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Stock Market Latest Updates: Sensex zooms over 700 points, Nifty close to 9,200-mark; Reliance, Asian Paints among top gainers

Stock Market Today LIVE Updates: Sensex down 219 points, Nifty dips in opening session; RIL surges 5%

FP Staff April 22, 2020 15:48:23 IST
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Stock Market Latest Updates: Sensex zooms over 700 points, Nifty close to 9,200-mark; Reliance, Asian Paints among top gainers

Highlights

09:50 (ist)

Facebook buys 9.9% stake in Reliance Jio for Rs 43,574 cr

Facebook has bought a 9.9 percent stake in Reliance Jio for $5.7 billion (Rs 43,574 crore), the telecom unit of Reliance Industries Ltd (RIL) in a deal that gives the social media giant a firm foothold in a fast-growing massive market and helps the Indian oil-to-telecom conglomerate to significantly cut debt.

The deal values Jio at Rs 4.62 lakh crore ($65.95 billion).

Commenting on the deal, RIL said this is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.

The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, it said in a statement.

09:13 (ist)

Markets could open mildly lower

Facebook Investment in R Jio and recovery in crude prices to provide some reason for markets to stabilize, though sentiments continue to be gloomy

Indian markets could open mildly lower on Wednesday following mildly weak Asian markets and sharply negative US markets on Tuesday.

US stocks closed sharply lower Tuesday, as high-flying technology shares gave up ground, and a historic collapse in oil prices eroded the bullish mood on Wall Street. The slump in oil prices weighed on sentiment as investors worried that plunging demand for the commodity would dent a key sector for U.S. employment and investment and signal a deeply depressed global economy.

Oil futures remained under pressure Tuesday, with West Texas Intermediate crude for June losing $8.86, or 43.4%, to settle at $11.57 a barrel on the NYME, after touching a low at $6.50. Oil prices found some respite on Wednesday as U.S. oil futures rose more than 20% and Brent prices steadied after a two-day price plunge

CNN reported that Congress has reached a deal to provide $450 billion of additional funding to U.S. small businesses hurt by the coronavirus pandemic, with the Senate attempting to pass the measure later Tuesday, after lawmakers provided a roughly $350 billion package that was exhausted last week.

Asian share markets opened lower on Wednesday as the floor fell out from under U.S. crude prices, exposing the deep damage the coronavirus pandemic has had on global economic demand.

Facebook has bought a 9.9 percent stake in Reliance Jio for $5.7 billion (Rs 43,574 crore), the telecom unit of Reliance Industries Ltd (RIL).  This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.  This investment by Facebook values Jio Platforms at ₹ 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of ₹ 70 to a US Dollar).

Indian equity markets followed weak global cues and ended lower on Tuesday after a feeble recovery from intra day lows. The NSE Nifty 50 index ended below the 9,000 mark at 8,981, down 3 percent.

Technically the Nifty has closed below the psychological level of 9000. 8821 is the next crucial support and if it gets breached, a sharper fall could ensue. On upsides 9091 could offer resistance.

LIVE NEWS and UPDATES

Apr 22, 2020 - 15:51 (IST)

Sensex zooms over 700 points, Nifty close to 9,200-mark

The market ended in the green erasing the opening losses as Sensex surged 742.84 points or 2.42 percent to 31,379.55 while the Nifty was up 205.85 points or 2.29 percent at 9,187.30. 

All sectoral indices ended in the green with the energy and the auto index jumping 2-3 percent.

Reliance was the top gainer in the Sensex pack zooming over 10 percent. Other top gainers included Asian Paints, IndusInd Bank, Nestle India, Maruti, Hero MotoCorp, HUL, Kotak Mahindra Bank and Axis Bank.

Apr 22, 2020 - 15:42 (IST)

Tata Steel raises Rs 510 cr via NCDs

     
 
 
Tata Steel on Wednesday said its committee of directors has approved allotment of non convertible debentures (NCDs) worth Rs 510 crore on private placement basis.
 
 
"The committee of directors has today approved allotment of 5,100 unsecured, redeemable, rated, listed NCDs having face value of Rs 10,00,000 each for cash aggregating to Rs 510 crore, to identified investor on private placement basis," Tata Steel said in a BSE filing.
 
 
The NCDs, which will carry an annual coupon rate of 7.85 percent, are proposed to be listed on the BSE's wholesale debt market segment.

Apr 22, 2020 - 15:41 (IST)

Microsoft partners helping Indian firms adopt remote working with ease

While educational institutions are switching to remote learning and are moving their curriculum to Microsoft Teams, there are some innovative solutions for a transformative digital learning experience, said Venkat Krishnan, executive director, commercial partners, Microsoft India.

"Wheebox offers a digital assessment suite that enables academic institutions to assess skills using an AI-powered secure remote proctor platform," Krishnan said in a blog post on Tuesday.

While these solutions are enabling business and learning continuity, there are some solutions that are helping battle the impact of the virus.

"Abhyutthaan's Command Center solution for countering the spread of the virus provides end-to-end automation of all processes, including facility management, transport management, inventory management, GPS-based tracking and data analytics and dashboards among other things," informed Krishnan.

Apr 22, 2020 - 15:34 (IST)

Gurugram administration permits Maruti to operate Manesar plant on single shift basis

The Haryana government on Wednesday granted permission to Maruti Suzuki India (MSI) to restart its Manesar-based manufacturing facility, but the company said it will resume operations only when it can maintain continuous production and sell vehicles, "which is not possible at this point of time".
 
 
The Gurugram district administration allowed the auto major to run the facility on a single shift basis, while fixing the total number of employees at plant at 4,696.
 
 
Permission is hereby granted to Maruti Suzuki India, Manesar to operate the establishment during the lockdown period, Gurugram Deputy Commissioner said in an order dated Tuesday.

Apr 22, 2020 - 15:23 (IST)

Sensex above 31,300-mark, Nifty surges 200 points

The market continued to remain in the green as Sensex was trading 729.55 points or 2.38 percent higher at 31,366.26 while the Nifty was up 199.75 points or 2.22 percent at 9,181.20 at around 3.15 pm.

Apr 22, 2020 - 15:18 (IST)

Withdraw export duty on non-metallurgical grade bauxite: FIMI

   
 
 
Stating that the COVID-19 pandemic has hit all sectors, mining body FIMI has urged the government to withdraw the 15 percent duty on export of non-metallurgical grade bauxite as its outbound shipments can bring in additional revenues for the exchequer.
 
 
"The spread of COVID-19 pandemic has created extra-ordinary and unprecedented situation in the country impacting mining of all minerals including production and exports of bauxite from the state of Gujarat and Maharashtra....
 
 
"...under the current critical situation the export of non-plant grade bauxite can play a vital role in bringing additional revenue to the country's exchequer," Federation of Indian Mineral Industries (FIMI) said in a letter to finance minister Nirmala Sitharaman.

Apr 22, 2020 - 15:17 (IST)

Ashok Leyland seeks govt relief for logistics sector workers

Apr 22, 2020 - 15:00 (IST)

TCS to power Israel's first fully digital bank

India's largest software services firm Tata Consultancy Services (TCS) will launch Israel''s first fully digital bank in what is being seen as a transformative initiative that can impact the business model of other sectors as well.

TCS was selected by Israel’s Ministry of Finance to transform its banking sector by building a banking service bureau that would serve as a shared, plug-and-play, digital banking operations platform – powered by the TCS BaNCS Global Banking Platform - to help start-up banks launch their operations very quickly, the company said in a press release.

"This initiative is seen as a bid to boost competition in the financial services sector, spark greater innovation and enhance customer experience by democratising access to banking in Israel by making financial services accessible to the consumer," the release said.

Apr 22, 2020 - 14:57 (IST)

Indices continue rally as Sensex soars over 800 points, Nifty above 9,200

The market extended the gains as Sensex surged 810.23 points or 2.64 percent to 31,446.94 while the Nifty was up 221.80 points or 2.47 percent at 9,203.25 at around 2.40 pm.

Reliance Asian Paints, Maruti, Nestle India, and Hero MotoCorp were the top gainers in the Sensex pack.

Apr 22, 2020 - 14:49 (IST)

Gold futures surge on domestic demand

Gold prices on Wednesday rose Rs 567 to Rs 45,892 per 10 gram in futures trade as speculators indulged in creating fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 567, or 1.25 percent, to Rs 45,892 per 10 gram in a business turnover of 16,507 lots.

The yellow metal for August delivery edged up by Rs 540, or 1.19 percent, to Rs 46,039 per 10 gram in a business turnover of 3,100 lots.

Fresh positions built up by participants on spot demand mainly led to rise in gold prices, analysts said.

Stock Market Latest Updates: Sensex down 219 points, Nifty dips in opening session; RIL surges 5%

Washington/New York: Asian share markets were set to tumble on Wednesday as the floor fell out from under US crude prices, exposing the deep damage the coronavirus pandemic has had on global economic demand.

Skittish investors sought the safety of government debt and even dumped safe-haven gold as Brent oil futures plunged for a second day, fueled by a swelling global crude glut.

Australian S&P/ASX 200 futures lost 2.1 percent in early trading while Japan’s Nikkei futures rose 0.21 pecent.

The collapse in US crude prices has given fresh urgency to bearish voices who say it sounds alarm bells for global growth and are bracing for a catastrophic collapse in asset prices as the COVID-19 pandemic wrecks the world economy.

Earlier his week, the May US WTI futures contract crashed into negative pricing for the first time in history. In addition to massive oversupply concerns, analysts say the plunge also highlights the technical constraints the market faces in responding to shocks.

“The negative price for May WTI futures was probably an anomaly, but it also was a symptom of bigger underlying issues that the industry must address,” said Arij van Berkel, who leads the energy research team at Lux Research in Amsterdam. “Even though the oil industry theoretically has a diversified product portfolio, the current situation shows that its ability to switch between markets is extremely limited.”

The Nikkei 225 index closed down 1.15 percent at 19,669.12​​​ on Tuesday. The futures contract is down 2.64 percent from that close.

Hong Kong’s Hang Seng index futures lost 1.31 percent.

On Wall Street, the Dow Jones Industrial Average fell 2.67 percent to 23,018.88, the S&P 500 lost 3.07 percent to 2,736.56 and the Nasdaq Composite dropped 3.48 percent to 8,263.23.

Stock Market Latest Updates Sensex zooms over 700 points Nifty close to 9200mark Reliance Asian Paints among top gainers

Representational image. Reuters.

The pan-European STOXX 600 index lost 3.39 percent and MSCI’s gauge of stocks across the globe shed 3.01 percent.

As the difficulties of restarting the US economy sank in, US Treasury yields tumbled, with the five-year note hitting a new record low on rising prices for bonds: one of the safest assets.

The US dollar rose to a two-week high against a basket of currencies, as investors fled riskier assets for the world’s most liquid currency while putting pressure on oil-linked currencies such as the Norwegian crown and the Canadian dollar.

Investors face a worldwide supply glut that is expected to overwhelm demand for months or even years and current production cuts to offset that excess are nowhere near sufficient.

US crude recently rose 124.08 percent to $10.01 per barrel while Brent oil futures prices plunged again on Tuesday to $19.82, down 22.49 percent on the day, as panic extended to a second day.

Both Saudi Arabia and Russia said on Tuesday they were ready to take extra measures to stabilise oil markets along with other producers, but they have not taken action yet.

Investors have become increasingly wary of the economic damage from sweeping lockdowns that have brought US business activity to a halt and sparked millions of layoffs.

Governors of about half a dozen US. states, including Georgia and South Carolina, are pushing ahead with plans to begin a partial restart of their economies despite warnings that loosening restrictions prematurely could lead to a fresh surge of infections.

Meanwhile, the US Senate on Tuesday unanimously approved $484 billion in additional coronavirus relief for the US economy and hospitals treating patients sickened by the pandemic, sending the measure to the House of Representatives for final passage later this week.

Updated Date:

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