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

Stock market LIVE Updates: Sensex up 570 points, Nifty opens above 7,500 level; RIL, Cipla, Tech Mahindra among major gainers

FP Staff March 25, 2020 15:48:42 IST
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Stock Market Latest Updates: Sensex surges over 1,800 points, Nifty regains 8,300-mark; RIL zooms nearly 15%

Highlights

LIVE NEWS and UPDATES

Mar 25, 2020 - 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.

Mar 25, 2020 - 15:55 (IST)

Market records biggest single-day gain since 2009

Mar 25, 2020 - 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. 

Mar 25, 2020 - 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.

Mar 25, 2020 - 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. 

Mar 25, 2020 - 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.

Mar 25, 2020 - 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.

Mar 25, 2020 - 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.

Mar 25, 2020 - 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. 

Mar 25, 2020 - 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.

 

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 1800 points Nifty regains 8300mark 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.

Updated Date:

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