Stock Market Latest Updates: Sensex surges over 1,800 points, Nifty regains 8,300-mark; RIL zooms nearly 15%

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Stock Market Latest Updates: Sensex surges over 1,800 points, Nifty regains 8,300-mark; RIL zooms nearly 15%
  • 16:02 (IST)

    Walmart names Sameer Aggarwal as CEO of Best Price stores

    Walmart India has promoted Sameer Aggarwal to the position of chief executive officer for its Best Price wholesale stores from 1 April.

    He will report directly to Dirk Van den Berghe, executive vice president and regional CEO of Asia and global sourcing.

    Aggarwal is taking over the CEO position from Krish Iyer who is retiring from full-time management and will assume the role of an advisor to Best Price after eight years with the company.

    Aggarwal joined Walmart India in April 2018 as executive vice president overseeing strategy and administration and was promoted to deputy CEO in January 2020.

  • 15:55 (IST)

    Market records biggest single-day gain since 2009

  • 15:54 (IST)

    MRF, Maxxis India suspend production till 14 April

    Tyre makers MRF and Maxxis India on Wednesday announced temporary shutdown of their plants in wake of coronavirus pandemic.

    "In view of the nationwide lockdown for a period of 21 days, the operations of our head office, sales offices and plants across India will remain shut until the lockdown is lifted," MRF Ltd said in a regulatory filing.

    The expected financial impact of this is not ascertainable at this stage, it added. 

  • 15:46 (IST)

    Sensex surges over 1,800 points, Nifty regains 8,300-mark; RIL zooms nearly 15%

    Sensex zoomed 1861.75 points or 6.98 percent to 28,535.78 while Nifty jumped 516.80 points or 6.62 percent to 8,317.85 at close on Wednesday.

    Reliance Industries was the top gainer surging nearly 15 percent. 
     

    Kotak Mahindra, Maruti, HDFC Bank, HDFC, and Titan were the other major gainers in the Sensex pack.

  • 15:33 (IST)

    Companies seek delay in loan repayment amid coronavirus outbreak

    Realty, hospitality and tourism companies reportedly approached banks seeking delay in loan repayment and restructuring of the past loans citing the “Act of God” clause even as concerns over the fallout of coronavirus pandemic is mounting, reported The Economic Times.

    “We have started receiving requests from several companies citing “Act of God” clause to restructure loans and give leeway in payments. In some cases, these loans are upwards of Rs 200 crore,” the report said quoting a banker. 

  • 15:23 (IST)

    India's February oil production dips 6.4% on lower private sector output

    India's oil production fell 6.4 percent in February as a decline in output from fields operated by private firms negated a rise in production from ONGC fields.

     
    Crude oil production at 2.39 million tonnes in February was 6.41 percent lower than 2.56 million tonnes output in the same month a year back, according to official data released by the oil ministry. 
     
     
    State-owned Oil and Natural Gas Corp (ONGC) reported a 4.64 percent rise in production at 1.67 million tonnes as output from its offshore fields saw a pick-up.
     
    However, fields operated by the private sector firms reported a 32.6 percent drop with those in Rajasthan seeing a sharp 32.3 percent lower production. Rajasthan fields operated by Vedanta was lower because of "shutdown during 5 to 29 February, for major plant maintenance activities," the ministry said.

  • 15:18 (IST)

    ‘Stimulus package by govts triggers positive sentiments’

    The financial sector, especially banks and Reliance, has done well as there was a positive mood to buy these scrips at that rate, said Abhishek A Rastogi, Partner at Khaitan & Co.

    This could also be in light of the price at which the scripts were trading, he said.

    “The stimulus package announced by major governments such as the US and India appears to be the reason to uplift the mood. However, the retail investor should be cautious and invest at the right time. The best would be to have a wait and watch of about a week”, said Rastogi.

  • 14:56 (IST)

    Big Bazaar offers doorstep deliver services

    Retail major Big Bazaar will provide doorstep delivery services in major cities across the country in the wake of national lockdown declared by Prime Minister Narendra Modi on Tuesday. 

    The doorstep deliver services will be offered in places including Maharashtra, Ranchi, Uttarakhand, Noida, Ghaziabad, Delhi, Madhya Pradesh, Himachal Pradesh, Jammu, Punjab, Haryana,  Gurgaon, Faridabad, Gujarat and Rajasthan, Big Bazaar said.

  • 14:32 (IST)

    Sensex surges over 2,000 points, Nifty regains 8,300-mark; RIL zooms over 21%

    Sensex soared 2114.52 points or 7.93 percent to 28,788.55 while Nifty jumped 562.30 points or 7.21 percent to 8,363.35 at around 2.30 PM.

    Reliance Industries surged over 21 percent while Kotak Mahindra Bank zoomed nearly 14 percent in the afternoon session. 

  • 14:20 (IST)

    MakeMyTrip's Deep Kalra to draw 'zero salary' 

    Online travel firm MakeMyTrip's top executives Deep Kalra and Rajesh Magow have decided to draw 'zero salary' from April 2020, while the rest of its leadership team will take a reduction of around 50 percent in their compensation amid the COVID-19 outbreak.

    Group Executive Chairman Deep Kalra and its Group CEO Rajesh Magow have decided to take 'zero salary' from April 2020 as the company plans to undertake multiple "tough measures" to keep overall expenses at a minimum amid the Covid-19 outbreak.

    "On people costs front, both of us will take the lead and take zero salary effective April 2020, while the rest of our leadership team have also offered to take a reduction of approximately 50 percent in their compensation," Kalra and Magow said in a message to company's employees.

  • 14:17 (IST)

    RIL overtakes TCS to become most valued firm again as shares jump 10%

    Reliance Industries Limited (RIL) on Wednesday surpassed Tata Consultancy Services (TCS) to become the most valued domestic firm by market capitalisation during morning trade following a spike in its share price.

    The company's scrip zoomed 9.74 percent to Rs 1,035 on the BSE. On the NSE, it climbed 9.61 percent to Rs 1,034.10.

    Tracking gains in the share price, the company's market valuation also rose to Rs 6,49,838.31 crore. With this, the company surpassed TCS to become the most valued domestic firm by market capitalisation.

  • 14:09 (IST)

    NITI Aayog CEO Amitabh Kant says package likely for job creating sectors soon

  • 13:53 (IST)

    Indian Bank announces COVID-19 emergency line

  • 13:44 (IST)

    Banking stocks surge, Nifty Bank up over 8%

  • 13:39 (IST)

    'Market rally on expectations of stimulus package from govt'

    There is a possibility of a stimulus package from the government which the market is expecting, said Sumeet Bagadia Tehnical Head, Choice Broking, after the announcement of a 21-day lockout by Prime Minister Narendra Modi on Tuesday.

    Another possibility, he said, was a rate cut from the Reserve Bank of India (RBI) after Finance Minister Nirmala Sitharaman announced several relief measures relating to statutory and regulatory compliance matters across sectors.

    "This is why I presume there is a rally. Hence market are moving up. Whether Stocks, Nifty, all are being oversold. Any investment would be a value buy for stocks. Hence, markets can go up and get support. If, after the lockdown, there is a reduction in fresh coronavirus cases, that would be a positive sign for the market," he said.

  • 13:32 (IST)

    Sensex soars over 1,600 points, Nifty above 8,200-mark in afternoon trade

    Sensex zoomed 1635.37 points or 6.13 points to 28,309.40 while Nifty was up jumped 458.05 points 5.87 percent to 8,259.10 at around 1.30 PM.

    Axis Bank jumped nearly 15 percent while Reliance Industries surged over 10 percent in the afternoon trade.

    Other major gainers in the Sensex pack included Kotak Mahindra Bank, ICICI Bank, Maruti, HDFC, Ultra Cement, HDFC and Mahindra and Mahindra.

  • 13:16 (IST)

    GoAir to extend salary cuts to all staff for March

  • 13:14 (IST)

    ICRA upgrades Yes Bank ratings, but stock falls by 14%

    Shares of Yes Bank dropped 14.41 percent on Wednesday afternoon even as ICRA upgraded its commercial papers and placed them on rating watch with developing implications.

    ICRA said the ratings upgrade factors in removal of the moratorium from 18 March which was earlier imposed on Yes Bank Ltd (YBL) by the Central government, thereby restricting payments to its depositors and creditors.

    The government has also approved the reconstruction scheme for the bank, based on which YBL has received equity of Rs 10,000 crore from State Bank of India (SBI) which is now holding 48.2 percent stake and other domestic financial institutions.

    Apart from the equity infusion, YBL's board has also been reconstituted with a new Managing Director and CEO from SBI.

  • 13:08 (IST)

    Financials lift market

  • 13:05 (IST)

    Morgan Stanley cuts Sensex target to 32,000 for year-end

    Morgan Stanley slashed earnings forecast for a third time after the virus outbreak which led to a cut in the Sensex target from 36,000 earlier to 32,000 in the base case scenario for 2020.

    Morgan Stanley’s FY21 Sensex EPS growth estimate says it could be in the range of 10 percent, down from 20 percent in mid-February. The revised Sensex target for December 2020 suggests an upside of 20 in the base case and a 6% downside in the bear case.

  • 13:01 (IST)

    Market rally continues: Sensex surges 1,100 points, Nifty above 8,100-mark 

    Sensex zoomed 1116.56 points or 4.19 percent to 27,790.59 while Nifty jumped 307 points or 3.94 percent to 8,108.05 at around 12.58 PM.

    Axis Bank jumped over 10 percent while Reliance Industries surged over 9 percent in the afternoon trade.

    Other top gainers in the Sensex pack included Axis Bank, HDFC, Bharti Airtel, Kotak Bank, Ultra Cement, HDFC Bank, HUL and Nestle India.

    IndusInd Bank was the major loser followed by ITC, ONGC and L&T.

  • 12:49 (IST)

    Sensex soars more than 3% in afternoon trade

  • 12:46 (IST)

    Sensex zooms over 800 points, Nifty reclaims 8,000-mark in afternoon trade
     

    Sensex soared 829.73 points or 3.11 percent to 27,503.76 while Nifty jumped 235.10 points or 3.01 percent to 8,036.15 at around 12.45 PM.

    Axis Bank and Reliance Industries surged over 8 percent in the afternoon trade. Other major gainers in the Sensex pack included Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel. 

  • 12:39 (IST)

    Sensex zooms over 500 points, Nifty near 8,000-mark in afternoon trade

    Sensex surged 545.15 points or 2.04 percent to 27,219.18 while Nifty jumped 153.95 points or 1.97 percent to 7,955 at around 12.30 PM.

    Reliance Industries and Maruti surged over 8 percent in the afternoon trade. Other major gainers in the Sensex pack included Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel. 

  • 12:27 (IST)

    Ashok Leyland acquires 3.62% stake in Hinduja Leyland Finance

    Ashok Leyland said on Wednesday it has acquired 1.7 crore shares of Rs 10 each constituting 3.62 percent of the paid-up equity share capital of Hinduja Leyland Finance Ltd (HLFL).

    HLFL, a non-banking finance company, is a subsidiary of Ashok Leyland.

    "Consequent to the aforesaid acquisition, the company's shareholding in HLFL stands increased from 61.83 percent to 65.45 percent," it said in a statement.

  • 12:25 (IST)

    Crude oil futures firm up on overseas cues

    Crude oil prices on Wednesday rose 5.5 per cent to Rs 1,976 per barrel as participants widened their positions tracking a positive trend overseas.

    On the Multi Commodity Exchange, crude oil for delivery in April traded higher by Rs 103, or 5.5 percent, to Rs 1,976 per barrel in 27,659 lots.
     
     
    Crude oil for May delivery was up by Rs 105, or 5.04 percent, to Rs 2,187 per barrel with an open interest of 351 lots.

  • 12:18 (IST)

    Govt monitoring availability of essential commodities in market: Ram Vilas Paswan

     

    Union Food Minister Ram Vilas Paswan on Wednesday said the government is monitoring the availability of essential commodities in the market amid nationwide lockdown for next 21 days to check the spread of coronavirus outbreak.
     
     
    Paswan warned manufacturers and traders against profiteering during this period.
     
     
    The Centre is also in touch with the state governments to ensure that there is no shortage of essential commodities, he said.
     
     
    "In view of situation emerging from the threat of #Covid19India, the government is keeping an eye on availability of all essential commodities in the market," Paswan tweeted.

  • 12:15 (IST)

    Events, entertainment industry says COVID-19 hit 60 mn livelihoods; seeks govt help

    The Events and Entertainment Management Association has sent out an SOS signal to the government seeking urgent intervention as the industry that employs 60 million people has comes to a standstill following the national lockdown.
     
     
    The association claims that of the 60 million staff, 10 million have been directly impacted, and their livelihood is at risk as all major national events are postponed or cancelled due to the COVID-19 pandemic.
     
     
    Losses for the first two months are already over Rs 3,000 crore, the association said.

  • 12:12 (IST)

    COVID-19, dimmed global outlook weigh heavily on emerging East Asian bonds

    The novel coronavirus pandemic and deepening global economic uncertainty are weighing heavily on local currency bond markets of emerging East Asian economies, according to the latest issue of the Asian Development Bank's (ADB) Asia Bond Monitor released on Wednesday.

    "Financial markets in the region are already feeling the brunt of the effects of the COVID-19 pandemic, with foreign investment and sector activities on the downside, coupled with ongoing trade issues," said ADB Chief Economist Yasuyuki Sawada.

    Emerging East Asia comprises China, Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

  • 12:07 (IST)

    Experts peg India's cost of COVID-19 lockdown at $120 bn

    Pegging the cost of the COVID-19 lockdown at $120 billion (approximately Rs 9 lakh crore) or 4 percent of the Gross Domestic Product (GDP), analysts on Wednesday sharply cut their growth estimates and stressed on the need to announce an economic package.
     
     
    The Reserve Bank of India (RBI), which is scheduled to announce its first bi-monthly policy review on April 3, is set to deliver a deep rate cuts and it should also be assumed that the fiscal deficit targets will be breached, analysts said.
     
     
    “We estimate that the cumulative shutdown cost around $120 billion or 4 percent of the GDP,” British brokerage Barclays said in a note, revising down its FY21 growth forecast by 1.7 percentage points to 3.5 percent.

  • 12:04 (IST)

    Nifty reclaims 7,900-mark, jumps nearly 200 points from lows

  • 12:03 (IST)

    Sensex zooms 370 points, Nifty above 7,900-mark

    Sensex soared 371.49 points or 1.39 percent to 27,045.52 while Nifty also jumped 104.45 points or 1.34 percent to 7,905.50 at around 11.50 AM.

    Maruti and Reliance Industries were the top gainers in the Sensex pack surging over 8 percent followed by Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel. 

  • 11:53 (IST)

    RBI's US treasury holdings touch an all-time high at $164.3 bn

    The Reserve Bank of India (RBI), which has been snapping up greenbacks in the past two years, has also been lapping up US treasury bills and the holdings touched a record high in January.

    The holdings rose by more than $2 billion between December 2019 and January 2020.

    At $164.3 billion, the RBI's US treasury holdings is at an all-time high, show the latest data from the US Treasury Department.

  • 11:49 (IST)

    Axis Bank jumps 9% from lows in intra-day trade

  • 11:47 (IST)

    US Congress, negotiators reach deal on $2-trillion coronavirus aid package

    US senators and Trump administration officials have reached an agreement on a massive economic stimulus bill to alleviate the economic impact of the coronavirus outbreak, White House official Eric Ueland said early on Wednesday.

    “We have a deal,” Ueland told reporters after days of negotiations on the package, expected to be worth $2 trillion.

    The Senate’s Republican majority leader, Mitch McConnell, was expected to speak on the Senate floor shortly about the agreement.

  • 11:39 (IST)

    Market rebounds: Sensex surges 270 points, Nifty above 7,800-mark
     

    Sensex soared 270.22 points or 1.01 percent to 26,944.25 while Nifty was also 76.70 points or 0.98 percent at 7,877.75 at around 11.30 AM.

    Reliance Industries and Maruti surged over 8 percent in the late morning trade. Axis Bank, Kotak Mahindra Bank, Nestle India, Ultra Cement and Bharti Airtel were among the top gainers in the Sensex pack.

  • 11:33 (IST)

    Yes Bank shares tank 14% in intra-day trade

    Yes Bank shares plunged 14.27 percent to Rs 30.05 in the morning trade on Wednesday.

    The stock opened at Rs 35.3 and touched an intraday high and low of Rs 35.55 and Rs 28.65 respectively during the session.

  • 11:26 (IST)

    Pidilite Industries gains more than 7% from lows

  • 11:24 (IST)

    Nestle suspends operations, in talks with authorities over food products

    FMCG major Nestle India has suspended and scaled-down operations, except for essential items, at its manufacturing units in compliance with the directives issued by the government, the company said. 

    As Nestle India also manufactures food and beverage products, it is in discussion with the authorities for the continuance of operations.

    “In view of the lockdown in many of the States/Union Territories across the country, the operations in some of the locations (manufacturing, distribution centres/ warehouses, offices, suppliers) are scaled-down or suspended,” said Nestle in a regulatory filing.

  • 11:22 (IST)

    India's huge outsourcing industry struggles with work-from-home scenario

    As the coronavirus pandemic pushes India into a lockdown, the call centers and IT services firms that function as the world’s back office are struggling to piece together work-from-home solutions and other business-continuity plans.

    Many of the companies that provide business services such as call centers, information technology services and business process automation were not prepared for work-for-home arrangements, according to interviews with more than a dozen employees of several companies.

    That raises questions about whether one of India’s showpiece industries can function smoothly amid the coronavirus crisis.

  • 11:18 (IST)

    E-commerce companies allege police beat up delivery partners

  • 11:16 (IST)

    One fifth of American companies in China back to normal operations

    More than one fifth of American companies in China are back to normal operations after widespread disruptions caused by the coronavirus epidemic, a survey showed Wednesday.

    Nearly a quarter of the respondents to the survey by the American Chamber of Commerce in China said they expected a return to normal operations by the end of April, although another fifth expect delays throughout the summer.

    “This is one of the areas that I think provides some sense of optimism,” the chamber’s president, Alan Beebe, said at a news conference accompanying the survey’s release.

  • 11:13 (IST)

    Markets volatile: Sensex down 100 points, Nifty below 7,800-mark

    Equity benchmark indices continued to fluctuate between gains and losses int he morning trade.

    Sensex declined 100 points while Nifty was trading below 7,800-mark.

  • 11:05 (IST)

    DoT writes to states to permit working of telecom personnel

    The Department of Telecom (DoT) on Tuesday reached out to state governments over difficulties faced by personnel of service operators in their movements due to lockdowns imposed by authorities to contain coronavirus outbreak.

    Telecom secretary Anshu Prakash in a letter to chief secretaries of state and advisors to administrators of union territories has noted that telecom infrastructure is critical for maintaining communication, use of broadband, encouraging e-commerce and facilitating work from home during the ongoing restrictions to curb the spread of coronavirus.

    While telecom services have been listed within the essential services, employees maintaining the network and managing operations have complained of facing problem in their movement.

  • 11:03 (IST)

    Maruti Suzuki surges nearly 7% in intra-day trade

  • 10:59 (IST)

    Airlines may suffer $252 billion revenue loss amid coronavirus outbreak 

    The International Air Transport Association (IATA) has updated its analysis of the revenue impact of the COVID-19 pandemic on the global air transport industry.

    Owing to the severity of travel restrictions and the expected global recession, IATA now estimates that industry passenger revenues could plummet $252 billion or 44 percent below 2019's figure.

    This is in a scenario in which severe travel restrictions last for up to three months followed by a gradual economic recovery later this year.

  • 10:52 (IST)

    US dollar weakens after Fed's unlimited QE policy

    The US dollar declined in late trading on Tuesday after the Federal Reserve offered unlimited quantitative easing (QE) policy and other measures.

    The dollar index, which measures the greenback against six major peers, decreased 0.42 percent. 

    In late New York trading, the euro rose to $1.0757 from $1.0733 in the previous session, and the British pound rose to $1.1748 from $1.1528 in the previous session. The Australian dollar rose to $0.5912 from $0.5792, Xinhua reported.

  • 10:49 (IST)

    Ivanka Trump lauds Oyo for offering doctors in US free stays amid coronavirus outbreak

    Ivanka Trump, US President Donald Trump's daughter and senior advisor, has lauded an initiative by Indian start-up Oyo Hotels to offer free stays to doctors, nurses in the US helping in the fight against the novel coronavirus, terming the gesture an impactful act of benevolence.

    She made her comment while retweeting a press release by Oyo, which said that the start-up is "opening the doors to its hotels" and offering free stays to doctors, nurses and other medical first responders who are helping in the fight against coronavirus.

    "Oyo Hotels are offering free stays to our amazing medical professionals and first responders fighting this virus on the frontlines. These kinds of impactful acts of benevolence are what help keep this nation and our world #TogetherApart," 38-year-old Ivanka, the first daughter, tweeted.

  • 10:47 (IST)

    Sensex rises 137 points, Nifty above 7,800-mark

    Sensex rose 136.55 points or 0.51 percent to 26,810.58 while Nifty was also up 51.70 points or 0.66 percent to 7,852.75 at 10.40 AM.

    The share price of Mahindra & Mahindra declined over 5 percent intraday on March 25, making the company one of the top Sensex losers. 

    The company and other auto manufacturers have decided to halt production in the country due to outbreak of coronavirus.

  • 10:38 (IST)

    Home ministry asked to include customs under exempt category

 

Stock market LIVE Updates: The equity benchmark indices maintained its afternoon rally and closed int he green for the straight second day on Wednesday amid hopes of financial stimulus package in the wake of coronavirus outbreak.

Sensex zoomed 1861.75 points or 6.98 percent to 28,535.78 while Nifty jumped 516.80 points or 6.62 percent to 8,317.85 at close on Wednesday.

Reliance Industries was the top gainer surging nearly 15 percent.

Kotak Mahindra, Maruti, HDFC Bank, HDFC, and Titan were the other major gainers in the Sensex pack.

Bull run on Dalal Street is going on as Sensex soared 2114.52 points or 7.93 percent to 28,788.55 while Nifty jumped 562.30 points or 7.21 percent to 8,363.35 at around 2.30 PM.

Reliance Industries surged over 21 percent while Kotak Mahindra Bank zoomed nearly 14 percent in the afternoon session.

Sensex zoomed 1635.37 points or 6.13 points to 28,309.40 while Nifty was up jumped 458.05 points 5.87 percent to 8,259.10 at around 1.30 PM.

The markets rally is due to the expectations of stimulus package from the government amid concerns over an economic crisis in the wake of coronavirus outbreak.

Axis Bank jumped nearly 15 percent while Reliance Industries surged over 10 percent in the afternoon trade. Other major gainers in the Sensex pack included Kotak Mahindra Bank, ICICI Bank, Maruti, HDFC, Ultra Cement, HDFC and Mahindra and Mahindra.

There is a possibility of a stimulus package from the government which the market is expecting, said Sumeet Bagadia Tehnical Head, Choice Broking, after the announcement of a 21-day lockout by Prime Minister Narendra Modi on Tuesday.

Another possibility, he said, was a rate cut from the Reserve Bank of India (RBI) after Finance Minister Nirmala Sitharaman announced several relief measures relating to statutory and regulatory compliance matters across sectors.

"This is why I presume there is a rally. Hence market are moving up. Whether Stocks, Nifty, all are being oversold. Any investment would be a value buy for stocks. Hence, markets can go up and get support. If, after the lockdown, there is a reduction in fresh coronavirus cases, that would be a positive sign for the market," he said.

Shares of Yes Bank dropped 14.41 percent on Wednesday afternoon even as ICRA upgraded its commercial papers and placed them on rating watch with developing implications.

ICRA said the ratings upgrade factors in removal of the moratorium from 18 March which was earlier imposed on Yes Bank Ltd (YBL) by the Central government, thereby restricting payments to its depositors and creditors.

The government has also approved the reconstruction scheme for the bank, based on which YBL has received equity of Rs 10,000 crore from State Bank of India (SBI) which is now holding 48.2 percent stake and other domestic financial institutions.

Apart from the equity infusion, YBL's board has also been reconstituted with a new Managing Director and CEO from SBI.

Sensex zoomed 1116.56 points or 4.19 percent to 27,790.59 while Nifty jumped 307 points or 3.94 percent to 8,108.05 at around 12.58 PM.

Axis Bank jumped over 10 percent while Reliance Industries surged over 9 percent in the afternoon trade.

Other top gainers in the Sensex pack included Axis Bank, HDFC, Bharti Airtel, Kotak Bank, Ultra Cement, HDFC Bank, HUL and Nestle India.

IndusInd Bank was the major loser followed by ITC, ONGC and L&T.

Sensex soared 829.73 points or 3.11 percent to 27,503.76 while Nifty jumped 235.10 points or 3.01 percent to 8,036.15 at around 12.45 PM.

Axis Bank and Reliance Industries surged over 8 percent in the afternoon trade. Other major gainers in the Sensex pack included Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.

Crude oil prices on Wednesday rose 5.5 per cent to Rs 1,976 per barrel as participants widened their positions tracking a positive trend overseas.

On the Multi Commodity Exchange, crude oil for delivery in April traded higher by Rs 103, or 5.5 percent, to Rs 1,976 per barrel in 27,659 lots.

Crude oil for May delivery was up by Rs 105, or 5.04 percent, to Rs 2,187 per barrel with an open interest of 351 lots.

Sensex surged 545.15 points or 2.04 percent to 27,219.18 while Nifty jumped 153.95 points or 1.97 percent to 7,955 at around 12.30 PM.

Reliance Industries and Maruti surged over 8 percent in the afternoon trade. Other major gainers in the Sensex pack included Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.

The Events and Entertainment Management Association has sent out an SOS signal to the government seeking urgent intervention as the industry that employs 60 million people has comes to a standstill following the national lockdown.

The association claims that of the 60 million staff, 10 million have been directly impacted, and their livelihood is at risk as all major national events are postponed or cancelled due to the COVID-19 pandemic.

Losses for the first two months are already over Rs 3,000 crore, the association said.

Sensex soared 371.49 points or 1.39 percent to 27,045.52 while Nifty also jumped 104.45 points or 1.34 percent to 7,905.50 at around 11.50 AM.

Maruti and Reliance Industries were the top gainers in the Sensex pack surging over 8 percent followed by Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.

Staging a sharp recovery in the late morning trading, Sensex soared 270.22 points or 1.01 percent to 26,944.25 while Nifty was also 76.70 points or 0.98 percent at 7,877.75 at around 11.30 AM.

Reliance Industries and Maruti surged over 8 percent in the late morning trade. Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel were among the top gainers in the Sensex pack.

Sensex rose 136.55 points or 0.51 percent to 26,810.58 while Nifty was also up 51.70 points or 0.66 percent to 7,852.75 at 10.40 AM.

Benchmark indices erased most of the early gains with the broader Nifty was holding above 7,700-mark.

The Sensex fell 191.60 points ot 0.72 percent to 26,482.43 and the Nifty was down 49.40 points or 0.63 percent to 7,751.65 at 10 AM.

As many as 435 shares have advanced, 699 shares declined, and 63 shares are unchanged.

Sensex up 570 points, Nifty opens above 7,500 level; RIL, Cipla, Tech Mahindra among major gainers

Asian shares extended their rally on Wednesday in the wake of Wall Street’s big gains as US Congress appeared closer to passing a $2 trillion stimulus package to curb the coronavirus pandemic’s economic toll.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3 percent with Australian shares rising 4.5 percent and South Korean shares gaining 4.0 percent. Japan’s Nikkei added 2.0 percent.

“Japanese shares have been bolstered by aggressive buying from the Bank of Japan and pension money this week. That has prompted hedge funds to cover their short positions,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

On Tuesday, MSCI’s gauge of stocks across the globe gained 8.39 percent, the largest single-day gain since the wild swings seen during the height of the global financial crisis in October 2008.

 Stock Market Latest Updates: Sensex surges over 1,800 points, Nifty regains 8,300-mark; RIL zooms nearly 15%

Investors look at computer screens showing stock information at a brokerage house in Shanghai, China. File Photo: Reuters

US stock futures were down 0.5 percent in early Asian trade.

Senior Democrats and Republicans in the divided US Congress said on Tuesday they were close to a deal on a $2 trillion stimulus package to limit the coronavirus pandemic’s economic toll. But it was unclear when they would be ready to vote on a bill.

Investor fears about a sharp economic downturn are easing after the US Federal Reserve’s offer of unlimited bond-buying and programs to buy corporate debt.

In the currency market, the dollar has slipped as a greenback liquidity crunch loosened slightly.

The euro traded at $1.0798 after four straight days of gains.

The dollar stayed firmer against the yen due to dollar demands at the March 31 end of the Japanese financial, trading at 111.33 yen, near a one-month high of 111.715 touched the previous day.

Gold soared almost 5 percent, its biggest gains since 2008, on Tuesday and last stood at $1,633, in part helped by concerns lockdowns in major producer South Africa could disrupt supply.

Still, the course of the market is still largely dependent on how much countries can slow the pandemic and how quickly they can lift various curbs on economic activity.

Confirmed cases are now topping 400,000 globally with New York City suffering another quick and brutal rise in the number of infections to around 15,000.

Oil prices steadied as hopes for US stimulus offset fears from falling global demand.

India, the world’s third largest oil consumer, ordered its 1.3 billion residents to stay home for three weeks, the latest big fuel user to announce restrictions on social movement, which have destroyed demand for gasoline and jet fuel worldwide.

The market remained pressured by a flood of supply after Saudi Arabia started a price war earlier this month, a move that dealt a crushing blow to markets already reeling from the epidemic.

US crude futures rose 1.8 percent to $24.45 per barrel.

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Updated Date: Mar 25, 2020 16:13:27 IST