Stock Market Latest Updates: Sensex plummets over 1,000 points, Nifty at 8,829; IndusInd Bank, HDFC among top losers

Stock Market Latest Updates: Sensex plummets over 1,000 points, Nifty at 8,829; IndusInd Bank, HDFC among top losers

FP Staff May 18, 2020 15:52:32 IST
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Stock Market Latest Updates: Sensex plummets over 1,000 points, Nifty at 8,829; IndusInd Bank, HDFC among top losers


09:28 (ist)

Markets could open flat

Deepak Jasani, Head Retail Research, HDFC securities, said: "Markets could open flat as mildly positive global markets offset disappointments over the last three round of announcements. Indian markets could open flat today following a mildly positive US markets on Friday and similar trend in Asian markets today.

US stocks recovered from steep losses early Friday to close higher, despite data showing U.S. April retail sales plunged more than forecasts and news the Trump administration will block shipments of semiconductors to China’s Huawei Technologies, stoking fears of renewed trade tensions.

Crude-oil prices rose as traders turned their attention to production cuts and signs of a preliminary pickup in demand as countries around the world eased travel restrictions they had imposed to curb the spread of the coronavirus. West Texas Intermediate Crude for June delivery rose $1.87, or 6.8%, to settle at $29.43 barrel on the NYME, gaining 19.7% in the week.

Stronger signs of a recovery in China kept the positive sentiment going as industrial output rose 3.9% in April, beating economists’ forecasts of a 1% rise, the first monthly rise this year. German gross domestic product shrank by 2.2% in the first quarter, its steepest three-month decline since the 2009 financial crisis.

Although the intent of the five announcements by the FM was no doubt sincere and good and fiscally responsible, markets will get disappointed with them because the immediate spend out of the big fiscal stimulus is relatively small and hence there will be doubts on whether economic growth will revive soon and in proportion to the large figure of the stimulus. Worry about rating downgrade could however get postponed. However to be fair, in most major countries, 50-90% of the stimulus amounts comprise of contingent liabilities like loan guarantee, conditional capital infusion. The rest are fiscal measures – revenue foregone and additional spending.


May 18, 2020 - 15:55 (IST)

Indices end in red for 3rd straight day; Sensex plunges over 1,000 points, Nifty at 8,829

Benchmark indices closed in the red for the third consecutive day as Rs 20 lakh crore stimulus package announced by Finance Minister Nirmala Sitharaman failed to cheer the market. 

The Sensex tumbled 1,068.75 points or 3.44 percent at 30028.98, while Nifty was down 313.60 points or 3.43 percent at 8,823.25. 

IndusInd Bank was the top loser plummeting over 10 percent. Other losers included Ultra Cement, Axis Bank, HDFC, ICICI Bank, Maruti and Bajaj Finance.

All the sectoral indices ended in losses except IT, with Nifty Bank fell over 6 percent followed by the auto, metal and Infra. BSE Midcap and Smallcap indices fell between 3-4 percent.

About 580 shares have advanced, 1702 shares declined, and 159 shares are unchanged.

May 18, 2020 - 15:21 (IST)

Nissan Motor drives in SUV Kicks' facelift edition in India at Rs 9.49 lakh

Nissan Motor on Monday launched the facelift edition of its compact sports utility vehicle, Kicks, in India with seven variants in both manual and X-tronic CVT edition at a starting price of Rs 9.49 lakh.

The company, in a release, also announced the opening of booking for its latest offering.

"As part of our BS-VI upgrade, the new Nissan Kicks 2020 offers the most powerful turbo engine in its segment along with the class-leading X-tronic CVT transmission. It further strengthens on our customer centricity with high-value proposition offering the NissanConnect Technology, coupled with a complete vehicle package and class-leading premiumness," said Nissan Motor India Managing Director Rakesh Srivastava.

The new Kicks includes features such as vehicle stability management system, electronic stability control, traction control system, and a hill start assist, and cruise control, among others, the company said.

May 18, 2020 - 15:15 (IST)

Sensex nosedives over 1,000 points, Nifty below 8,850-mark 

Indices witnessed a sharp fall as Sensex plummeted 1039.24 points or 3.34 percent to 30,058.49 while the Nifty was down 313.35 points or 3.43 percent at 8,823.50 at around 3 pm.

Bank stocks plummeted over 6 percent followed by auto, metal and infra. Some buying was seen in the IT index.

IndusInd Bank was the top loser in the Sensex pack tumbling nearly 10 percent. TCS and Infosys were the only gainers.

May 18, 2020 - 15:04 (IST)

Vedanta's oil and gas head Ajay Dixit quits

Billionaire Anil Agarwal-led Vedanta Ltd''s oil and gas division Cairn CEO Ajay Dixit has decided to hang up his boots at month-end, the fifth chief executive to quit the firm since it was taken over by the mining baron eight years back.

Dixit, who was appointed CEO of Cairn Oil and Gas in mid-April last year, has decided not to seek an extension of his contract when it comes to an end at the end of the month, sources with direct knowledge of the development said.

It wasn't immediately known why Dixit quit.

When contacted, a company spokesperson said a statement is likely shortly.

May 18, 2020 - 14:59 (IST)

Canara Bank launches gold loan business vertical to ease liquidity

Public sector Canara Bank said on Monday it has launched a business vertical dedicated for gold loans to meet emerging financial needs of customers in view of the current challenges and uncertainties.

It said the COVID-19 pandemic has changed socio-economic order of the country and managing everyday expenses, business continuity, health and family care are a challenge for many.

With this objective, the bank has launched a special gold loan campaign till 30 June with an interest rate of 7.85 percent per annum. The loans are payable within a period of one to three years with flexible repayment options.

May 18, 2020 - 14:56 (IST)

TCS stock rises over 2%

May 18, 2020 - 14:55 (IST)

IOC close to first tender to export fuel to Bangladesh

Indian Oil Corp, the country’s top refiner, is close to winning its first contract to supply diesel, jet fuel and gasoline in the second half of this year to state-run Bangladesh Petroleum Corp, two sources with knowledge of the matter said.

BPC has sought 870,000 tonnes of gasoil with sulphur content of no more than 500 parts per million (ppm), 120,000 tonnes of jet fuel, 20,000 tonnes of 180-centistoke high sulphur fuel oil and 30,000 tonnes of 95-octane gasoline in a tender issued this month.

IOC emerged as a lowest bidder for supply of up to 430,000 tonnes of diesel and 50,000 tonnes of jet fuel during July-December and 30,000 tonnes of gasoline through two equal size parcels in August and November, the two sources said.

May 18, 2020 - 14:53 (IST)

Apparel export industry should be treated at par with MSME sector: AEPC

Reeling under the impact of COVID-19 pandemic, apparel exporters on Monday urged the government to treat the labour-intensive sector at par with MSMEs.

In a letter to Prime Minister Narendra Modi, Apparel Export Promotion Council of India (AEPC) Chairman A Sakthivel said the sector is facing huge losses due to nonpayment of export bills and cancellation of orders.

“We would request that the apparel exporting industry may be treated at par with the MSME sector as we work on wafer-thin margins of 4-5 per cent," Sakthivel said.

Domestic exporters have a huge pile-up of inventories because of lockdown in several countries, he said adding the industry is one of the largest employers of the country employing 12.9 million people directly.

May 18, 2020 - 14:51 (IST)

Schaeffler India supports fight against COVID-19 pandemic

Schaeffler India, leading industrial and automotive supplier on Monday, shared the details of the company's contribution towards fighting the ongoing COVID-19 pandemic.

Schaeffler India took two major initiatives in joining the support - procurement of emergency health equipment for a government-run hospital in Pune and voluntary donation of a part of salaries by employees, with the company matching an equivalent amount.

Procurement of emergency medical equipment worth Rs 60 lakh Schaeffler procured and donated emergency medical equipment and essentials for a government-run hospital (Aundh hospital) in Pune city.

The Aundh Hospital that specializes in treating diseases related to the respiratory system has been identified as a dedicated COVID-19 hospital by the ministry.

It is a 300-bed facility, with the allocation of 50-beds to their isolation ward to treat COVID-19 patients and ten beds to the ICU facility.

May 18, 2020 - 14:39 (IST)

European markets rally

Stock Market Latest Updates: Sensex plummets over 1,000 points, Nifty at 8,829; IndusInd Bank, HDFC among top losers

Sydney: Asian shares crept ahead on Monday and oil prices hit a five-week high as more countries re-opened their economies stirring hopes the world was nearer to emerging from recession.

Summer weather is enticing much of the world to emerge from coronavirus lockdowns as centres of the outbreak from New York to Italy and Spain gradually lift restrictions that have kept millions cooped up for months.

“The economies of Europe and the US likely bottomed out in April and are slowly starting to come back to life,” wrote Barclays economist Christian Keller in a note. “However, incoming data from most economies highlight the depth of the contraction, raising risks of longer-term scarring that might undermine the recovery.”

Federal Reserve Chairman Jerome Powell took a cautious line in an interview over the weekend saying a US economic recovery may stretch deep into next year and a full comeback might depend on a coronavirus vaccine.

Stock Market Latest Updates Sensex plummets over 1000 points Nifty at 8829 IndusInd Bank HDFC among top losers

Representational image. Reuters.

Late Sunday, Powell outlined the likely need for three to six more months of government financial help for firms and families.

Data out on Friday had shown retail sales and industrial production both plunged in April, putting the U.S. economy on track for its deepest contraction since the Great Depression.

Closer to home, data in Japan showed the world’s third latest economy slipped into recession in the first quarter, putting it on course for its worst postwar slump as the coronavirus takes a heavy toll.

Adding to the uncertainty was the trade tensions between the United States and China, with Beijing warning it was opposed to the latest rules against Huawei.

All of which made for a guarded mood and MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent in early trade. Japan's Nikkei rose 0.2 percent and South Korean stocks 0.1 percent.

E-Mini futures for the S&P 500 ESc1 added 0.7 percent, though results from a raft of U.S. retailers this week are likely to make grim reading.

Dealers reported much chatter about a possible treatment for COVID-19 from drug maker Sorrento Therapeutics which saw its shares soar on Friday.

Another focus will be the US Treasury Department’s first auction for its 20-year bond on Wednesday. Treasury plans to borrow a record amount of nearly $3 trillion this quarter.

So far, the market has easily absorbed the flood of new debt with 10-year yields holding to a tight range around 0.64 percent.

The dollar has also been largely range-bound with its safe-haven appeal keeping it well supported over all. Against a basket of currencies, it was last at 100.380 having drifted 0.7 percent higher last week.

The euro was steady at $1.0820, while the dollar edged up 0.2 percent on the Japanese yen to 107.25.

The pound touched a seven-week low at $1.2073 after the chief economist of the Bank of England said it was looking more urgently at options such as negative interest rates and buying riskier assets to prop up the economy.

In commodity markets, the flood of liquidity from central banks combined with record-low interest rates to help lift gold to a seven-year peak. The metal was last up 1 percent to $1,758 an ounce.

Oil prices reached their highest since March as demand picked up as countries around the world eased travel restrictions.

Brent crude futures firmed 96 cents to $33.46 a barrel, while US crude CLc1 rose 98 cents to $30.41.

Updated Date:

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