Stock Market Today Latest Updates: Market ends in red on Day 1 of FY21; Sensex plunges over 1,200 points, Nifty below 8,300-mark

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Stock Market Today Latest Updates: Market ends in red on Day 1 of FY21; Sensex plunges over 1,200 points, Nifty below 8,300-mark
  • 15:53 (IST)

    Market ends in red on Day 1 of FY21; Sensex tanks over 1,200 points, Nifty below 8,300-mark 

    Market gave up previous session’s gains and ended lower on Wednesday, the first day of the financial year of 2020-2021 with Nifty slipped below 8,300 level.

    The Sensex tanked 1,203.18 points or 4.08 percent to 28265.31 while the Nifty was down 343.95 points or 4 percent at 8253.80 at close. 

    As many as 1,098 shares advanced, while 1,067 shares declined, and 167 shares remained unchanged.

    Tech Mahindra was the top loser in the Sensex pack plunging over 9 percent. Other top losers included Kotak Mahindra Bank, TCS, Infosys, Axis Bank, SBI, HUL and HCL Tech.

  • 15:48 (IST)

    BEL achieves record turnover in excess of Rs 12,500 cr

    Navratna Defence PSU Bharat Electronics Limited (BEL) posted a turnover in excess of Rs 12,500 crore (Provisional & Unaudited) during 2019-20, a six per cent growth over the previous year''s figure of Rs 11,789 crore.

    BEL's order book as on Wednesday is Rs 51,800 crore, the Bengaluru-headquartered company said in a statement.

    The year saw BEL securing orders worth Rs 13,000 crore, including Akash missiles (seven squadron), coastal surveillance systems (CSS), upgrade for EW system, radars, AMCs for radars & weapon systems, software defined radio (SDR), sonars and advanced communication systems, it said.

    Some of the flagship projects executed during 2019-20 are: Command & control systems, thermal Imagers for tanks, upgrade of communication system, land based EW systems, weapon repair facility, various Radars, smart city projects, Delhi CCTV project, avionics package for LCA, classroom jammers, real time information system for Railways and LRSAM, BEL said.

  • 15:34 (IST)

    India switches to world's cleanest petrol, diesel with no increase in prices

    India on Wednesday joined a select league of nations having the world's cleanest petrol and diesel as oil companies rolled out Euro-VI emission compliant fuels without either disruption or a price increase.

    Leapfrogging from BS-IV grade fuel straight to BS-VI grade, equivalent to Euro-VI fuel, petrol and diesel would have resulted in an up to Re 1 per litre increase in cost but oil companies decided against passing this on to consumers and instead adjusted it against the reduction warranted from international oil prices plummeting to a 17-year low.

    "We are today 100 per cent supplying BS-VI petrol and diesel. All the over 68,700 petrol pumps in the country are selling the cleaner fuel from today," said Sanjiv Singh, Chairman, Indian Oil Corp (IOC) - the firm that controls roughly half of the market. 

  • 15:21 (IST)

    Nestle buys Lily's Kitchen to boost premium pet food

    Nestle’s Purina PetCare division has acquired London-based Lily’s Kitchen, which makes premium wet and dry natural foods for dogs and cats, the Swiss group said on Wednesday, boosting its fastest-growing product category.

    It gave no purchase price for the acquisition. The brand has around 85 million pounds ($105 million) in sales across 6,000 stores in 30 countries, it said.

    Lily’s Kitchen will continue to be run as a stand-alone business from its base in London, Nestle said.

    Petcare was Nestle’s fastest-growing category with 7 percent organic growth and sales of 13.622 billion Swiss francs ($14.12 billion) in 2019.

  • 15:08 (IST)

    Ed-tech platform upGrad appoints former Byju's executive Arjun Mohan as India CEO

    Ed-tech platform upGrad on Wednesday said it has appointed Arjun Mohan as its chief executive officer for India operations.
     
     
    The position of the CEO - India at upGrad was unoccupied since its inception.
     
     
    "Mohan brings with him a rich understanding of the online education space, the evolving consumer landscape and keen business acumen," upGrad co-founder and MD Mayank Kumar said.
     
     
    Mohan is Byju's former chief business officer (CBO). He brings over a decade of experience in the edtech sector and was one of the early employees of Think and Learn (which runs Byju's), the statement said.
     
     
    Prior to Byju's, he has worked with Titan Industries, Tata Motors, Tata Realty and Infrastructure Ltd (TRIL) and Sir Dora.

  • 15:02 (IST)

    Indiabulls Group pledges Rs 21 cr to PM CARES Fund

    In the wake of the coronavirus pandemic that has spread across the world, the Indiabulls Group pledged Rs 21 crore to the Prime Minister's 'Citizen Assistance and Relief in Emergency Situations Fund' (PM CARES Fund).

    The group hopes to keep supporting the exemplary work done by the Centre and state governments in conjunction with healthcare professionals across the country, as they lead the unsung efforts against the pandemic.

    "This outbreak has spared no nation, and it will take the collective spirit of our entire country to best fight it. Indiabulls Group will aim to support every effort towards that objective," said, Sameer Gehlaut, chairman, Indiabulls Group

  • 14:48 (IST)

    NMDC's March iron ore production slips 31.7%

  • 14:47 (IST)

    Credit quality of Indian companies worsened in FY20: ICRA

    Domestic credit rating agency Icra said credit quality of Indian companies worsened in fiscal year 2019-20 as it downgraded Rs 7 lakh crore of debt and warned of "unprecedented strain" on credit profiles of corporates due to the coronavirus pandemic.

    The agency said policymakers will have to unleash more measures to avoid “severe economic imbalances” if the COVID-19 crisis prolongs.

    In its annual credit quality review after the end of the fiscal year, Icra said it downgraded Rs 7 lakh crore of debt in FY20, as against Rs 3 lakh crore in the year-ago period, driven largely by actions against financial sector companies.

  • 14:46 (IST)

    SEBI slaps Rs 55-lakh fine on 11 entities

    Market regulator SEBI has imposed a penalty totalling Rs 55 lakh on 11 entities for indulging in fraudulent trading in the scrip of Unisys Software and Holding Industries Ltd.

    The regulator levied a fine of Rs 5 lakh each on 11 entities —Deepa Saurabh Shah ,Sunil Jain, Rahul Gupta, Decent Vincom,Anthony Gayen, Dilip Kumar Mandal, Badri Prasad & Sons, Premsagar Vinimay, Nityadhara Plaza, Conquer Barter and Navdurga Investment Consultants.

    The regulator had conducted an investigation between January 2010 and November 2014 regarding the scrip of Unisys Software.

    During the investigation, Sebi found that these entities are connected to each other and had indulged in fraudulent trade practices that created a misleading appearance of trading and contributed to manipulation in the scrip price of Unisys, which misguided the investors in the securities market.

  • 14:42 (IST)

    Escorts’ total sales down 54.3% in March

Stock Market Today Latest Updates: Market gave up previous session’s gains and ended lower on Wednesday, the first day of the financial year of 2020-2021 with Nifty slipped below 8,300 level.

The Sensex tanked 1,203.18 points or 4.08 percent to 28265.31 while the Nifty was down 343.95 points or 4 percent at 8253.80 at close.

As many as 1,098 shares advanced, while 1,067 shares declined, and 167 shares remained unchanged.

Tech Mahindra was the top loser in the Sensex pack plunging over 9 percent. Other top losers included Kotak Mahindra Bank, TCS, Infosys, Axis Bank, SBI, HUL and HCL Tech.

Domestic credit rating agency Icra said credit quality of Indian companies worsened in fiscal year 2019-20 as it downgraded Rs 7 lakh crore of debt and warned of "unprecedented strain" on credit profiles of corporates due to the coronavirus pandemic.

The agency said policymakers will have to unleash more measures to avoid “severe economic imbalances” if the COVID-19 crisis prolongs.

In its annual credit quality review after the end of the fiscal year, Icra said it downgraded Rs 7 lakh crore of debt in FY20, as against Rs 3 lakh crore in the year-ago period, driven largely by actions against financial sector companies.

However, this wasn''t accompanied by an increase in the overall default rates which softened to 2.3 per cent in FY20 in comparison with the past five-year average of 3 per cent, it noted.

It downgraded debt of 584 entities in FY20, as against 282 upgrades, the agency said, adding the downgrade rate has moved to 16 per cent, while the upgrade rate has dipped to 8 per cent.

Going ahead the economic outlook looks muted as the COVID-19 leaves an economic cost, it said.

Market made a slight recovery as Sensex was down 1297.57 points or 4.40 percent at 28,170.92 and Nifty held 8,200-level at around 2.30 pm.

The market slipped into the red again as European markets opened on lower after the US warned of jump in death toll due to coronavirus pandemic.

Wipro Ltd, Wipro Enterprises Ltd and Azim Premji Foundation have together committed Rs 1,125 crore towards tackling the unprecedented health and humanitarian crisis arising from the COVID-19 outbreak in the country.

These resources will help enable the dedicated medical and service fraternity in the frontline of the battle against the pandemic and in mitigating its wide-ranging human impact, particularly on the most disadvantaged of our society, as per a company statement released on Wednesday.

Of the Rs 1,125 crore, Wipro Ltd’s commitment is Rs 100 crore, Wipro Enterprises Ltd’s is Rs 25 crore, and that of the Azim Premji Foundation is Rs 1,000 crore, it added.

These sums are in addition to the annual corporate social responsibility (CSR) activities of Wipro, and the usual philanthropic spends of the Azim Premji Foundation, the statement said.

Sensex plunged 1203.20 points or 4.08 percent to 28,265.29 while the broader Nifty was down 331.55 points or 3.86 percent at 8,266.20 at around 1.10 pm.

The market continued its opening losses as Sensex plunged 1114.49 points or 3.78 percent to 28,354 while Nifty was down 322.05 points or 3.75 percent at 8,275.70 at around 11.15 am even as coronavirus pandemic kept the investors on edge.

Except for Nifty FMCG and realty, all sectoral indices at the National Stock Exchange (NSE) were in the negative terrain with Nifty private bank down by 2.6 percent, financial service by 2.4 percent, auto by 1.9 percent and IT by 1.8 percent.

Sensex plunged 1002.17 points or 3.40 percent to 28,466.32 while Nifty was down 292.50 points or 3.4 percent at 8,305.25 at around 10.50 am even as factory activity contracted sharply across most of Asia in March due to coronavirus pandemic.

Kotak Mahindra Bank tanked nearly 10 percent while RIL fell 5.35 percent in the morning session.

Factory activity contracted sharply across most of Asia in March as the coronavirus pandemic paralysed economic activity across the globe, with sharp falls in export power-houses Japan and South Korea overshadowing a modest improvement in China.

Manufacturing gauges also tumbled in Indonesia, Vietnam and the Philippines, Purchasing Managers’ Index (PMI) surveys showed on Wednesday, underscoring the widening damage brought by the pandemic that has infected more than 700,000 people, upended supply chains and led to city lockdowns worldwide.

China’s factory activity improved slightly more than expected in March after plunging a month earlier, a private business survey showed, but growth was marginal, highlighting the intense pressure facing businesses as domestic and export demand slumps.

Sensex tanked 852.02 points or 2.89 percent to 28,616.47 and while Nifty was down 206.65 points or 2.4 percent at 8,391.10 at around 10.40 am.

Kotak Mahindra Bank and Tech Mahindra were the top losers in the Sensex pack.

Sensex tanked 710.68 points or 2.41 percent to 28,757.81 while Nifty was down 206.65 points or 2.4 percent at 8,391.10 at around 10.28 am.

Kotak Mahindra Bank and Reliance Industries were the top losers in the Sensex pack.

Sensex 430 points down, Nifty below 8,600 mark; Kotak Mahindra, ONGC among top losers

New York: Asian shares faced another leg lower on Wednesday as the coronavirus sharply slows global growth, leading a gauge of world stocks to post its biggest quarterly decline in more than a decade and oil prices to trade near lows last seen in 2002.

Shares on Wall Street tumbled on Tuesday, with the Dow registering its biggest quarterly fall since 1987 and the S&P 500 its steepest quarterly drop since a decade ago on growing evidence of the massive downturn the pandemic will incur.

E-Mini futures for the S&P 500 traded 1 percent lower in after-hours trade, while Asian futures suggested the rout would continue.

FTSE China A50 futures in Singapore were down 0.85 percent and Japan’s Nikkei fell 1.86 percent in early trade.

The first-quarter decline was the biggest on record for the S&P 500 as consumers hunkered down at home, leading businesses to announce massive staff furloughs and to shut temporarily.

US economic activity is likely to be “very bad” and the unemployment rate could rise above 10 percent because of efforts to slow the spread of the coronavirus, Cleveland Federal Reserve Bank President Loretta Mester told CNBC.

 Stock Market Today Latest Updates: Market ends in red on Day 1 of FY21; Sensex plunges over 1,200 points, Nifty below 8,300-mark

Representational image. Reuters

The United States marked 700 deaths in a single day from COVID-19 for the first time on Tuesday, lifting total US fatalities from the disease to more than 3,700.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.35 percent in early trade.

MSCI’s gauge of stocks across the globe shed 0.48 percent following modest gains in Europe. The index fell nearly 22 percent for the quarter.

Bucking the broader decline, Australian shares opened higher as a slowdown in new coronavirus cases brightened investor sentiment while rising iron ore prices gave miners a lift.

Australia’s S&P/ASX 200 index rose 1.59 percent after the benchmark fell 2 percent on Tuesday.

The number of coronavirus infections globally headed toward 800,000. Deutsche Bank analysts noted, however, that for two consecutive days the global growth in new cases was below 10%, having exceeded that rate for most of the past two weeks.

Health officials were much more cautious. A World Health Organization official warned that even in the Asia-Pacific region, the epidemic was “far from over.”

The dollar slid against a basket of currencies, pressured by the latest Federal Reserve measures to ensure sufficient liquidity in the global financial system.

The Fed is now allowing foreign central banks to exchange their holdings of US Treasury securities for overnight dollar loans.

The dollar index fell 0.275 percent while the Japanese yen strengthened 0.12 percent versus the greenback at 107.44 per dollar.

Government bond yields held steady as investors remained cautious about buying riskier assets.

The benchmark 10-year US Treasury note rose 15/32 in price to yield 0.6538 percent.

Crude oil benchmarks ended a volatile quarter with their biggest losses in history, with both US and Brent futures hammered throughout March due to the pandemic and the eruption of the Saudi-Russia price war.

Global fuel demand has been sharply cut by travel restrictions due to the coronavirus. Forecasters at major merchants and banks see demand slumping by 20 percent to 30 percent in April, and for weak consumption to linger for months.

Crude futures ended the quarter down nearly 70 percent after record losses in March.

US crude fell 31 cents to $20.17 a barrel and May Brent crude futures ended 2 cents lower at $22.74 a barrel ahead of expiration.

Updated Date: Apr 01, 2020 16:04:04 IST



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