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Markets at a Glance:
Key indices recovered a bit after yesterday’s fallout, with Nifty closing 83 points higher, while Sensex grew by 272 points. All sectoral indices were in the green today except Nifty IT, Pvt bank & PSU bank. Telecom index shined the most by jumping 4% higher on account of AGR verdict.
Top Gainers/Losers:
Bharti Airtel, JSW Steel, Hindalco, Asian Paints and Bajaj Finance were the top gainers today, while Infratel, ONGC, Axis Bank, Adani Ports and Infosys were among the top losers today. Read more about our take on ONGC here.
DII/FII Data:
DIIs went back to their old trick of sell-off and divested Rs.775.23 crore, while FIIs showed confidence by investing Rs.486.09 crore.
| CATEGORY | DATE | BUY VALUE (₹ Crores) | SELL VALUE (₹ Crores) | NET VALUE (₹ Crores) |
| DII | 01-Sep-20 | 3,436.41 | 4,211.64 | -775.23 |
| FII/FPI | 01-Sep-20 | 7,444.55 | 6,958.46 | 486.09 |
Lot of Action in Telecom: SC delivers AGR verdict, Indus Towers getting merged with Bharti Infratel:
Supreme Court on Tuesday allowed telecom companies to pay out AGR dues in a staggered manner over the next ten years. You can read more about this verdict and our analysis of Bharti Airtel by clicking here.
On the other hand, Bharti Infratel’s board approved the decision to merge with Indus towers. Vodafone set to get Rs.4000 crore for its 11.15% holding in Indus Towers out of this merger. The merged company will see Airtel hold 36.7 per cent stake, followed by Vodafone UK with 28.2 per cent stake, and Providence with 3.2 per cent stake, while public shareholders will have the balance 31.6 per cent. The merger did not go well in, and Infratel’s stock fell by more than 5% in today’s session.
India’s fiscal deficit breaches full year budget target in just four months:
The fiscal deficit or the gap between the Government’s Income and Expenditure reached Rs.8.21 lakh crore, 103% of the budgeted estimate for the current FY. The fiscal deficit for the same period in last year stood at Rs.5.47 lakh crore. The initial fiscal deficit estimate was 3.5% of the total GDP, but with COVID-19 crisis in the picture, it expected to cross 7.5% mark.
Despite of positive news we told in our last post
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