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Stock Market Latest Updates: Sensex surges over 900 points, Nifty holds 9,200-level; Axis Bank, ICICI Bank among major gainers

Stock Market Today LIVE Updates: Sensex up over 930 points, Nifty above 9,300-level; RBI Governor Shaktikanta Das begins conference

FP Staff April 17, 2020 15:53:32 IST
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Stock Market Latest Updates: Sensex surges over 900 points, Nifty holds 9,200-level; Axis Bank, ICICI Bank among major gainers

Highlights

09:13 (ist)

Markets could open higher following strong Asian markets

Deepak Jasani, Head Of Research, HDFC Securities said: "China weak data out, now hopes on US economy reopening and possible breakthrough in cure of COVID-19. Indian markets could open higher today following strong Asian markets today and US indices that rose modestly higher led by tech names on Thursday. 

"US stocks on Thursday closed modestly higher, led by technology-related companies, against a backdrop of grim economic news and plans by the government to restart long-dormant economies while preventing a fresh outbreak of the deadly pandemic. Negative economic reports didn’t stop investors from picking up health-care and technology-related stocks, which helped to propel the market higher.

"Asian stocks rose on Friday with US and European futures amid tentative steps to restart the American economy and progress on the fight against the coronavirus.

"China reported that its first quarter GDP contracted by 6.8 percent in 2020 (vs 6.5 percent contraction as per analyst poll) from a year ago as its economy took a huge hit from the coronavirus outbreak. The contraction in the first quarter would also be the first decline since at least 1992. In the first quarter, retail sales in China fell 19 percent from a year ago while industrial production fell 8.4 percent in the same period.

"Reserve Bank of India (RBI) Governor Shaktikanta Das will address the media at 10 am on April 17. There are hopes of some additional measures to alleviate the current issues faced by the businesses and lenders.

"Technically, with the Nifty bouncing back, traders will need to watch if the Nifty can now hold above the immediate supports of 8961-8874; else a further correction is likely that could take the Nifty towards the 13 day simple moving average support at 8554. On upmoves, it could face resistance at 9261." Jasani said.

LIVE NEWS and UPDATES

Apr 17, 2020 - 15:59 (IST)

Sensex surges over 900 points, Nifty holds 9,200-level at close
 

The market ended in the green for the second straight day as Sensex surged 986.11 points or 3.22 percent to 31,588.72, while the Nifty rose 273.95 points or 3.05 percent at 9266.75.

Axis Bank was the top gainer in the Sensex pack surging nearly 14 percent. Other gainers included ICICI Bank, IndusInd Bank, Maruti, TCS, Kotak Mahindra Bank and Reliance. 

As many as 1,685 shares advanced, 696 shares declined, and 177 shares remained unchanged in the session.

Among sectors, except pharma and FMCG other indices ended in the green. BSE Midcap and Smallcap indices rose 2 percent each.

Apr 17, 2020 - 15:49 (IST)

Rupee ends at 76.39 against dollar

Apr 17, 2020 - 15:47 (IST)

TRAI raises international call termination charges to 35-65 paise/min

Telecom regulator TRAI on Friday said international call termination charges will be brought under forbearance but within prescribed range of 35 to 65 paise/min against a fixed rate of 30 paise/minute earlier -- a move expected to benefit telecom operators.

International termination charge is the rate payable by an Indian International Long Distance Operator (ILDO), who carries the call from outside the country to access provider in the country in whose network the call terminates.

While the regulator has given a range with floor and a ceiling, and left it to operators to set the rate under a forbearance regime, it has, however, mandated that operators will offer non-discriminatory rate for such termination charges to everyone.

Apr 17, 2020 - 15:46 (IST)

Reviewing govt order on refunds: Vistara

A day after the Centre stated that air passengers can ask for full refunds for tickets booked during the first phase of lockdown for travel up to 3 May, Vistara said it is "reviewing" the order and will comply once the government clarifies some of its aspects.

Several passengers have complained on social media against Indian airlines for giving refunds for flights cancelled due to the coronavirus lockdown and instead issuing credit vouchers for future travel.

"We are reviewing the ministry''s notification on refunds for bookings affected in the lockdown and will comply once the authorities have clarified some aspects of it,” Vistara spokesperson said.

India imposed a lockdown for 21 days on 25 March and then extended it till 3 May.

Apr 17, 2020 - 15:39 (IST)

RBI bans banks, cooperatives from paying dividends

 

The Reserve Bank on Friday debarred all commercial and cooperative banks from paying dividends to shareholders and promoter groups as the regulator fears the Covid-driven economic shocks would continue longer and may put the health of the financial system at risk.

The decision will hit the already scuppered finances of the Centre, given the massive shocks to the economy from the coronavirus-driven lockdown and the already falling growth rates which has brought down demand for loans and thus the profitability of banks which were anyways grappling with high bad loans.    

"It is imperative that banks conserve capital to retain their capacity to support the economy and absorb losses in an environment of heightened uncertainty. In this regard in view of the Covid-19-related economic shocks, commercial banks and cooperative banks shall not make any further dividend payouts from the profit pertaining to FY20 until further instructions," RBI governor Shaktikanta Das said while announcing a slew of liquidity enhancing measures to prop up the economy.

Apr 17, 2020 - 15:34 (IST)

Mahindra & Mahindra to raise Rs 1,000 cr via NCDs

Mahindra & Mahindra (M&M) on Friday said it will raise up to Rs 1,000 crore by issuing securities on private placement basis.

"The loans and investment committee at its meeting held on Friday approved issuance and offer of 10,000 rated, listed, unsecured, redeemable, non- convertible debentures (NCDs) of face value Rs 10,00,000 each aggregating Rs 1,000 crore on private placement basis," M&M said in a regulatory filing.

The auto major, however, did not disclose the reasons for raising the capital.

Apr 17, 2020 - 15:25 (IST)

Sensex surges over 1,000 points, Nifty close to 9,300-mark  

The market staged sharp recovery as Sensex surged 1038.28 points or 3.39 percent to 31,640.89 while the Nifty was up 292.45 points or 3.25 percent at 9,285.25 at 3.10 pm.

Axis Bank was the top gainer in the Sensex pack zooming nearly 15 percent.

Apr 17, 2020 - 15:19 (IST)

AirAsia, Malaysia Airlines merger an option as COVID-19 hits industry, says minister

Merging money-losing state carrier Malaysia Airlines Bhd (MAB) with budget airline AirAsia Group Bhd is one of the options to “save” them as the COVID-19 crisis batters the industry, Malaysia’s second-most senior minister told Reuters on Friday.

The pandemic that has killed at least 143,744 people around the world has led to lockdowns in many countries, brought air travel to a virtual halt and left airlines battling for survival.

Mohamed Azmin Ali, Malaysia’s minister of international trade and industry and the government’s designated second-in-command, said deliberations would soon take place on various options to help out the country’s airline industry.

Apr 17, 2020 - 15:14 (IST)

Ashok Leyland seeks govt support for MSMEs post-lockdown

Micro, small and medium enterprises, which form the backbone of Indian industry, will need to be supported by the government to kick-start the economy after lockdown is lifted, according to Ashok Leyland Managing Director and CEO Vipin Sondhi.

Measures such as easy access to working capital and liquidity through banks and NBFC''s, providing interest free and collateral free loans; introduction of an incentive for MSME's to help them pay salaries and wages to their employees in these times need to be considered by the government.

“It would be crucial to kick-start economic activity after this period of disruption. MSME's are the backbone of Indian industry and form the key element of the product supply chain - be it agri-processing, textiles, or auto-ancillaries," Sondhi said in a statement.

Apr 17, 2020 - 15:06 (IST)

RBI pumps Rs 1.2 lakh cr fresh currency into system in last 45 days: Shaktikanta Das

The Reserve Bank has pumped Rs 1.2 lakh crore of fresh currency into the system in last 45 days since the COVID-19 outbreak in the country, Governor Shaktikanta Das said on Friday.

Automated teller machines and business correspondents, who take banking services to far flung areas, are also working at high capacity levels to ensure financial services reach everybody, he said.

The comments on currency come amid media reports of a Rs 86,000 crore jump in currency circulation in March and also a greater tendency among people to withdraw to hoard cash amid the lockdown.

"Regional offices of the RBI have supplied fresh currency of Rs 1.2 lakh crore from 1 March till 14 April to currency chests across the country to meet increased demand for currency in the wake of the COVID-19 pandemic," Das said in his video message over social media.

Stock Market Today Latest Updates: The market trimmed the gains as Sensex was trading 900.24 points or 2.94 percent higher at 31,502.85 while the broader Nifty was up 260.30 points or 2.89 percent at 9,253.10 at around 10.20 am.

Gold prices inched lower on Friday as Asian equities showed signs of a rebound, but fears of a steep global recession due to the coronavirus pandemic limited a drop in the metal’s price, putting it on course for its second straight weekly gain.

Spot gold eased 0.1 percent to $1,716.56 per ounce. US gold futures slipped 0.1 percent to $1,730.30.

The metal was up about 1.6 percent for the week so far, on track to post its second consecutive weekly gain.

Sensex up over 930 points, Nifty above 9,300-level; RBI Governor Shaktikanta Das begins conference

Meanwhile, Asian stocks look set to bounce on Friday to recover towards a one-month high as investors, following Wall Street’s lead overnight, sought silver linings in a run of data that showed the world is in its worst recession in decades.

China’s economy shrank 6.8 percent in January-March from a year earlier, official data showed on Friday, the first such decline since at least 1992 when quarterly gross domestic product (GDP) records began.

A Reuters poll showed China’s economy is forecast to have shrunk 6.5 percent in the first quarter from a year ago.

E-Mini futures for the S&P 500 index ESc1 rose right from the closing bell and jumped 3.5% to a five-week high, while the Nikkei futures NKc1 pointed to gains of 545 points.

US stock indices had eked out gains overnight in a session of choppy trade, after shares of Amazon.com Inc and Netflix Inc surged to record highs, as sweeping stay-home orders by governments to fight the coronavirus pandemic drove demand for online commerce and streaming services.Shares of Gilead Sciences Inc  also soared 15 percent after a media report suggested that patients suffering severely from the coronavirus were responding positively to the drug maker’s experimental treatment remdesivir.

Data released overnight had shown a record 22 million Americans filing for unemployment benefits over the past month, though some investors took heart in the fact that claims had fallen for the second straight week.

Stock Market Latest Updates Sensex surges over 900 points Nifty holds 9200level Axis Bank ICICI Bank among major gainers

Representational image. Reuters.

But in a sign some investors stayed averse to risk, the US dollar rose again and US Treasury yields slid to new lows.

Indeed, some analysts warned an economic recovery may be slow and protracted.

“Some believe when the crisis is over, everything will quickly return to what life was like in January, but I think there will be some lingering effects,” said Byron Wien, the vice chairman of private wealth solutions at asset manager Blackstone Group Inc.

“I think the recovery will look like a square root sign, a “V” at the beginning and then a gradual recovery.”

Joining a handful of other governments that are restarting their economies after mass shutdowns to contain the pandemic, U.S. President Donald Trump said on Thursday US state governors can re-open businesses in a staggered, three-stage process.

Bond investors agreed the outlook was glum and bought more US Treasuries, further flattening the curve. US 10-year and 30-year yields dropped to two-week lows, while the yield on two-year notes sank to a three-year trough of 0.187 percent. It recovered to 0.211 percent by early Friday, but was still over a 100 basis points below January levels.

The demand for safety helped the dollar index rise 0.3 percent to a one-week high of 99.954, while the euro recovered from a low of $1.0832 struck overnight to be up 0.18 percent at $1.0854. The greenback was little changed against the Japanese yen at 107.95 yen.

A firmer dollar led gold prices to retreat further from 7-1/2-year highs hit earlier in the week. Spot gold fell 0.6 percent to $1,707.50, while US gold futures GCv1 slipped 0.3 percent to $1,725.9.

Oil prices steadied a touch after hovering at an 18-year low overnight on fears that energy demand will collapse on the back of a global recession. US crude CLc1 edged up 0.65 percent to $20, while Brent crude LCOc1 was flat at $27.82.

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