live

Stock Markets Today Latest Updates: Sensex plunges over 450 points, Nifty below 9,000-mark at close; realty, auto, bank index decline

Stock Markets Today LIVE Updates: Sensex down over 600 points, Nifty down 185 points; Rupee slips 8 paise against dollar

FP Staff April 13, 2020 15:54:19 IST
Auto refresh feeds
Stock Markets Today Latest Updates: Sensex plunges over 450 points, Nifty below 9,000-mark at close; realty, auto, bank index decline

Highlights

LIVE NEWS and UPDATES

Apr 13, 2020 - 15:55 (IST)

Sensex plunges over 450 points, Nifty below 9,000-mark; realty index falls 5%

The Sensex tanked 469.60 points or 1.51 percent to 30690.02, while Nifty was down 118.05 points or 1.30 percent at 8993.85 at close on Monday.

Bajaj Finance was the top loser in the Sensex pack falling over 10 percent. Other major losers included M&M, Titan Company, Hero MotoCorp, ICICI Bank and Tech Mahindra. 

As many as 1,194 shares advanced, 1171 shares declined, and 201 shares remained unchanged.

On the sectoral front, realty index fell 5 percent followed by auto, bank, energy, IT and FMCG. However, buying seen in the metal, pharma and infra sectors. BSE Midcap and Smallcap indices ended lower.

Apr 13, 2020 - 15:47 (IST)

Domestic passenger vehicle sales plunge 51% in March: SIAM

Passenger vehicle sales in India declined by 51 percent in March, hit by 21-day nationwide lockdown due to the coronavirus pandemic. 
  

As per the data released by Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales last month dropped to 1,43,014 units as compared with 2,91,861 units in March 2019, a decline of 51 percent.

Similarly, commercial vehicles sales last month saw a massive dip of 88.95 percent at 13,027 units as against 1,09,022 units in March 2019.

Apr 13, 2020 - 15:45 (IST)

Govt likely to amend IBC 2016

Apr 13, 2020 - 15:43 (IST)

Regular visa, e-visa of foreigners extended till 30 April: Govt

The government has extended regular visa and e-visa of foreigners, who have been stranded in India due to COVID-19, till 30 April, said ministry of home affairs.

Apr 13, 2020 - 15:41 (IST)

SHARP commits Rs 5 lakh towards PM-CARES Fund

Japanese consumer durables maker SHARP on Monday announced contribution of Rs 5 lakh to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Trust (PM-CARES) Fund to support the fight against the coronavirus pandemic.
 
 
Besides this, the company said it has also supplied 24 units of its state-of-the-art air purifier to civil surgeon hospitals in Panchkula and Gurgaon in Haryana for providing safe and clean hospital wards for medical staff and patients.

Apr 13, 2020 - 15:39 (IST)

Spot gold markets remain shut due to lockdown: HDFC Securities

Spot gold markets remained shut on Monday due to nationwide lockdown to prevent spreading of COVID-19, according to HDFC Securities.
 
 
In the international market, gold was quoting higher at $1,690 per ounce, while silver was flat at 15.21 per ounce.
 
 
"Gold prices have continued upside on strong physical demand in global markets," it said.

Apr 13, 2020 - 15:39 (IST)

NCAER survey suggests most people support lockdown extension

A survey by economic policy think tank NCAER suggests that majority of people are in favour of lockdown extension in the country by another two weeks despite facing hardships on multiple fronts.
   
 
The Delhi National Capital Region Coronavirus Telephone Survey (DCVTS) was conducted during 3-6 April 2020, by the National Council of Applied Economic Research (NCAER) and is based on responses from 1,750 people.
 
 
It also suggests that about 29.3 percent of households were affected by shortages in supplies of food, cooking fuel and medicine and the problem was more severe in rural areas in the wake of 21-day coronavirus lockdown, which is coming to an end on 14 April.

Apr 13, 2020 - 15:37 (IST)

Wellthy Therapeutics raises $4 mn from Saama Capital

Chronic disease management firm Wellthy Therapeutics on Monday said it has raised $4 million (around Rs 30 crore) from Saama Capital as part of its pre series A funding round.
 
 
With the investment, the venture capital firm has acquired around 16 per cent stake in the company, Wellthy Therapeutics said in a statement.
 
 
Apart from utilising this raise to deepen its product-suite and expand geographically, the company will accelerate the launch of its respiratory digital therapeutic portfolio, especially relevant in the current situation, it added.

Apr 13, 2020 - 15:30 (IST)

Steel ministry directs PSUs to feed migrant workers

Union Steel Minister Dharmendra Pradhan has directed steel PSUs to adopt the 'Annadaan initiative' for feeding migrant workers and weaker sections of the society in and around their areas of operation.

A ministry official said Pradhan is holding meetings with senior ministry officials and chiefs of the PSUs on a daily basis through video conference to take stock of the situation.

"Steel CPSEs have been advised (by the minister) to adopt 'Annadaan' initiative in and around their areas of operation for feeding migrant workers and weaker sections of the society. They (PSUs) have also taken initiatives for it," the official said. 

Apr 13, 2020 - 15:28 (IST)

ONGC gas output drops 15% as shut factories refuse to take supplies

State-owned ONGC has been forced to cut natural gas production by over 15 per cent as factories shut down following the unprecedented nationwide lockdown have refused to take supplies.
 
 
Oil and Natural Gas Corp (ONGC), which produced 64.3 million standard cubic meters of gas per day (mmscmd) prior to the lockdown imposed on 25 March, has reduced the flow to 53.4 mmscmd, sources aware of the development said.
 
 
Gas sales are down to 40 mmscmd against 50 mmscmd previously, they said.

 

Stock Markets Today Latest Updates: The market trimmed early losses as the Sensex was trading 380.33 points or 1.22 percent lower at 30,779.29 while the broader Nifty was down 115.45 points or 1.27 percent at 8,996.45 at around 10.50 am.
Bajaj Finance was the top loser in the Sensex pack plunging nearly 7 percent in the morning trade.

OPEC, Russia approve biggest-ever oil cut

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20 percent.

Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the US shale industry, which is more vulnerable to low prices due to its higher costs.

Sensex down over 600 points, Nifty down 185 points; Rupee slips 8 paise against dollar

India is likely to record its worst growth performance since the 1991 liberalisation this fiscal year as the coronavirus outbreak severely disrupts the economy, the World Bank said.

India's economy is expected to grow 1.5 percent to 2.8 percent in the 2020-21 fiscal which started on 1 April, the World Bank said in its South Asia Economic Focus report.

It estimated India will grow 4.8 percent to 5 percent in the 2019-20 fiscal that ended on 31 March.

The COVID-19 outbreak came at a time when India's economy was already slowing due to persistent financial sector weaknesses, the report said.

To contain it, the government imposed a lockdown, shutting factories and businesses, suspending flights, stopping trains and restricting mobility of goods and people.

"The resulting domestic supply and demand disruptions (on the back of weak external demand) are expected to result in a sharp growth deceleration in FY21 (April 2020 to March 2021)," it said, adding that the services sector will be particularly impacted.

A revival in domestic investment is likely to be delayed given enhanced risk aversion on a global scale, and renewed concerns about financial sector resilience.

"Growth is expected to rebound to 5 percent in Fiscal 2022 (2021-22) as the impact of COVID-19 dissipates, and fiscal and monetary policy support pays off with a lag," the World Bank said.

The World Bank joins a chorus of international agencies that have made a similar cut in growth estimates in recent days on concerns about the COVID-19 outbreak.

The Asian Development Bank (ADB) sees India's economic growth slipping to 4 percent in the current fiscal, while S&P Global Ratings has further slashed its GDP growth forecast for the country to 3.5 percent from a previous downgrade of 5.2 percent.

Fitch Ratings puts its estimate for India growth at 2 percent, while India Ratings & Research has revised its FY21 forecast to 3.6 percent from 5.5 percent earlier.

Stock Markets Today Latest Updates Sensex plunges over 450 points Nifty below 9000mark at close realty auto bank index decline

Representational image. Reuters.

Moody's Investors Service has slashed its estimate of India's GDP growth during 2020 calendar year to 2.5 percent, from an earlier estimate of 5.3 percent.

In its report released on Sunday, the World Bank saw the South Asian region, comprising eight countries, growing by 1.8 - 2.8 percent this year, down from the 6.3 percent it projected six months ago.

Its 2019-20 estimate for India at 4.8 - 5 percent is lower by 1.2 - 1 percent of the estimate made in October 2019. The 1.5 - 2.8 percent growth estimate in 2020-21 is lower than 5.4 - 4.1 percent estimated in October last year.

"The green shoots of a rebound that were observable at the end of 2019 have been overtaken by the negative impacts of the global crisis," the World Bank report said, adding India has set aside just over 1 percent of GDP for programs to increase health sector spending and compensate the unemployed, with the bulk of the money going towards cash transfers, free food and gas cylinders, and interest-free loans.

In a conference call with reporters, World Bank Chief Economist for South Asia Hans Timmer said India's "outlook is not good."

And if the domestic lockdown is prolonged, then the economic result can be much worse than what the World Bank has in its baseline range of forecasts.

Among the steps that India can take to address this challenge, Timmer said the first is to focus on mitigating the spread of the disease, and to make sure that everybody has food.

"Then, it is very important to prepare for a rebound and that means there should be a focus on temporary jobs programmes, especially at the local levels. Those initiatives should be supported. And it is important to prevent bankruptcies especially of a small and medium sized enterprise," Timmer said in response to a question.

"In the longer run, this is really an opportunity to bring the Indian economy on sustainable path not just fiscally, but also socially," he said.

The World Bank is working with India to mitigate the challenge posed by COVID-19 . It has approved USD 1 billion to India, of which the first tranche has already been released to deal with the emergency in the health care sector.

The first tranche aims at delivering civilian diagnostic equipment, put in place additional capacity to deal with testing and make testing available that benefits the entire population, said World Bank Vice President for South Asia Hartwig Schafer.

It is also working with India on two additional operations, which is anticipated to be ready in a matter of weeks.

These include, employment, banking and micro, small and medium enterprises sector.

In its report, the World Bank said that the COVID-19 outbreak has magnified pre-existing risks to India's economic outlook.

The government is undertaking measures to contain the health and economic fallout, and the RBI has begun providing calibrated support in the form of policy rate cuts and regulatory forbearance.

"Given significant uncertainties, there is a wide confidence interval around the baseline estimate. If a large-scale domestic contagion scenario is avoided, early policy measures payoff, and restrictions to the mobility of goods and people can be lifted swiftly, an upside scenario could materialize in FY21, with growth around four percent," it said.

"However, if domestic contagion is not contained, and the nationwide shutdown is extended, growth projections could be revised downwards to 1.5 percent, and fiscal slippages would be larger," it said.

Updated Date:

also read

Tokyo Olympics 2020: Australia to give Japan-bound athletes, support staff priority for COVID-19 vaccine
Sports

Tokyo Olympics 2020: Australia to give Japan-bound athletes, support staff priority for COVID-19 vaccine

The vaccination program for athletes and support staff will include about 2,000 people, including an estimated 450-480 Olympic athletes.

IPL 2021: RR's Andrew Tye wonders how franchises are spending so much when people are not finding hospitals
First Cricket News

IPL 2021: RR's Andrew Tye wonders how franchises are spending so much when people are not finding hospitals

Tye left the IPL on Sunday as he feared getting "locked out" of his own country in the wake of a COVID-19 surge in India

ISSF Shooting World Cup in Baku will not take place due to coronavirus pandemic
Sports

ISSF Shooting World Cup in Baku will not take place due to coronavirus pandemic

The tournament was to take place from 21 June-2 July and would have served as good preparatory ground for all shooters who have qualified for the Tokyo Olympics.