live

Stock Market Latest Updates: Sensex, Nifty end marginally lower in volatile session; Bharti Airtel, Sun Pharma among top losers

Stock Market Latest Updates: Sensex, Nifty end marginally lower in volatile session; Bharti Airtel, Sun Pharma among top losers

FP Staff May 26, 2020 15:56:12 IST
Auto refresh feeds
Stock Market Latest Updates: Sensex, Nifty end marginally lower in volatile session; Bharti Airtel, Sun Pharma among top losers

Highlights

10:00 (ist)

Bharti Airtel promoter firm to raise $1 bn through equity: Report

Bharti Airtel promoter firm Bharti Telecom plans to raise $1 billion through equity sale to become debt free, according to a source aware of the development.

Sources told CNBC Awaaz that the company's promoters may sell nearly 15 crore shares as part of the block deal.

JP Morgan is the banker to the deal.

The deal is likely to be at a 6 percent discount to the closing price.

The promoter firm Bharti Telecom plans to dilute 2.75 percent stake with floor price of Rs 558 per share through secondary placement.

09:30 (ist)

COVID-19: 72 Networks enable rural SME’s/MSME’s to restart operations

72 Networks-a pan-India distribution house that specialises in last-mile delivery, especially in rural areas, is delivering COVID-19 protection products & kits to SME’s/MSME’s across 8 states, covering 207 districts and servicing about 12000 pin codes.  They have tied up with a leading apparel company that provides SITRA and DRDE certified PPE Kits and other respective manufacturers of the Government to get ISO approved 3 PLY Face Masks, n95 Masks , Sanitizers, Disinfectants and Gloves and ensure that highest standard products are delivered to the remotest part of the country.

72 Networks have deployed their entire workforce to meet the health, logistics and sales requirements in these rural areas. They have also created an incentive scheme for their employees who are going out of their comfort zones of being an expert in logistics to becoming an expert in sales. They are delivering items like PPE Coverall, PPE – Gloves, Googles & Masks, PPE Kit, IR Thermometer, Sanitizer Spray, Anti-fog Face Shield, Biofresh Hand Sanitizer (Bulk 5 Ltr & Retail – 500 ML and 200 ML ) and Microtouch Nitrile Gloves. They already have received orders of 25,000 PPE Kits, 100,000 Bottles of Sanitizers, 800,000 Masks,  10,000 face shields and 200,000 pairs of gloves and are servicing them across states like Maharashtra, Karnataka, Kerala, West Bengal,  Madhya Pradesh, Bihar, Jharkhand and Orissa.

A medical division as part of their aspiration to fulfil rural requirements and also as an adaptation model to business continuity. Their plan is to now introduce more high-quality products at lower costs to meet the requirements of the local customers.  They also see the company’s focus shifting from a B2B2C model to a B2C model with a large captive customer base.

09:03 (ist)

Markets could open high in line with Asian markets

Deepak Jasani, Head Retail Research, HDFC securities, said, "The markets could open higher in line with most other Asian markets on hopes of early breakthrough in coronavirus vaccine. Indian markets could open higher in line with positive Asian markets on Monday and today and despite flat US markets on Friday.

"US stock benchmarks ended little changed Friday as investors looked ahead to a three-day weekend amidst optimism about businesses reopening in many states. For the week though, equity indexes ended with strong gains as the markets largely shrugged off rising U.S.-China tensions and remained optimistic that the impact of coronavirus on corporate earnings will be relatively short-lived.

"European equities rallied Monday as countries gradually continue to reopen their economies and lift coronavirus lockdown restrictions. Stocks gained modestly on Monday with many countries on holiday as German business morale rebounded strongly in May, offering a glimpse of optimism to battered investors of what lay beyond weeks of economic lockdowns.

"Asian markets rose on Monday ahead of Prime Minister Shinzo Abe's announcement that the state of emergency that still was in effect for Tokyo and several other areas was ending as outbreaks appeared to be subsiding. Latin American stocks hit a 10-week high, while currencies rallied on Monday as investors bet on economic recovery from the coronavirus with more countries emerging from virus-induced lockdowns. In line with broader emerging market peers, regional stocks rallied. Sao Paulo's Bovespa index jumped nearly 4% to a near 11-week high. The MSCI's index of Latin American equities rose 3.5%.

"Stocks in Asia Pacific traded higher Tuesday morning after American biotech firm Novavax said Monday it started the first human study of its experimental coronavirus vaccine.

"The Indian equity markets snapped a three-day gaining streak to end lower on Friday, due to weak cues from other global markets. Nifty finished with a loss of 67 points, or 0.74 percent, at 9,039.25.Technically, while the Nifty has corrected, the healthy bounce back from the lows indicates that the bulls are not willing to give up easily. The Nifty has also formed a hammer pattern on the weekly charts, which indicates that the bulls could gain control next week. Crucial supports to watch next week are the lows of 8806. On the upside, the bulls could gain momentum if the recent highs of 9179 are convincingly cleared," Jasani said.

LIVE NEWS and UPDATES

May 26, 2020 - 15:51 (IST)

Sensex, Nifty end marginally lower in volatile session

Benchmark indices gave up the morning gains and ended marginally lower in a volatile session. 

The Sensex fell 63.29 points or 0.21 percent to 30,609.30 while the Nifty was down 10.20 points or 0.11 percent at 9029.05 at close. 

Bharti Airtel was the top loser in the Sensex pack slipping over 5 percent. Other losers included TCS, Bajaj Finance, SunPharma, Tech Mahindra and Infosys.

Titan, Ultra Cement, IndusInd Bank, Nestle India and ITC were among the major gainers.

On the Nifty, Eicher Motors, JSW Steel, Titan Company, UltraTech Cement and Shree Cements were among top gainers while losers included Bharti Airtel, Bajaj Finserv, Bajaj Finance, TCS and Sun Pharma.

Among sectors, IT and pharma witnessed selling pressure, while metal index rose over 2.5 percent followed by auto, bank and FMCG. BSE Midcap and Smallcap indices ended with a gain of 0.6-1.2 percent.

May 26, 2020 - 15:42 (IST)

Praj India Q4 profit falls 25.5%

May 26, 2020 - 15:41 (IST)

Rajasthan restores 8-hour working in factories

The Rajasthan government has restored the working hours for factory workers to eight hours per day, according to an official statement.

On 24 April, the government had increased the working hours to 12 from 8 hours per day to reduce the requirement of workers in all the registered factories, in view of the coronavirus spread.

Almost all the factories are currently being operated during the coronavirus epidemic. The movement of workers has also started and no pass is required. Public transport has also started in many areas like Green, Orange Zone, etc,” state labour minister Tikaram Jully said in the statement.

May 26, 2020 - 15:39 (IST)

Ather Energy partners with P2P scooter sharing platform

Hero MotoCorp-backed Ather Energy has partnered with dockless mobility solution provider Bounce for a scooter sharing initiative ''Peer to Peer'' (P2P) with the pilot programme taking off from Bengaluru on Monday,  a release said on Tuesday.

Under the partnership,  the Ather 450 e-scoote purchased via Bounce''s website can be booked for Rs 499 and will be delivered on priority basis post the lockdown once deliveries resume, the release said.

Bengaluru-based start up Bounce already has ''ScooterHero'' a P2P initiative, under which individuals can rent out their vehicles directly during the lockdown and the partnership with Ather enables new Ather 450 owners to monetise the idle time of the vehicle by listing their vehicle on the Bounce App, it said.

May 26, 2020 - 15:33 (IST)

Hamdard Labs to conduct clinical trials of immunity booster drugs against COVID-19

Health and wellness firm Hamdard Laboratories on Tuesday said it is planning to conduct clinical trial of its immunity booster medicines to assess their effectiveness against COVID-19.

The company has submitted the proposal for required permission from the concerned authorities and the clinical trial will be conducted at Hamdard Institute of Medical Sciences and Research, New Delhi, Hamdard Laboratories said in a statement.

The Ministry of AYUSH has invited inputs from Ayush practitioners and institutions including colleges, universities, hospitals, research institutes, manufacturers, association''s etc to prevent infection from COVID-19, it added.

May 26, 2020 - 15:32 (IST)

Package of Rs 90,000 cr to provide only temporary relief to discoms: IndRa

The Rs 90,000 crore package would provide only a temporary relief to power distribution companies but not long-term stability, India Ratings and Research (Ind-Ra) said on Tuesday.

Finance Nirmala Sitharaman earlier this month announced Rs 90,000 crore liquidity infusion for discoms, saying that they owe Rs 94,000 crore to power generation companies.

"India Ratings and Research (Ind-Ra) believes that the bailout package of Rs 900 billion would only provide a temporary relief to power distribution companies (discoms)," Ind-Ra said in a statement.

May 26, 2020 - 15:29 (IST)

Tourism ministry extends validity of approval, classification of hotels till 30 June 

The tourism ministry on Tuesday said it was extending the validity period of approvals and classification of hotels and other accommodation units till 30 June.

The ministry classifies hotels under the star rating system to conform to the expected standards for different classes of tourists. The certification is valid for a period of five years.

"Considering the current situation when the hospitality industry is going through a very difficult time in the wake of the COVID-19 pandemic and lockdown that has severely impacted the accommodation sector, it has been decided that validity of approval or certifications of hotels and other accommodation units whose project approvals and classification have expired are deemed to be extended till 30 June,” the ministry said in a statement.

May 26, 2020 - 15:28 (IST)

CarDekho lays off 200 staff, cuts salary up to 22%

May 26, 2020 - 15:05 (IST)

European markets rise over 1%

May 26, 2020 - 15:04 (IST)

Sensex down 41 points, Nifty at 9,038

Indices remained in the red as Sensex was trading 41.07 points or 0.13 percent lower at 30,631.52 while the Nifty was down 1.50 points or 0.02 percent at 9,037.75 at around 2.45 pm.
 

Bharti Airtel, TCS, Bajaj Finance, Teach Mahindra, Sun Pharma, Hero MotoCorp and Infosys were among the major losers in the Sensex pack.

The gainers included Titan, Ultra Cement, ITC, IndusInd Bank and Tata Steel.

Stock Market Latest Updates: Sensex, Nifty end marginally lower in volatile session; Bharti Airtel, Sun Pharma among top losers

Sydney: Asian shares crept ahead on Tuesday following an upbeat session in Europe and further gains in US stock futures as investors looked past Sino-US trade tensions to a re-opening world economy.

Japan's Nikkei led the way with a rise of 1 percent to its highest since early March when the economic impact of the coronavirus was just becoming clear.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 percent in early trade, while South Korea rose 0.4 percent.

While Wall Street had been shut on Monday, E-Mini futures for the S&P 500 ESc1 were up just over 1 percent after EUROSTOXX 50 futures added over 2 percent on Monday.

European sentiment got a lift when a survey showed German business morale rebounded sharply in May as activity gradually returned to normal after weeks of lockdowns.

Stock Market Latest Updates Sensex Nifty end marginally lower in volatile session Bharti Airtel Sun Pharma among top losers

Representational image. Reuters

That helped offset the war of words between Washington and Beijing over trade, the coronavirus and China’s proposals for stricter security laws in Hong Kong.

“US-China tensions continue to simmer in the background, but equity investors appear more interested on the prospect of economies reopening around the globe,” said Rodrigo Catril, a senior FX strategist at NAB. "On this score, Japan ended its nationwide state of emergency, Spaniards have returned to bars in Madrid wearing masks and England will reopen some businesses on 1 June.”

Bond investors suspect economies will still need massive amounts of central bank support long after they reopen and that is keeping yields low even as governments borrow much more.

Yields on US 10-year notes were trading at 0.65 percent having recovered from a blip up to 0.74 percent last week when the market absorbed a tidal wave of new issuance.

The decline in US yields might have been a burden for the dollar but with rates everywhere near or less than zero, major currencies have been holding to tight ranges.

The dollar was a fraction firmer on the yen on Monday at 107.75 but well within the 105.97 to 108.08 band that has lasted since the start of May.

The euro was all but flat at $1.0900, having spent the month so far wandering between $1.0765 and $1.1017.

Against a basket of currencies, the dollar was idling at 99.788, sandwiched between support at 99.001 and resistance around 100.560.

Analysts at CBA felt the dollar could break higher should China-US tensions actually threaten their trade deal.

“Although not our central scenario, if the US or China were to withdraw from the Phase One deal, USD would sharply appreciate while CNH, AUD and NZD would decline,” they wrote in a note to clients.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Manipur extends lockdown till 15 July, inter-district bus services to continue; state coronavirus cases rise to 1,092
India

Manipur extends lockdown till 15 July, inter-district bus services to continue; state coronavirus cases rise to 1,092

The testing capacity in Manipur has increased to nearly 2,600 tests per day, CM N Biren Singh said adding that there is no case of community transmission of COVID-19 in the state.

Lockdown curbs to continue in Maharashtra after 30 June, relaxations will be introduced gradually, says Uddhav Thackeray
India

Lockdown curbs to continue in Maharashtra after 30 June, relaxations will be introduced gradually, says Uddhav Thackeray

Thackeray said there will be some restrictions in the state after 30 June but more relaxations will be offered gradually.

'Beautiful' to have a pint, 'brilliant' to get a haircut: England reopens after lockdown
World

'Beautiful' to have a pint, 'brilliant' to get a haircut: England reopens after lockdown

People relished their first pub drinks in more than three months, went to restaurants and finally got haircuts on Saturday as England took its biggest steps yet towards resumption of normal life after the coronavirus lockdown