Bank and Britannia Industries were among the top losers on NSE.
Multiplex operators PVR and INOX gained 6-7% on the hopes of reopening of cinema halls in September. Higher value trades observed in Reliance industries over the news of buying 60% stake in Netmeds for Rs.620 crores.
DII/FII Data:
DII sold shares of Rs.97.13 crores, while FII invested Rs.459.01 crores in the domestic market as per the data on NSE website.
| CATEGORY | DATE | BUY VALUE (₹ Crores) | SELL VALUE (₹ Crores) | NET VALUE (₹ Crores) |
| DII | 19-Aug-20 | 3,595.59 | 3,692.72 | -97.13 |
| FII/FPI | 19-Aug-20 | 4,934.93 | 4,475.92 | 459.01 |
PNB shares jump over 5% during Intra-day:
In a significant win for Punjab National Bank (PNB) and Ministry of Corporate Affairs in Nirav Modi scam, the US Bankruptcy Court has recognised the claim of PNB on proceeds of any asset sold by the American debtors of Nirav Modi entities. The petition was filed in the US court on Feb 2018. The news caused PNB shares to touch Rs. 34.6 during intraday and closed around 4% high at Rs. 34.2 on BSE.
Government may speed up the privatisation of 4 PSBs:
As per media reports, PMO asked Finance ministry to speed up the privatisation process in PSBs viz. Bank of Maharashtra (MAHABANK), UCO Bank, IDBI bank (in which govt recently sold its majority stake to LIC) and Punjab & Sind bank. The buzz caused high intra-day movement in PSB stocks, and all closed higher than yesterday’s closing price.
Muthoot Finance Q1 results:
The company reported a 58.6% jump in its net profit YOY for June quarter. Total revenue from operations was also increased by 28%. Company is planning to increase the borrowing powers to Rs.75000 crore and sought for shareholders’ approval. The stock closed 1.32% higher on BSE at Rs.1256.
The competitors to the company in gold loan segment, Manappuram and IIFL Finance are also planning to raise funds of Rs.150 crores and Rs.100 crores respectively through the issuance of Non-Convertible Debentures (NCDs) on private placement basis. Disclaimer: The views and investment tips expressed by investment experts on Stocktradingfno.com are for educational purposes only. Before taking any investment decisions, consult with your financial advisors.
Disclaimer: The views and investment tips expressed by investment experts on Stocktradingfno.com are for educational purposes only. Before taking any investment decisions, consult with your financial advisors.