Stock Market Latest Updates: Sensex jumps 232 points, Nifty above 9,250; Mahindra & Mahindra, Bajaj Finance among top gainers

Sensex jumps 232 points, Nifty above 9,250-mark

The benchmark indices ended two-day losing streak and closed on positive note in a volatile session on Wednesday with Nifty went past 9,250-level.

The Sensex jumped 232.24 points or 0.74 percent at 31,685.75, while Nifty was up 65.30 points or 0.71 percent at 9,270.90.

Mahindra & Mahindra was the top gainer in the Sensex pack zooming over 5 percent. Other gainers included Bajaj Finance, HDFC Bank, Bharti Airtel, ICICI Bank, Hero MotoCorp, HDFC and NTPC.

Except FMCG and IT, other indices ended on positive note. BSE Midcap and Smallcap indices rose between 0.5-0.8 percent.

Outbreak will slow auto industry 'for quite some time': BMW

Automaker BMW saw net profit fall slightly in the first quarter from a year earlier, when the company had a large one-time expense.

The company said it expected earnings to deteriorate during the first half of this year due to the coronavirus lockdowns and predicted the entire auto industry would be held back by the outbreak “for quite some time to come.”

The company said that it remained financially solid with 19 billion euros ($21 billion) in cash at the end of the first quarter.

SBI scouts for PR agency to devise brand building strategies

As part of the brand building exercise, the State Bank of India (SBI) is looking for a public relations agency to help it become the preferred choice of customers for their banking needs.

The country's largest lender, SBI has a network of more than 22,000 branches spread across India. It is also present in over 30 countries.

"SBI is looking to engage with a public relations agency for providing public relation services (conceptualisation and implementation/execution of public relations campaigns)," it said in a request for proposal (RFP).

SEBI asks 8 entities to make open offer to Kanchan International shareholders

Capital markets regulator SEBI has directed eight entities to make an open offer to shareholders of Kanchan International Ltd.

The market regulator also directed the entities to pay 10 percent interest along with the offer price to shareholders who were holding shares at the time when the company violated the SEBI norms.

The entities have been asked to make the open offer within 45 days from the date when the coronavirus-induced lockdown would be lifted.

The order would come into force on 18 May 2020 or at the end of the lockdown period, if the lockdown is further extended beyond 17 May 2020, SEBI said.

Sensex jumps 233 points, Nifty above 9,250-mark

Indices remained volatile as Sensex jumped 232.67 points or 0.74 percent to 31,686.18 while the Nifty was up 80.60 points or 0.88 percent at 9,286.20 at around 3.20 pm.

BPCL transfers money to 93,000 Ujjwala beneficiaries in Uttarakhand 

Bharat Petroleum Corporation Ltd (BPCL) has transferred money directly to the accounts of 93,000 PMUY beneficiaries in Uttarakhand to help them get three free refills of LPG under the Pradhan Mantri Gharib Kalyan package.

PMUY beneficiaries are to be given three free LPG refills between April-June under the package announced by Prime Minister Narendra Modi after the outbreak of the COVID-19 pandemic.

Money was transferred directly to the accounts of 93,000 out of a total of 98,759 active PMUY customers in Uttarakhand during the month of April, BPCL state head Vineet Singh said on Wednesday. 

Companies need to be more diligent while choosing partners: EY

With an increasing number of corporates mobilising resources to support the government address the COVID-19 threat, there is a greater need for due diligence by companies on the partners they choose to work with to implement the relief measures, consultancy firm EY said on Wednesday.

Engagement with an unknown third party can expose corporates to both financial and reputational risks, EY warned in a report following a survey on Corporate Social Responsibility (CSR) trends.

"In the current pandemic stage, wherein corporates are mobilising resources to support the Government address the immediate threat, the need of diligence cannot be overemphasised," the report said.

Royal Enfield resumes operations

Maruti reopens 600 dealerships, introduces new norms across sales network

The country’s largest carmaker Maruti Suzuki India (MSI) on Wednesday said it has re-opened 600 dealerships which were closed due to coronavirus-led lockdown, and has even started deliveries of the vehicles.

The auto major said it has put in place a comprehensive standard operating procedure (SoP) across its sales outlets and reinforced digital infrastructure for vehicle purchase amid COVID-19 pandemic.

"Over the last few days we have been able to make 600-odd dealerships operational across the country," MSI Executive Director, Marketing and Sales Shashank Srivastava told PTI.

Tata Coffee Q4 total income up 13% at Rs 523 cr

Tata Coffee, a subsidiary of Tata Global Beverages and Asia's largest integrated coffee company, has reported consolidated total income of Rs 523 crore in the January to March quarter as compared to Rs 464 crore in the same period of the previous financial year.

The profit after tax was Rs 24 crore in Q4 FY20 against Rs 18 crore in Q4 FY19

"Our instant coffee exports from India continue to be healthy and are running at full capacities. We have seen good performances across key geographies," said Managing Director Chacko P Thomas.

India Sotheby's International Realty appoints Vineet Nanda as director of new projects

India Sotheby's International Realty on Wednesday said it has appointed Vineet Nanda as director - new projects. 

Nanda is an industry veteran with more than three decades of experience. Earlier he was with Omaxe, Central Park and M3M. He has also worked with Usha International at a national head position.

India Sotheby's International Realty CEO Amit Goyal said, "Vineet comes with extensive experience in selling residential inventory in the NCR and will assist with our Keystone Program for new developments.

Adani Enterprises Q4 net profit declines 64% to Rs 96.93 cr

Adani Enterprises on Wednesday reported a 63.57 percent decline in consolidated profit to Rs 96.93 crore for the fourth quarter ended 31 March.

The Gautam Adani-led company had clocked a consolidated profit of Rs 266.09 crore for the corresponding quarter a year-ago, the company said in a BSE filing.

Its consolidated total income income for the quarter increased by 2 percent to Rs 13,698 crores as against Rs 13,473 crore during the year-ago period.

The total expenses of the company rose to Rs 13,711.98 crore during the quarter under review as against Rs 12,975.30 crore in the same period previous fiscal.

MRF Tyres partially resumes operations

Tyre major MRF Ltd on Wednesday said it has partially resumed operations in most of its plants with restricted manpower following relaxation of lockdown guidelines by the government.

On 25 March, the company had announced that operations of its head office, sales offices and plants across India will remain shut until the lockdown which was imposed to curb spread of the COVID 19 pandemic is lifted.

"We would like to state that based on various relaxations and guidelines issued by the Ministry of Home Affairs, government of India and by the respective state governments and permissions from local authorities, the company has partially resumed its operations in most of its plants with restricted manpower," MRF Ltd said in a regulatory filing.

Indices slip into red as Sensex below 31,500-level, Nifty at 9,203

Benchmar indices slipped into the red as Sensex was trading 37.30 points or 0.12 percent lower at 31,416.21 while the Nifty was down 1.85 points or 0.02 percent at 9,203.75 at around 2.30 pm.

Jetking Infotrain slashes course fees by 50%, introduces live courses

Jetking announced it has slashed its course fees by 50 percent and also introduced courses in CCNA, Python, Ethical Hacking, AWS and so on, starting at Rs. 5,000 to facilitate learning for students.

The sessions for these courses will be conducted at a pre-announced fixed time.

Video recording of each session will be available for those students who wish to take the lectures at a later time. The sessions will be conducted by experts and will promote collaborative learning through interaction with learners from other locations. Students will also receive e-certificates post course completion.

Rupee closes lower at Rs 75.75 

DPS Negi takes over as Director General of Labour Bureau

Indian Economic Services officer DPS Negi on Wednesday took charge as Director General of Labour Bureau in the Ministry of Labour and Employment.
 

Labour Bureau collects and analyse data related to workers, employment, and retail inflation.

Besides Negi also assumed charge as senior labour and employment advisor of the ministry.

The government had appointed him as director general, Labour Bureau and senior labour and employment advisor in the ministry on 29 April 2020, Negi told PTI after assuming charge this morning.

Most US H-1B employers use programme to pay migrant workers low wages: Report

A majority of the US H-1B employers, including tech giants like Facebook, Google, Apple and Microsoft, use the temporary work visa programme to pay the migrant workers well below market wages, a new report has claimed.

The H-1B is a non-immigrant visa that allows US companies to employ foreign workers from countries like India and China in specialty occupations that require theoretical or technical expertise.

Nearly 500,000 migrant workers are employed in the US in the H-1B status.

"Among the top 30 H-1B employers are major US firms including Amazon, Microsoft, Walmart, Google, Apple and Facebook. All of them take advantage of program rules in order to legally pay many of their H-1B workers below the local median wage for the jobs they fill," said the report released by the Economic Policy Institute.

Goa Carbon stock down over 3%

Edible oil imports down 34% in April

India's edible oils import declined by 34 percent to 7,90,377 tonne during April mainly due to logistics related issues during the lockdown, industry body SEA said on Wednesday.

Import of palm oils showed a drastic decline in April, while shipment of soft oils like soybean and sunflower oils rose, it said in a statement.

India, the world's leading vegetable oil buyer, had imported 11,98,763 tonne of edible oils during April 2019.

From almost crawling, railway goods trains register 66% jump in speed

Railway's goods train are no longer crawling on the tracks. During the lockdown, goods train clocked 66 percent increase in speed, with many zones even registering double the speed from the same period last year, as the threat of coronavirus keep the passenger trains off the rail network, decongesting its routes.

During normal times, goods trains run at an average speed of 24 kmph, but during the lockdown, some zones have managed to double their speeds.

In East Central Railway where goods trains ran at a speed of 22.2 kmph on an average last year at this time, such trains are running at more than double the speed at 53.15 kmph as of April 27, 2020 according to data accessed by PTI.

The Konkan Railway is hitting a speed of 54 kmph, while goods trains are running in North Central zones are running at 46 kmph and those in Western Railway are running at 43 kmph.

Taxi business suffers without tourists in Goa

Even as the Goa government eased restrictions on tourist taxis amid the COVID-19 lockdown, operators claimed that the move was of no help, as tourism in the coastal state remains suspended.

Speaking to media on Wednesday, president of North Goa Tourist Taxi Association Vasudev Arlekar said despite the state government''s decision to allow tourist taxis to resume operations, the business has not picked up.

"There are over 16 lakh four-wheelers in the state, which has a population of 15 lakh. Every household has a car. Our business is completely dependent on tourists and it cannot take off until tourism resumes," Arlekar said.

Incremental credit growth dips  64% in FY20, may recover in FY21: ICRA

The incremental credit flow from banks, commercial papers (CPs) and corporate bonds outstanding could rise by Rs 7.3 lakh crore to 9.7 lakh crore during the current financial year FY21, according to investment information firm ICRA.

This will be a sequential growth of 22 to 61 percent over FY20, albeit on a low base of Rs 6 lakh crore of FY20.

The incremental credit flow during FY20 declined by 64 percent from a level of Rs 16.79 lakh crore during FY19, said ICRA.

PNB Housing Finance signs pact with IIT Delhi to develop reusable PPE kits

PNB Housing Finance (PNBHFL) on Wednesday signed a memorandum of understanding with Indian Institute of Technology (IIT) Delhi to support critical research and development of a unique prototype material to be used in manufacturing washable and reusable personal protective equipment (PPE) surgical gowns and masks.

These will then be supplied to notable government hospitals and contribute to the well-being of healthcare workers during the COVID-19 pandemic.

In managing patients afflicted with the highly-contagious COVID-19, healthcare workers rely heavily on PPEs in protecting themselves from being infected or infecting others.

Hike in fuel excise to increase tax collection by $21 bn: Moody's

The government's increase in petrol and diesel taxes by 21 dollars a barrel and 27 dollars a barrel will result in tax collection increasing by about $21 billion if the tax hike is maintained for a full year, Moody's Investors Service said on Wednesday.

"This reinforces the importance of oil marketing companies to the government and validates the support incorporated in our credit assessment of these companies," said Vikas Halan, senior vice president for corporate finance at Moody's.

Bharti Airtel jumps over 4%

CIL's supply to power sector falls in March

The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slump in the fuel demand due to lockdown.

CIL dispatched 45.84 million tonne (MT) of coal in the corresponding month of 2018-19, the coal ministry said in its latest report to the Cabinet.

In 2019-20, the supply of fuel by Coal India Ltd (CIL) to the power sector dropped by six per cent to 463 MT as compared to 491.5 MT in 2018-19.
 

CIL, the world's largest coal producing company, is a major supplier of the dry fuel to the power sector in India. 

Delhi airport handled over 1,300 evacuation, cargo flights

The Delhi airport has handled over 300 evacuation flights for approximately 30,000 passengers and around 1,000 cargo flights from the beginning of the coronavirus-induced lockdown on 25 March to 4 May, its operator DIAL said on Wednesday.

A total of 44 countries like the USA, Britain, Germany, Japan and Norway operated flights to evacuate their stranded citizens from India, it said.

"Till 4 May 2020, it (Delhi airport) handled around 1,000 cargo (scheduled and non-scheduled) and over 310 evacuation (arrival and departure) flight movements -- both domestic and international," the Delhi Airport International Limited (DIAL) said in a statement.

Tata Housing to sell ready flats in 17 projects online

Leading realty firm Tata Housing on Wednesday launched an online campaign to sell completed housing units in its 17 projects, offering prospective buyers to book their flats by paying 10 percent now and rest in January next year. 

Housing demand has been affected badly because of nationwide lockdown to control coronavirus disease. Real estate developers and brokers are adopting digital marketing tools to sell residential apartments to mitigate the impact and tide over this crisis.

Tata Housing Development Company said in a statement that the company has launched the "Happy Place Called Home" campaign, aiming to provide homebuyers an opportunity to purchase their dream home even during this time of uncertainty caused by the coronavirus outbreak.

Markets trading in green at half-time

Indian markets at half time are still trading in the green with gains of around 1 percent led by a sharp recovery post weak opening, said Aditya Agarwala, senior technical analyst, YES Securities.

"However, bears have kept the pressure at 9,350-9,400 levels. Moreover, if they push the Index lower below the 9,250 levels selling could intensify dragging it back to levels of 9,130," he said.

On the slip side if bulls manage to take the Index beyond 9,350-9,400 zone then the short covering could extend to levels of 9,500-9,550, said Agarwala.

"European markets have opened with minor losses which could weigh on the our markets as well. Therefore,  traders should keep a close track of 9250 level if broken can resume profit booking,” he added.

Sensex up 288 points, Nifty above 9,200-mark

Indices erased the gains as Sensex was trading 288.24 points or 0.92 percent higher at 31,741.75 while the Nifty was up 74.30 points or 0.81 percent at 9,279.90 at around 1.20 pm.

Govt provides Rs 34,800-cr financial aid to 39 cr beneficiaries

The government has provided Rs 34,800 crore financial assistance using digital payment infrastructure to about 39 crore beneficiaries under the Pradhan Mantri Garib Kalyan Package (PMGKP) to protect them from the impact of COVID-19 lockdown.

As part of the Rs 1.70 lakh crore PMGKP, announced by finance minister Nirmala Sitharaman on 26 March, the government announced free foodgrains and cash payment to women and poor senior citizens and farmers.

The implementation of the package is being continuously monitored by central and state governments, the finance ministry said in a statement.

Investments on hold; important to tide over turmoil of COVID-19: Lohia Auto

Three-wheeler and electric vehicle maker Lohia Auto Industries has put on hold major investments, and is focussing on sustenance for itself as well as suppliers to tide over the impact of coronavirus pandemic, according to a top company official.

The company, which manufactures both diesel and petrol three-wheelers along with electric two and three-wheelers, is also gearing up to resume operations partially although its supply chain is not functional, as two of its suppliers are based out of Maharashtra, which is badly hit by COVID-19.

"Right now it is important to keep the eggs together rather than doing any further investments. We will be definitely keeping on hold major investments as of now. Key would be to sustain this turmoil and to support every people who are in touch with us," Lohia Auto Industries CEO Ayush Lohia told PTI.

Vodafone Idea offers easy recharge facility 

Pineapple demand surges in South Africa over potential alcoholic kick

The sale of pineapples in South Africa has registered a ten-fold spike as people are tapping the properties of the spiky fruit to prepare a drink with an alcoholic kick during the lockdown amidst the coronavirus pandemic.

Daily sales of pineapples have skyrocketed from an average of 10,000 to almost 100,000 as enterprising people use the fruit to brew their own beer while they are obliged to remain in their homes.

Alcohol sales have been prohibited in South Africa since the national lockdown, which is now in its 46th day and is expected to continue for several more months at differentiated national, provincial and local levels.

Isuzu Motors gets local authorities’ nod to resume production at Andhra Pradesh plant

Utility vehicle maker Isuzu Motors India on Wednesday said it has received approvals from local authorities to resume operations at its plant in SriCity, Andhra Pradesh.

The company has received nod from the authorities of Chittoor district to recommence production at its plant in SriCity, Isuzu Motors India said in a statement.

Stating that it has begun preparations to restart activities at the plant, the company said it aims to start supply of vehicles at the earliest.

Oil marketing companies shares drop up to 13%

Shares of oil marketing companies -- Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd -- on Wednesday plunged up to 13 percent, a day after hike in excise duty on petrol and diesel.

Hindustan Petroleum Corporation Ltd (HPCL) shares tanked 13 percent, Bharat Petroleum Corporation Ltd (BPCL) plunged 9.99 percent and Indian Oil Corporation (IOC) dropped 7.49 percent on the BSE.

Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.

HDFC Life rises over 4%

Persistent Systems posts marginal drop in March quarter profit at Rs 84 cr

Mid-size IT services player Persistent Systems on Wednesday reported a marginal decrease in March quarter net profit at Rs 83.8 crore despite an 11 percent jump in revenue as investments for the future crimped profits.

The Pune-headquartered company had reported a post tax profit of Rs 84.4 crore for the year-ago period and Rs 87.9 crore for the preceding quarter. Its annual profit for FY20 decreased 3.2 percent to Rs 340 crore.

For the reporting quarter, the revenue came at Rs 926.3 crore, while for FY20, it stood at Rs 3,565 crore.

Sensex zooms 432 points, Nifty at 9,323

Sensex zoomed 431.61 points or 1.37 percent to 31,885.12 while the Nifty was up 117.90 points or 1.28 percent at 9,323.50 at around 12.15 pm.

HDFC was the major gainer in the Sensex pack rising over 4 percent followed by Hero MotoCorp (3.72 percent), HDFC Bank (3.33 percent), ICICI Bank (3.13 percent) and Bajaj Finance (2.94 percent).

German industrial orders slide 15.6% to record low in March as virus hits

Orders for German industrial goods dived 15.6 percent in March to their lowest level since records began in 1991, data showed on Wednesday, as the coronavirus slashed domestic and foreign demand for goods from Europe’s biggest economy.

Figures from the statistics office showed that domestic orders fell by 14.8 percent while orders from abroad were down 16.1 percent.

Analysts polled by Reuters had expected a 10 percent fall.

Karnataka announces compensation to farmers

Maruti introduces new norms for dealerships

The country''s largest carmaker Maruti Suzuki India (MSI) on Wednesday said it has put in place a comprehensive standard operating procedure (SoP) for its dealerships across the country amid COVID-19 pandemic.

The process ensures highest level of hygiene and sanitisation across all its showrooms for the safety of its customers and employees, MSI said in a statement.

The COVID-19 SoP designed by the company encapsulates all the facets of customer interactions, MSI said.

From the time a customer walks into the showroom till the final delivery of the vehicle, all processes have been scientifically studied, it added.

Rallis India shares plunge over 8% after Q4 results

Shares of agriculture solutions firm Rallis India on Wednesday plunged over 8 percent after the company reported a decline of 49.62 percent in its consolidated net profit for the quarter ended March 2020.

On BSE, the stock plummeted 7.91 percent to Rs 205.95. It sunk 8.37 percent to Rs 205 on NSE.

Rallis India on Tuesday reported a decline of 49.62 percent in its consolidated net profit at Rs 0.68 crore for the quarter ended March 2020.

The firm had posted a net profit of Rs 1.35 crore in the same period a year ago, the company said in a BSE filing.

Sensex up 415 points, Nifty above 9,300

The indices continued to trade in the green zone as the Sensex surged 414.86 points or 1.32 percent to 31,868.37 while the Nifty was up 110.15 points or 1.2 percent at 9,315.75 at around 11.20 am.

NIIT Technologies shares jump 14% after Q4 earnings

Shares of NIIT Technologies on Wednesday zoomed 14 per cent in early trade after the company reported a 11.4 percent rise in consolidated net profit for March 2020 quarter.

The company's shares rose sharply by 11.84 percent to Rs 1,329.20 on the BSE. At the National Stock Exchange (NSE), it gained 13.98 percent to Rs 1,356.15.

NIIT Technologies on Tuesday reported a 11.4 percent rise in consolidated net profit at Rs 113.6 crore for the March 2020 quarter and said strong tech capabilities and sharp execution helped the company in winning large deals.

Cement companies rise 

Nearly 93% employees anxious to return to office: Survey

An overwhelming 93% of employees are anxious to return to office, reveal the survey findings announced.

They fear is on account of their health being compromised, said FYI, a health-tech community product, undertook a survey conducted by MindMap Advance Research.

All employee polled, an overwhelming 99% said that they would like to see a system of Corporate Health Responsibility (CHR) made mandatory for employers, just like there is in force a system of Corporate Social Responsibility (CSR).

About 85% expect their employers to sanitize the office space, implement and enforce safety guidelines and advisories and seek out new and innovative ways to protect their health while they are in the office.

Excise duty on petrol, diesel hiked: OMCs take a hit

Central government has hiked excise duty on petrol and diesel by Rs 10 and Rs1 3 per litre without increasing fuel prices. Thus, hike in excise duty would be absorbed by OMCs which will take another big hit on marketing margins with demand slowdown, Ashika Institutional Equity said.

"As we had experienced in the previous case, when the government looked to halt increase in prices when oil prices went above $85/bbl, after a few days of halt, OMCs continued to increase the retail prices. We believe OMCs to continue a similar philosophy in the current situation as well, with crude oil price rise; they would be increasing retail prices marginally after initial few days of halt," it said.

Qatar Airways planning substantial job cuts: Report

Qatar Airways is planning to cut a significant number of jobs because travel has been disrupted by the coronavirus pandemic, and told cabin crew to prepare for redundancies, according to a company notice seen by Reuters.

The state-owned airline, one of few global carriers still operating scheduled services, said in March it was burning through its cash reserves and would eventually seek government aid.

“We have to face a new reality, where many borders are closed, rendering many of our destinations closed and aircraft grounded as a result, with no foreseeable outlook for immediate, positive change,” chief executive Akbar al-Baker said in the notice to cabin crew.

Oil prices fall as rising US inventories reassert supply concerns

Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after US crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread.

US West Texas Intermediate (WTI) crude futures fell as much as 2.1 percent to $24.05 a barrel and were down 14 cents at $24.41 a barrel. WTI has snapped a five-day winning streak.

Brent crude futures were flat at $30.97 a barrel.

Brent prices climbed 13.9 percent in the previous session, part of a six-day rise. Investors may be hesitant to increase their purchases of Brent as the contract has climbed too much over the past streak.

Domestic manufacturers can produce 2.5 lakh PPE per day, GoM informed

Domestic manufacturers have reached the capacity of producing nearly 2.5 lakh PPE and 2 lakh N-95 masks per day which is sufficient to meet the country''s requirement in dealing with the novel coronavirus pandemic in the near future, the Group of Ministers (GoM) on COVID-19 has been informed.

The GoM, which held its 14th meeting under the chairmanship of Union health minister Harsh Vardhan on Tuesday, discussed various aspects pertaining to the “performance, impact and benefits” of the Aarogya Setu application.

It also highlighted the need for ensuring stringent measures for quality control of personal protection equipment (PPE), masks, ventilators among others.

The GoM was informed that close to 9 crore users had downloaded the Aarogya Setu app as on 4 May.

India's services PMI falls to 5.4 in April

Rupee slips 18 paise to 75.81 in early trade

The rupee depreciated 18 paise to 75.81 against the US dollar in opening trade on Wednesday amid strengthening American currency overseas and sustained foreign fund outflows.

Forex traders said the weakness in the rupee was largely due to the strengthening US dollar. Moreover, rising coronavirus cases in the country also weighed on the local unit.

The local unit opened weak at 75.77 at the interbank forex market and then fell further to 75.81, down 18 paise over its last close.

It had settled at 75.63 against the US dollar on Tuesday.

Sensex soars over 400 points, Nifty reclaims 9,300-mark

The indices staged a sharp recovery as the Sensex surged 437.89 points or 1.39 percent to 31,891.40 while the Nifty was up 107 points or 1.16 percent at 9,312.60 at around 10.30 am.

Hero MotoCorp, ICICI Bank, HDFC, Bajaj Finance, HDFC Bank and NTPC were the top gainers in the Sensex pack.

Govt appoints Tarun Bajaj as director on RBI central board

Indices in green

Rupee weak  

Sanofi to enroll thousands for its coronavirus vaccine trials

French drugmaker Sanofi SA said it plans to enroll thousands of subjects globally for trials of an experimental vaccine for the coronavirus it is developing with GlaxoSmithKline Plc, and that it has started to discuss advanced purchases with several countries.

Sanofi is working on two vaccine projects to prevent COVID-19 - the illness caused by the new coronavirus - and said it is exploring several manufacturing options, including fresh collaborations to ensure it can meet demand, if either program is successful.

Drugmakers are rushing to develop treatments and vaccines for the highly contagious coronavirus that has killed over 255,000 people worldwide, infected more than 3.6 million and ravaged economies globally.

Of more than 100 vaccine candidates in development, 10 have reached the clinical testing stage so far, according to California-based think tank Milken Institute.

Fed policymakers see slow, uneven US recovery post-virus pandemic

The US economy could start to recover in the second half of the year after what is shaping up to be the worst recession in decades, but growth is likely to be slow and uneven, several top Federal Reserve policymakers indicated on Tuesday.

Their less-than-sanguine assessments came as a majority of US states began or moved toward reopening their economies, locked down for weeks to slow the spread of the coronavirus.

More than 30 million Americans have filed for unemployment claims in the last six weeks, and U.S. President Donald Trump has pushed for a reboot to economic activity to mend household and corporate balance sheets, even though the coronavirus has continued to spread and U.S. deaths from COVID-19, the disease it causes, have topped 70,000.

Adani Ports, ONGC gain

Haryana liquor vends reopen, booze to be costlier as 'COVID cess' imposed

Titan stocks down third day in a row

Liquor worth Rs 197 crore sold in Karnataka on second day

Crude slips

US crude futures slipped 6 cents to $24.5 a barrel after five straight sessions of gains while Brent crude was flat at $30.97.

Oil prices had gained recently as European and Asian countries had ended their lockdowns to halt the coronavirus spread and as producers had axed supply after the demand crunch, Reuters said.

But analysts cautioned the rebalancing of the market would be choppy.

“We’re talking about normalisation of supply and demand but we’ve got a long way to go,” said Lachlan Shaw, National Australia Bank’s head of commodity strategy.

Moratorium relief for NBFCs likely

US stock futures, Chinese shares slip amid Sino-US tensions

Shares struggled and the yen gained on Wednesday, with markets in China faltering on their return from a long holiday as investors fretted over Sino-US tensions, while oil ended an extended winning streak on oversupply risks amid weak demand.

Wall Street futures turned negative after starting higher, with E-minis for the S&P500 off 0.3%.

China, opening for the first time since Thursday, started on the backfoot with the blue-chip index .CSI300 down 0.6%. Australian shares skidded 0.8%.

BPCL, IOC stocks down

Excise duty on petrol hiked by record Rs 10, diesel by Rs 13 per litre

The government on Tuesday evening hiked excise duty by a record Rs 10 per litre on petrol and Rs 13 per litre on diesel to garner Rs 1.6 lakh crore additional revenue as it repeated its time-tested formula of not passing on gains arising from a slump in international oil prices.

Retail prices of petrol and diesel will not be impacted by the tax changes as state-owned oil firms will adjust them against the recent fall in oil prices, industry officials said.

According to a notification issued by the Central Board of Indirect Taxes and Customs, special additional excise duty on petrol has been hiked by Rs 2 per litre and road cess has been hiked by Rs 8 a litre.

In case of diesel, special additional excise duty has been hiked by Rs 5 per litre and road cess has been raised by Rs 8 a litre.

With this, the total incidence of excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83.

Benchmark indices opened on flat to negative note 

At 09:16 IST, the Sensex is down 86.17 points or 0.27% at 31367.34, and the Nifty down 22.30 points or 0.24% at 9183.30.

About 441 shares have advanced, 231 shares declined, and 40 shares are unchanged.

Markets open low

IATA backs face masks for safe flying

The body representing global airlines came out in favour of passengers wearing masks onboard on Tuesday, as debate intensifies over how to get airlines flying while respecting social-distancing rules following the coronavirus crisis.

The International Air Transport Association (IATA) told reporters that wearing masks would help protect passenger health but came out against leaving middle seats empty on aircraft, a measure it had previously said was likely.

European flights have all but come to a standstill during the coronavirus pandemic. While there is no visibility on when travel restrictions will ease, airlines are considering how to safely restart services and give passengers confidence to fly.

Months without revenues is threatening to force some airlines out of business.

COVID-19 to have some impact on Q1 FY21

Excise duty on fuel, road cess hiked

Markets at pre-opening

Benchmark indices are trading positive in the pre-opening session.

At 09:02 hrs IST, the Sensex is up 292.39 points or 0.93 percent at 31745.90, and the Nifty up 29.65 points or 0.32% at 9235.25.

Hike in fuel prices will lead to additional tax collection: Moody's

Markets could open flat

Deepak Jasani, Head Of Research, HDFC Securities said, "Markets could open flat and see a smaller range movement today compared to recent day following mildly positive Asian markets today and US markets that closed in the positive on Tuesday though off their day highs.

"US stocks ended slightly higher Tuesday for a second straight day, but finished well off session highs, as investors weighed a cloudy picture of the economy against U.S. businesses starting to slowly reopen after a period of stultifying coronavirus lockdowns. The major averages cut their gains in the final hour of trading after Federal Reserve Vice Chairman Richard Clarida told CNBC’s “Closing Bell” that the economy may need more fiscal and monetary support.

"Rising crude oil prices also bolstered equity benchmarks. After the close Tuesday, Walt Disney & Co. said earnings fell more than 90% as the pandemic wiped out $1 billion in theme-park sales.West Texas Intermediate crude oil for June delivery rose Tuesday as easing state lockdowns fueled hope for higher oil prices, with crude gaining $4.17, or 20.5%, to settle at $24.56 a barrel on the New York Mercantile Exchange.

"On the economic front, trade data showed the US deficit soaring 12% as the coronavirus epidemic dealt a severe blow to American exporters. Survey data on the services sector from the Institute for Supply Management showed it crashing to recession levels in April, though the reading of 41.8% was better than the consensus forecast.

"Rating agency Icra has further cut its projections for India's economic growth rate to -16 per cent to -20 per cent in the first quarter of the current financial year. This would mean contraction of 1-2 per cent for entire FY21. Fitch Ratings on Tuesday lowered its outlook on Brazil’s credit rating to negative from stable while maintaining its junk status BB minus sovereign credit rating, the latest indication of the severe economic and financial damage being wrought on Latin America’s largest economy by the coronavirus pandemic.

"Stocks in Asia were mixed on Wednesday, with investors weighing optimism that more economies are moving toward easing lockdowns against cautionary comments from Federal Reserve officials.

"Technically, with the Nifty correcting further after the sharp correction seen in the previous session, the bears remain in control for the near term. Further downsides are likely once the immediate support of 9191 is broken towards 8909. Any pullback rallies could find resistance at 9396," Jasani said

Petrol, diesel prices up

Markets expected to open with mild Gap-up

Aditya Agarwala, Senior Technical Analyst, YES Securities, said the "Indian markets are expected to open flat with a mild GAP up as indicated by the SGX Nifty which is currently trading higher by 31 points. Early risers in Asia are also trading with modest gains of 0.30% to 0.70%. HANGSENG, TAIWAN, KOSPI and STRAITS are all trading in the green. Overnight the European and the US markets ended in the green, however, currently, Dow Jones Futures is trading in the red with cuts of 0.35%. 

"The Nifty ended the previous session on a week note as bears took charge of the proceedings forcing the Index to shut shop lower by almost 1% or 87 points. A sustained trade below 9200 mark in today’s trading session will trigger a breakdown from a rising wedge pattern which could drag the Index futures lower to levels of 9130-9050.

"On the flip side if bulls manage to keep the Index futures above the 9200 level which happens to be the lower end of the wedge a short covering rally could take the Index back to levels of 9300-9400. Traders should also keep a close watch on the VIX a spike above 46 could favour the bears increasing the downside chances significantly," Agarwala said.