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

Stock market today LIVE Updates: Markets recover, Sensex up 100 points, Nifty off lows; Adani Ports, ONGC up

FP Staff May 06, 2020 16:03:38 IST
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Stock Market Latest Updates: Sensex jumps 232 points, Nifty above 9,250; Mahindra & Mahindra, Bajaj Finance among top gainers

Highlights

09:11 (ist)

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

LIVE NEWS and UPDATES

May 06, 2020 - 15:55 (IST)

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.

May 06, 2020 - 15:47 (IST)

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.

May 06, 2020 - 15:45 (IST)

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).

May 06, 2020 - 15:30 (IST)

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.

May 06, 2020 - 15:25 (IST)

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.

May 06, 2020 - 15:22 (IST)

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. 

May 06, 2020 - 15:19 (IST)

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.

May 06, 2020 - 15:17 (IST)

Royal Enfield resumes operations

May 06, 2020 - 15:14 (IST)

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.

May 06, 2020 - 14:59 (IST)

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.

Stock market Latest Updates: Markets recover, Sensex up 100 points, Nifty off lows; Adani Ports, ONGC up

New York: Global stocks and crude prices were set to extend gains in Asia on Wednesday on confidence that government steps to restart economies will bring back growth and demand for oil.

Futures on major US and Hong Kong stock indexes were up following gains in a global stock index and an oil price surge of as much as 25 percent.

Financial markets had mostly dismissed grim economic losses from the coronavirus pandemic, but had second thoughts later in the day, trimming gains after downbeat comments from a senior member of the US Federal Reserve.

Futures for the S&P 500 ESc1 rose 0.38 percent. Hong Kong's Hang Seng index futures rose 0.32 percent.

However, Australian S&P/ASX 200 futures lost 0.20 percent in early trade.

Stock markets in mainland China will reopen for the first time since Thursday after a holiday break.

Stock Market Latest Updates Sensex jumps 232 points Nifty above 9250 Mahindra  Mahindra Bajaj Finance among top gainers

Representational image. Getty

On Wall Street, the S&P 500 rose as much as 2 percent during the day. The index cut gains by just over half at the close after US Federal Reserve Vice Chair Richard Clarida warned that economic data would get much worse before getting better, possibly in the second half of the year.

Gains in Brent in early Asia trade could extend the global benchmark’s string of gains to seven straight sessions while West Texas Intermediate rallied for the sixth consecutive session.

Fuel demand worldwide was down roughly 30 percent in April, but that has since risen modestly due to efforts to lift travel restrictions.

“The market is starting to realize that demand destruction has been terrible, but we’re reopening and demand is going to get better,” said Phil Flynn, senior analyst at Price Futures Group.

The Dow Jones Industrial Average rose 0.56 percent, the S&P 500 gained 0.90 percent, and the Nasdaq Composite added 1.13 percent.

MSCI’s gauge of stocks across the globe rose 1 percent overnight. The pan-European STOXX 600 index closed nearly 2.2 percent higher.

US Treasury yields rose on evidence of the increasing need for the government to finance economic stimulus and in anticipation of an economic recovery.

The yield on benchmark 10-year notes rose on Tuesday to 0.66 percent from 0.63 percent late on Monday.

Traders will also be watching Wednesday for the ADP National Employment Report of private US payrolls. It could foretell the damage to be revealed on Friday in the official US government measure of jobs in April, estimated to show nearly 22 million jobs were lost last month.

In line with rising Treasury yields, the US dollar rose for a third session on Tuesday against most major currencies.

The dollar index rose 0.287 percent. The euro was unchanged at $1.0838 after a ruling from Germany's highest court on Tuesday that the European Central Bank must justify bond purchases under its flagship stimulus program or lose the Bundesbank as a participant.

Spot gold dropped 0.2 percent to $1,702.55 an ounce.

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