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Stock Markets Today Latest Updates: Sensex tanks 674 points, Nifty below 8,100-mark at close; Axis Bank falls over 9%

Stock Markets Today LIVE Updates: Markets trim losses in opening session ; Sensex 228 points down, Nifty below 8,200-mark

FP Staff April 03, 2020 15:50:34 IST
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Stock Markets Today Latest Updates: Sensex tanks 674 points, Nifty below 8,100-mark at close; Axis Bank falls over 9%

Highlights

12:04 (ist)

India's C-Level executives donate entire salaries to PM CARES Fund

As the coronavirus pandemic continues to hit businesses and the global economy, Indian businesses have put its best foot forward to solve this crisis and has come together like never before.  India is witnessing corporate leaders and start-up founders coming forward in doing their bit for the society. 
 

Rajeev Chaba, president and managing director of MG Motor India pledged to donate one month salary to Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund to fight against COVID-19. This comes close on the heels of the recent aid MG Motor India announced of Rs. 2 crore for the government hospitals and health institutions providing medical assistance in Gurugram and Halol (Vadodara). 
 

Mahindra Group chairman Anand Mahindra pledged to donate his full salary for the coming months in a bid to strengthen the efforts to combat the novel coronavirus. Mahinda also urged various businesses to also set aside contributions for those who are the hardest hit in their ecosystem.
 

Paytm chief Vijay Shekhar Sharma will not draw salary for the next two months to help those employees impacted by the pandemic. Sharma committed the money to any needs of Paytm office help or staff.

Sanjay Sharma, managing director and founder, Aye Finance announced a donation of undisclosed amount towards PM CARES Fund. Additionally, in order to aid support, Aye Finance employees have also proactively decided to donate their one day salary to the emergency fund.

LIVE NEWS and UPDATES

Apr 03, 2020 - 15:58 (IST)

Sensex tanks 674 points, Nifty below 8,100-mark at close

The market extended the previous session's losses as Sensex plunged 674.36 points or 2.39 percent to 27590.95 while the broader Nifty was down 170 points or 2.06 percent at 8083.80 at close on Friday.

As many as 1126 shares have advanced, 1078 shares declined, and 174 shares were unchanged.

Axis Bank was the top loser in the Sensex pack losing over 9 percent. Other major losers included IndusInd Bank, Titan Company, ICICI Bank and SBI. 

Apr 03, 2020 - 15:48 (IST)

Supply chain shock to have negative impact on auto component sector: ICRA

Rating agency ICRA on Friday said the supply chain shock due to the coronavirus pandemic will have negative impact for Indian auto component industry.

The COVID-19 supply chain disruptions will manifest into a demand shock lasting multiple quarters for the domestic industry, ICRA said in a statement.

The rating agency, which undertook an extensive survey across key auto component importers and exporters to understand the impact of disruptions in the global auto component supply chain because of the pandemic, said it expects a significant scale down in exports over the next two quarters.

Apr 03, 2020 - 15:46 (IST)

OPEC producers debate possible oil cuts of 10 million barrels per day: Report

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said on Friday, adding that any further cuts must include producers from outside the alliance.

US President Donald Trump on Thursday said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million bpd, representing 10-15 percent of global supply. Trump said he made no offer to cut US output.

The source added that OPEC+ is watching the outcome of a meeting between Trump and the oil companies later on Friday and that a final figure on cuts depends on participation by all oil producers.

Apr 03, 2020 - 15:41 (IST)

RBI notifies changes in timing for money markets

Apr 03, 2020 - 15:39 (IST)

Online grocery platform Grofers may hire 10,000 people for warehouses, delivery

Online grocery platform Grofers is looking at hiring 10,000 people for its warehouses and last-mile delivery to clear pending orders quickly and meet the spike in orders on account of the nationwide lockdown.

"We are looking to hire 10,000 people for our warehouses and last-mile delivery. This hiring will happen across all 26 cities that we are present in," bigbasket vice-president-human resources Tanuja Tewari told PTI.

She added that the pressure is being felt across all cities with the challenges being higher in tier I cities.

E-commerce companies have been struggling to deliver orders after the 21-day lockdown, imposed to contain the spread of the deadly coronavirus, came into effect from 25 March.

Apr 03, 2020 - 15:34 (IST)

COVID-19 expected to reduce housing sales by 25-35%

Unsold inventory in 2020 will largely remain stable, with single-digit annual decline of around 1-3 percent.

The nationwide lockdown has completely halted construction activity - project delays could run into several months for well-funded projects, and a couple of years for others. Nearly 4.66 lakh units across the top 7 cities earlier slated for completion in 2020 now face a high risk of delays.
 
The affordable housing segment, which gained significant traction over the last few years, may also take a hit by COVID-19.

The outbreak will significantly affect affordable housing's target audience. With limited income and unemployment fears, buyers of affordable housing may defer purchase decisions, leading to an estimated 1-2 percent rise in unsold stock within this segment in 2020.

Apr 03, 2020 - 15:30 (IST)

DoT likely to defer 5G roll-out

Apr 03, 2020 - 15:25 (IST)

Limetray launches tech platform for local grocery stores 

Limetray, food tech platform, is rolling-out an online ordering system to enable local grocery, meat as well as local grocery shops to accept customer orders online through its platform.

The launch of this specialised technology platform will enable  local grocery, meat and provisional stores to take orders from customers without the need to step into the stores to buy essential provisions, grocery and meat items in the wake of the COVID-19 outbreak.

Apr 03, 2020 - 15:22 (IST)

CIL arm WCL slashes coal auction floor price for specific mines

Western Coalfields (WCL), a subsidiary of Coal India, has slashed the coal auction floor price of specific mines by 10 percent, a statement said.

With an effort to provide coal at cheaper price to consumers during the current COVID-19 pandemic, the reduced auction price will be applicable for coal from 'mine specific source' for all auctions to be conducted by WCL in April 2020.

"This will help both Power and Non-Power consumers to get coal at reduced price," it said.
 

WCL had identified 11 out of its total 66 mines in November 2019 as 'mine specific source' specially for use of power plants at an additional add-on price of Rs 450 per tonne over the notified price.

Apr 03, 2020 - 15:18 (IST)

Portea Medical launches home quarantine solution

Portea Medical has launched a home quarantine solution -- ‘fit to fight corona’.

The company is offering both its direct customers and corporate partners, a 14-day home quarantine management  service to enable them to stay safe during the COVID-19 pandemic and manage symptoms if any.

Meena Ganesh, MD and CEO, Portea Medical, said, “The COVID-19 has emerged as one of the biggest threats to global healthcare in modern times. With over 200,000 infections and a mortality rate of 4 percent, this virus has once again underscored the role that health-tech startups can play in such a scenario. Apart from accurate information and awareness on coronavirus, there is a need to ensure that people with low immunity such as the elderly are provided with basic healthcare services at home."

Stock Markets Today Latest Updates: The United States economy will shrink 5.5 percent in 2020, the steepest drop since 1946, with a huge 38 percent contraction predicted for the second quarter, Morgan Stanley said on Friday in a new batch of forecasts on the economic damage from the coronavirus outbreak.

The US bank said it had cut its first-quarter forecast to an annualised 3.4 percent contraction from a previous 2.4 percent, while in the second quarter the economy is predicted to shrink 38 percent, up from an earlier forecast of a 30 percent contraction.

European stock markets sank on Friday, erasing meagre gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a global supply cut.

The pan-European STOXX 600 index was down 0.4 percent, taking MSCI’S All Country World Index down 0.3 percent.

A number of firms flagged a hit to business from the pandemic, foreshadowing a deeper earnings recession ahead of the reporting season.

India's economic growth is likely to slow down to 4 percent this fiscal on the back of the current global health emergency, Asian Development Bank (ADB) said in its outlook for financial year 2020-21 on Friday.

"We face extraordinarily challenging times. The outbreak of coronavirus (COVID-19) is disrupting people's lives and interrupting business and other economic activities around the world," said Masatsugu Asakawa, President of Asian Development Bank.

Noting that COVID-19 has not yet spread extensively in India, ADB said measures to contain the virus and a weaker global environment will whip up headwinds, offsetting support from corporate and personal income tax cuts as well as financial sector reforms which are meant to revive credit flows.

Market continued to trade in the red terrain as Sensex fell 325.78 points or 1.15 percent to 27,939.53 while the broader Nifty was down 92.10 points or 1.12 percent at 8,161.70 at around 10.30 am.

Stock Markets Today Latest Updates Sensex tanks 674 points Nifty below 8100mark at close Axis Bank falls over 9

Representational image. News18

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

Markets trim losses; Sensex 228 points down, Nifty below 8,200-mark

Asian markets on Friday looked to latch onto Wall Street’s overnight gains after crude prices notched their biggest one-day surge on record, helping offset concerns about the depth of a global recession.

Despite the rally in stocks, investors still sought the safety of the US dollar and government bonds as an unprecedented number of Americans-6.6 million-filed jobless claims due to coronavirus-induced lockdowns, as economic concerns stayed front and center.

US stocks rallied after US President Donald Trump said he expects Russia and Saudi Arabia to announce an oil production cut of up to 10 million to 15 million barrels as the two countries signaled willingness to make a deal.

Saudi Arabia said it would call an emergency meeting of the Organization of the Petroleum Exporting Countries, Saudi state media reported.

Nikkei futures edged slightly higher, above the index’s cash close on Thursday, and Australia’s benchmark was up 1.5 percent in early trade. Hong Kong futures were negative.

E-Mini futures for the S&P 500 fell 0.04 percent. A gauge of stocks across the globe advanced 1.24 percent overnight, adding to modest gains earlier in Europe.

On Wall Street, the Dow Jones Industrial Average rose 2.2 percent, the S&P 500 gained 2.3 percent and the Nasdaq Composite added 1.7 percent.

Projections released by the US Congressional Budget Office showed US gross domestic product will decline by more than 7 percent in the second quarter as the coronavirus crisis takes hold.

Interest rates on 10-year Treasuries will likely be below 1 percent during the quarter as well, the CBO said.

Investors sought the perceived safety of government bonds. Benchmark US 10-year notes fell in price to last yield 0.6111 percent.

Global coronavirus cases surpassed 1 million on Thursday with more than 52,000 deaths as the pandemic further exploded in the United States and the death toll climbed in Spain and Italy, according to a Reuters tally.

The dollar gained for a second straight day against a basket of currencies as investors continued to take shelter in the US currency.

The dollar index rose 0.672 percent, while the Japanese yen weakened 0.21 percent versus the greenback at 108.15 per dollar.

Gold prices jumped as record high US jobless claims intensified fears of the coming economic slowdown and drove investors toward the safe-haven metal.

US gold futures settled 2.9 percent higher at $1,637.70 an ounce.

Highly rated US corporate bond issuers raised a record $110.502 billion this week, according to Refinitiv IFR data, as firms borrowed cash in fear the coronavirus crisis may soon limit their access to capital markets.

Brent futures rose $5.20, or 21.0 percent, to settle at $29.94 a barrel, while US West Texas Intermediate (WTI) crude rose $5.01, or 24.7 percent, to settle at $25.32.

Despite the record surge on Thursday, oil prices have still lost more than half their value this year.

Updated Date:

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