Stock Market Latest Updates: Market erases gains in previous sessions as Sensex tanks over 1,300 points, Nifty below 8,300-mark; Bajaj Finance, HDFC among top losers

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Stock Market Latest Updates: Market erases gains in previous sessions as Sensex tanks over 1,300 points, Nifty below 8,300-mark; Bajaj Finance, HDFC among top losers
  • 15:50 (IST)

    Sensex tanks over 1,300 points, Nifty below 8,300-mark

    The Sensex plunged 1,375.27 points or 4.61 percent at 28,440.32 and the Nifty was down 379.15 points or 4.38 percent at 8281.10 at close. 

    As many as 924 shares have advanced, 1,320 shares declined, and 168 shares are unchanged.

    Bajaj Finance was the top loser in the Sensex pack plunging nearly 12 percent. Other major losers included HDFC, Tata Steel, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Maruti and Mahindra & Mahindra.

  • 15:46 (IST)

    Don't consider lockdown-related loan repayment delays as default: SEBI to credit rating agencies

    Markets regulator SEBI on Monday asked credit rating agencies not to consider as default any delay in payment of interest or principal loan amount arisen solely due to the nationwide lockdown conditions.
       
     
    The move follows a three-month moratorium on payment permitted by the Reserve Bank of India to mitigate the burden of debt servicing due to disruptions caused by the coronavirus pandemic and to ensure continuity of viable businesses.
     
     
    In a circular, the Securities and Exchange Board of India (SEBI) said a differentiation in treatment of default, on a case to case basis, needs to be made as to whether such default occurred solely due to the lockdown or loan moratorium. 

  • 15:42 (IST)

    RBI changes SLBC convenors in view of bank mergers

    The Reserve Bank of India (RBI) on Monday proposed to change the convenors of State Level Bankers' Committee (SLBC) in view of the merger of 10 public sector banks into 4 with effect from 1 April.
     
     
    With the mega merger, 6 public sector banks will cease to exist from April 1, necessitating changes in the convenorship.
     
     
    The convenorship of merged banks will be transferred to anchor banks. The government on March 4 notified the amalgamation scheme as part of its consolidation plan to create bigger and stronger banks in the public sector.

  • 15:40 (IST)

    Ola Cabs gives 500 vehicles to transport doctors

     
     
     
    Karnataka deputy chief Minister CN Ashwath Narayan on Monday said Ola Cabs has agreed to give 500 vehicles to the government for transporting
    doctors and for other COVID-19 related activities.
     
     
    "Olacabs has agreed to give 500 OLA vehicles for #Covid_19 related activities in Karnataka. These vehicles will be used by the government for commute by doctors and Covid 19 related activities. Greatly appreciated move by @olacabs and its CEO @bhash ! #IndiaFightsCorona," Ashwath Narayan tweeted.

  • 15:35 (IST)

    World shares extend losses as toll from pandemic surges

    World markets started the week with fresh losses as countries reported surging numbers of infections from the coronavirus that are forcing shutdowns of travel and business in many regions.
     
     
    Shares fell in London, Paris and Tokyo but surged 7 percent in Australia after the government promised more recession-fighting stimulus.
     
     
    “We want to keep the engine of our economy running through this crisis," Prime Minister Scott Morrison told reporters in Canberra. His unprecedented $130 billion package includes wage subsidies of up to USD 1,500 per two weeks to businesses to keep workers on the job.

  • 15:33 (IST)

    Automobile manufacturers asked to make ventilators: Health ministry

    The Centre has asked automobile manufacturers to use their facilities to produce ventilators to boost the country's capacity of such machines in view of rising COVID-19 cases.
     
     
    The  Health ministry said that the Defence Research and Development Organisation (DRDO) will begin manufacturing 20,000 N-95 masks per day within the next week.  
     
     
    The ministry informed that over 14,000 existing ventilators are earmarked for COVID-19 patients in various hospitals in the country while there are 11.95 lakh N-95 masks in stock.
     
     
    Additional 5 lakh masks were distributed during the last two days and 1.40 lakh were distributed on Monday.

  • 15:32 (IST)

    China ramps up manufacturing to full capacity to makeup coronavirus losses

    China, which came to a standstill due to the coronavirus outbreak for over two months, cut the Reverse Repo Rate (RRR) by 20 basis points on Monday to facilitate more lending as the world's second largest economy ramped up the manufacturing sector to almost 100 per cent of its capacity to make up for big losses.
     
     
    A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.
     
     
    China's manufacturing sector has steadily resumed production after the shutdown due to COVID-19, with 98.6 percent of the major industrial firms nationwide having restarted work as of Saturday, the Ministry of Industry and Information Technology (MIIT) said on Monday.

  • 15:31 (IST)

    Isuzu defers launch of BS-VI vehicles to 2nd quarter of 2020-21

    Japanese utility vehicle manufacturer Isuzu on Monday said it has pushed the launch of BS-VI compliant vehicles in India to the later part of second quarter of 2020-21 due to coronavirus pandemic.
     
     
    Isuzu Motors India said that owing to the prevailing COVID-19 pandemic and resultant inconvenience it has been causing people, the company has realigned its plans to introduce its BS VI models.
     
     
    "A firmer date will be announced closer to the time of launch," the company said.
    India will adopt the stricter BS-VI emission norm from April 1, transitioning from BS-IV.

  • 15:30 (IST)

    Oyo partners with Apollo Hospitals to offer support for quarantine facilities

    Oyo announced that it has been working closely with Apollo Hospitals to develop and support accommodation requirements of suspected COVID-19 patients requiring quarantine/self-isolation.

    This is part of Project Stay I (Stay isolated) where Apollo hospitals are partnering with select hotel brands to create isolation rooms in hotels with light medical supervision for quarantine and creating a barrier before people come into the hospitals.

    The objective is to create isolation and quarantine facilities away from the main hospitals in cities across the country and reduce the burden on hospitals providing acute care.

    As part of the partnership envisaged, OYO is offering sanitised beds and facilities in certain Covid19 exclusive hotels it's identified within its network in the proximity of Apollo Hospitals in 6 cities namely, Mumbai, Delhi, Hyderabad, Chennai, Bengaluru and Kolkata for the purposes of self-quarantine and isolation for suspected Covid19 patients that require medical observation and supervision.  

  • 15:15 (IST)

    Rupee extends losses against dollar

Stock market Latest Updates: The market erased the gains from the previous sessions on Monday amid concerns over the rising coronavirus cases globally.

Sensex plunged 1,375.27 points or 4.61 percent at 28,440.32 and the Nifty was down 379.15 points or 4.38 percent at 8281.10 at close.

About 924 shares have advanced, 1,320 shares declined, and 168 shares are unchanged.

Bajaj Finance was the top loser in the Sensex pack plunging nearly 12 percent. Other major losers included HDFC, Tata Steel, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Maruti and Mahindra & Mahindra.

Market continued to extend the morning losses in the afternoon trade amid rising coronavirus cases and subsequent concerns over global lockdown.

Sensex plummeted 1,460.84 points or 4.90 percent to 28,354.75 while the Nifty was down 381.05 points or 4.4 percent at 8,279.20 at around 2.55 pm.

Bajaj Finance shares plunged nearly 12 percent in the afternoon trade.

Sensex plummeted 1,028.07 points or 3.45 percent to 28,787.52 while the broader Nifty was down 274.20 points or 3.17 percent at 8,386.05 at around 1.10 pm even as the coronavirus cases mounted across the world.

Bajaj Finance was the top loser in the Sensex pack tanking over 10 percent followed by HDFC at 8.90 percent

Sensex plunged 843.44 points or 2.83 percent to 28,972.15 in the afternoon trade while the broader Nifty was down 231.55 points or 2.67 percent at 8,428.70 at around 12.10 pm.

Bajaj Finance was the top loser in the Sensex pack tanking nearly 9 percent followed by HDFC at 8.04 percent.

Indices off opening lows; Nifty above 8,500-mark; Bajaj Finance, M&M, IndusInd Bank among top losers

Asian share markets looked set for a rocky start on Monday as US stock futures took an early spill amid fears the global shutdown for the coronavirus could last for months, doing untold harm to economies.

E-Mini futures for the S&P 500 skidded 1.7 percent right from the bell, while Nikkei futures pointed to an opening loss of around 500 points.

Central banks have mounted an all-out effort to bolster activity with rate cuts and massive asset-buying campaigns, which has at least eased liquidity strains in markets.

Canada’s central bank on Friday surprised with an emergency rate cut to 0.25 percent and a program of quantitative easing, while New Zealand policy makers on Monday launched a loan program for corporates to meet liquidity needs.

Rodrigo Catril, a senior FX strategist at NAB, said the main question for markets was whether all the stimulus would be enough to help the global economy withstand the shock.

 Stock Market Latest Updates: Market erases gains in previous sessions as Sensex tanks over 1,300 points, Nifty below 8,300-mark; Bajaj Finance, HDFC among top losers

Representational image. Reuters.

“To answer this question, one needs to know the magnitude of the containment measures and for how long they will be implemented,” he added. “This is the big unknown and it suggests markets are likely to remain volatile until this uncertainty is resolved.”

With that in mind, it was not encouraging that British authorities were warning lockdown measures could last months.

While President Donald Trump had talked about reopening the US economy for Easter, on Sunday he extended guidelines for social restrictions to 30 April and said the peak of the death count from the respiratory disease could be two weeks away.

Bond investors looked to be bracing for a long haul with yields at the very short end of the curve turning negative and those on 10-year notes dropping a steep 26 basis points last week to 0.67 percent.

Early on Monday, Treasury futures climbed anew and pointed to a fresh fall in yields. That drop has combined with efforts by the Federal Reserve to pump more US dollars into markets, and dragged the currency off recent highs.

Indeed, the dollar suffered its biggest weekly decline in more than a decade last week.

Against the yen, the dollar was pinned at 107.80, well off the recent high at 111.71. The euro was firm at $1.1118 after rallying more than 4 percent last week.

The retreat in the dollar proved a fillip for gold, which was up 0.4 percent  on Monday at $1,625.18 an ounce.

It has been little help for oil as Saudi Arabia and Russia show no signs of backing down in their price war.

Brent crude futures lost 89 cents to $24.04 a barrel, while US crude fell 96 cents to $20.55.

Updated Date: Mar 30, 2020 16:02:58 IST



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