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Stock Market Latest Updates: Sensex plunges 2,002 points, Nifty below 9,300; except pharma, all other sectoral indices end in red

Stock market today LIVE Updates: Sensex plunges over 1,600 points, Nifty below 9,450-mark; metal stocks under pressure

FP Staff May 04, 2020 15:47:31 IST
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Stock Market Latest Updates: Sensex plunges 2,002 points, Nifty below 9,300; except pharma, all other sectoral indices end in red

Highlights

13:16 (ist)

Uber, Ola to resume services in select cities from today
 

Ridesharing majors Uber and Ola reportedly announced to resume operations in certain select cities from Monday, said a news report. 

Uber informed its users through an email that it would resume services for specific cities and districts under Orange and Green zones, reported The Economic Times

Ola reportedly posted a list of more than 50 cities in the country, most of them are Tier-II and Tier-III cities, where it will resume its services from Monday, the report said. 

09:48 (ist)

 E-comm cos gear up for shipping non-essentials, but sales may be hit

 
 
E-commerce companies are geared up to start shipping non-essential items to customers in orange and green zones from Monday, but sales could be impacted as metros and many large cities are in red zones. Various cities like Bengaluru, Ahmedabad and Pune have been classified under red zones.
 
 
According to industry executives, e-commerce companies like Amazon India and Walmart-backed Flipkart have been engaging closely with sellers to help them prepare for starting shipment of non-essential products as the third phase of lockdown comes into effect.
 
 
On Friday, the home ministry had announced a two-week extension of lockdown but said there would be certain relaxations for orange and green zones.
 
 
Under the latest rules, e-commerce activities in red zones, which cover large cities like Delhi, Mumbai, Bengaluru, Pune and Hyderabad are permitted only for essential goods during the third phase of lockdown that ends on 17 May.
 
 
A senior industry executive, who did not wish to be named, said states including Karnataka, Rajasthan, Maharashtra and Uttar Pradesh have also notified their guidelines for online commerce platforms that are similar to those issued by the Centre.
 
 
The executive said e-commerce companies that follow the marketplace model (like Amazon India, Flipkart and Snapdeal) could face some challenge as many of their sellers are either located or have their warehouses in red zones.

LIVE NEWS and UPDATES

May 04, 2020 - 15:47 (IST)

Sensex nosedives 2,002 points, Nifty below 9,300-mark 

 

Benchmark indices fell nearly 6 percent snapping four-day winning streak on Monday in the backdrop of rising tension between US-China over coronavirus.

The Sensex plunged 2,002.27 points or 5.94 percent at 31,715.35 while the Nifty was down 566.40 points or 5.74 percent at 9,293.50. 

ICICI Bank was the top loser in the Sensex pack slipping nearly 11 percent. Other major losers included Bajaj Finane, HDFC, IndusInd Bank, Axis Bank, Maruti, Tata Steel and Tech Mahindra.

As many as 567 shares advanced, 1,817 shares declined, and 179 shares were unchanged. Except pharma, all other sectoral indices ended in the red.

May 04, 2020 - 15:34 (IST)

Japanese PM Shinzo Abe asks experts to come up with roadmap to restart economy

Japanese Prime Minister Shinzo Abe has asked experts to come up with a road map for restarting the economy under new lifestyle guidelines within two weeks, he said on Monday, after Japan extended its state of emergency.

Abe also told a news conference that a clinical trial of the drug Avigan was proceeding smoothly and that an application for the use of the antiviral drug Remdesivir for COVID-19 was filed in Japan on Monday.

May 04, 2020 - 15:30 (IST)

Adani Green Energy posts Rs 55% net profit in March quarter

Adani Green Energy on Monday posted a consolidated net profit of Rs 55.64 crore for the March 2020 quarter, helped by lower expenses.
The clean energy firm had logged a consolidated net loss of Rs 94.08 crore in the corresponding quarter a year ago, a company statement said.

Its total income stood at Rs 718.66 crore for the quarter under review as against Rs 718.73 crore a year earlier.

On a full-year basis, the company reported narrowing of consolidated net loss at Rs 67.96 crore in 2019-20. In the 2018-19 fiscal, its net loss was Rs 475.05 crore.

May 04, 2020 - 15:27 (IST)

Rural SHGs to list products on GeM portal for govt buyers

The commerce ministry's public procurement portal GeM on Monday said it has started an initiative -- The Saras Collection -- for rural self-help groups (SHGs), wherein they can display their products on the platform for government buyers.

Under this initiative, SHGs will be able to list their products on the Government e-Marketplace (GeM) in five categories -- handicrafts; handloom and textiles; office accessories; grocery and pantry, and personal care and hygiene.

In the first phase, 913 SHGs from 11 states have already registered as sellers and 403 products have been onboarded, GeM said in a statement.

"A unique initiative of GeM and the Deen Dayal Antyodaya Yojana-NRLM, the Saras Collection would showcase daily utility products made by rural self-help groups and aims to provide SHGs in rural areas with market access to government buyers," it said.

May 04, 2020 - 15:16 (IST)

Nava Bharat Ventures resumes operations at 2 plants

Nava Bharat Ventures Ltd on Monday said that it has resumed operations of its plants at Paloncha in Telangana and Dhenkanal in Odisha.
The plants had been closed temporarily due to lockdown to combat COVID-19.

"This is to further inform you that the company has resumed its operations (power and ferro alloys) situated at Paloncha, Telangana and Dhenkanal, Odisha, after receiving the permissions with restrictions from the respective state governments," a BSE filing said.

May 04, 2020 - 15:10 (IST)

Sensex nosedives over 2,000 points, Nifty below 9,300-mark 

Benchmark indices extended the losses as Sensex plunged 2,070.17 points or 6.14 percent to 31,647.45 while the Nifty was down 587.80 points or 5.96 percent at 9,272.10 at around 3 pm.

ICICI Bank, Bajaj Finance, HDFC, IndusInd Bank, Axis Bank and Maruti were the major losers in the Sensex pack.

May 04, 2020 - 15:04 (IST)

Multiplex owners pitch for exclusive theatrical shows

Multiplex owners on Monday appealed to movie producers to adhere to the industry practice of having exclusive time for theatrical shows before selling the rights to a digital or satellite player for exhibition of films.

As per the industry practice, initial eight weeks of a movie release are kept as exclusive theatrical window before its rights are sold to satellite channels or over the top platforms like Netflix or Amazon.

The appeal by Multiplex Association of India (MAI) comes amidst concerns of movie makers selling out the rights to digital or satellite players, possibly because of immediate liquidity needs, as multiplexes continue to remain shut due to the lockdown.

“We urge all studios, producers, artistes and other content creators to kindly respect the exclusive theatrical window, which has been a time tested industry practice,” MAI said in a statement.

May 04, 2020 - 15:03 (IST)

ICICI Bank stock plunges over 10%

May 04, 2020 - 14:48 (IST)

Dubai Expo 2020 world's fair delayed to 1 October 2021

Dubai Expo 2020 world's fair will be delayed to 1 October 2021, over the new coronavirus pandemic, a Paris-based body behind the events said Monday.
Members of Bureau International des Expositions had been voting on the requested delay for days, with a final tally expected by the end of May.

On Monday, however, the bureau said a required two-thirds of the countries in the organisation had voted to approve the delay, meaning it would be granted.

May 04, 2020 - 14:40 (IST)

State-run retailers' April petrol sales fall 61%, diesel down 57% 

Indian state retailers’ gasoline and gasoil sales in April fell by 61 percent and 57 percent from a year earlier, two industry sources said, though declines eased slightly later in the month when some transportation and industrial activity resumed.

State companies Indian Oil Corp (IOC.NS), Hindustan Petroleum Corp (HPCL.NS) and Bharat Petroleum (BPCL.NS) own about 90% of the retail fuel outlets in the country.

The state retailers’ petrol and diesel sales in first half of April declined by 61 percent and 64 percent, respectively, as a nation-wide lockdown to curb the spread of the coronavirus brought economic activity to a standstill.

Overall fuel sales during the month declined by 50 percent from a year ago, according to provisional industry data provided by two sources, who asked not to be identified.

Stock Market Latest Updates: Sensex plunges over 1,600 points, Nifty below 9,450-mark; metal stocks under pressure

 

 

 

 

Singapore: The dollar rose, oil fell and stock markets were poised to slip on Monday as rising US-China tensions over the coronavirus -and growing unease at the gulf between asset prices and grim economic reality-turned investors cautious.

In thin trade, with China and Japan on holiday, US stock futures fell 1.6 percent, US crude tumbled over $1 a barrel, or 6 percent and futures for Australia’s benchmark ASX 200 index pointed to a negative open.

The safe-haven US dollar rallied to one-week highs against the risk sensitive Australian and New Zealand dollars.

The moves extended a dour start to the month that began on Friday with bleak US data and the threat of fresh trade war hostilities between the world’s two biggest economies.

US Secretary of State Mike Pompeo added to the jitters with remarks on Sunday, when he said there was “a significant amount of evidence” that the new coronavirus emerged from a Chinese laboratory.

Stock Market Latest Updates Sensex plunges 2002 points Nifty below 9300 except pharma all other sectoral indices end in red

Representational image. AFP

Pompeo did not provide evidence, or dispute US Intelligence agencies’ conclusion that the virus was not man-made. But the comments double down on Washington’s pressure on China over the virus’ origin as US deaths and economic damage mount.

A $50 billion dollar quarterly loss at Warren Buffett’s Berkshire Hathaway, and the legendary investor announcement that he had liquidated holdings in the four largest US airlines also did little for investor confidence.

“The risk of a pullback has increased this week,” said Chris Weston, head of research at Melbourne brokerage Pepperstone.

“The United States is not alone in publicly taking aim at China, but whether it’s Trump, Kudlow or Pompeo the narrative is more frequent, and traders are selling yuan,” he said.

With onshore markets shut, the yuan extended Friday’s slump and fell about 0.2 percent to a six-week low of 7.1510 per dollar. The Australian dollar dropped below the 64-cent mark for the first time in a week, falling 0.5 percent to $0.6387.

The Korean won sat by a one-week low at 1,224.76 per dollar, after an exchange of gunfire between North Korea and South Korea at the Demilitarized Zone (DMZ) raised tensions, a day after North Korean state media reported Kim Jong Un’s first public appearance since 11 April.

Elsewhere in currency markets, the Japanese yen was steady at 106.80 per dollar and the euro was a touch weaker at $1.0969. The pound and New Zealand dollar slipped.

In commodity markets, US crude futures sank in early trade on worries about oil oversupply, even as some US states and cities around the world start to ease coronavirus pandemic restrictions.

West Texas Intermediate crude futures last sat at $18.59 per barrel, down $1.19, while Brent futures were down 2.4 percent, or 64 cents, at $25.80.

US manufacturing plunged to an 11-year low last month, consumer spending has collapsed and some 30.3 million Americans have filed claims for unemployment in the last six weeks.

“There is a sense of caution, if not foreboding as signs of economic weakness continue to emanate,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.

“What’s really chilling is the risk that an almost quadrupling of unemployment to above 16 percent may prove sticky.”

The US April jobs report will be released on Friday, but some analysts say it may not fully reflect how many people have been thrown out of work.

 

Updated Date:

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