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Stock Market Latest Updates: Sensex tanks 536 points, Nifty below 9,200-mark; except energy, pharma all other indices end in red

Stock market today LIVE Updates: Sensex over 400 points down, Nifty opens below 9,200-level; bank stocks among major losers

FP Staff April 24, 2020 15:49:10 IST
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Stock Market Latest Updates: Sensex tanks 536 points, Nifty below 9,200-mark; except energy, pharma all other indices end in red

Highlights

09:00 (ist)

Markets could open in negative

 

Deepak Jasani, Head-Research, HDFC Securities said: "Indian markets could open in the negative on Friday following mildly negative Asian markets today and flat US markets on Thursday.

"US stocks finished little changed on Thursday, as a strong rally for all three benchmarks hit a snag in afternoon trade, amid reports that suggested that a closely followed experimental drug intended to be used to treat coronavirus delivered disappointing results in an “inconclusive” trial.

"Later, the US House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion. Now Investors are anxious to see “how quickly EU policy-makers will move towards area-wide fiscal risk-sharing,”.

"In commodities, June crude futures for West Texas Intermediate oil rocketed 20% to settle at $16.50 a barrel on the New York Mercantile Exchange. A reading of US service sector activity from Markit fell to its lowest on record in April, while its manufacturing purchasing manager’s index was at an 11-year low. Domestically, another 4.4 million Americans filed for first-time jobless claims in the most recent week, taking the total to 25 million.

"Stocks in Asia declined in Friday morning trade after an overnight report that raised doubts over a potential coronavirus treatment. The People’s Bank of China (PBOC) said the one-year interest rate on the TMLF was lowered by 20 basis points to 2.95% from 3.15%.

"Indian markets rallied further on Thursday after bouncing back from the lows of 8946 on Wednesday. The Nifty gained 126.6 points or 1.38% to close at 9,313.9. Technically, with the Nifty moving up further, the short term trend remains up. However further upsides are likely only once the immediate resistance of 9343 is taken out. On falls support is expected between 9044-9170," Jasani said.

LIVE NEWS and UPDATES

Apr 24, 2020 - 15:53 (IST)

Sensex tanks 536 points, Nifty below 9,200-mark

Indices ended in red as Sensex tanked 535.86 points or 1.68 percent at 31327.22, while Nifty was down 159.50 points or 1.71 percent at 9154.40.

Bajaj Finance was the top loser in the Sensex pack plunging nearly 9 percent. Other losers included IndusInd Bank, Axis Bank, ICICI Bank, HDFC, Ultra Cement, Mahindra & Mahindra, SBI and Tech Mahindra were

As many as 773 shares have advanced, 1,545 shares declined, and 159 shares were unchanged.

On the sectoral front, except energy and pharma all other indices ended lower. BSE Midcap and smallcap indices close with over 1 percent cut.

Apr 24, 2020 - 15:31 (IST)

Global shares fall as Wall St rally fizzles amid virus fears

Global shares extended losses Friday as hopes faded for a quick turnaround for the global coronavirus pandemic.

France''s CAC 40 dropped 1.9 percent in early trading to 4,368.03, while Germany's DAX fell 1.8 percent to 10,321.87. Britain's FTSE 100 shed 1.5 percent to 5,741.36.

US shares were poised for losses, with the future for the Dow industrials down 0.3 percent at 23,272.50. The future contract for the S&P 500 lost 0.4 percent to 2,771.12.

Investor sentiment was again fragile as attention shifted to the economic damage the world is likely to suffer because of the pandemic, says Prakash Sakpal and Nicholas Mapa, economists at ING.

A report from the Financial Times that said an antiviral drug failed to improve conditions in patients in a Chinese clinical trial cast a shadow over hopes it might turn out to be a potential treatment for coronavirus patients.

Apr 24, 2020 - 15:28 (IST)

GeM adds 146 categories of medical products, 8 services to help govt fight COVID-19

Public procurement portal GeM has added about 146 medical products - like thermal scanners and disinfectants, and certain services on its platform to help the government fight COVID-19 pandemic, an official said on Friday.
 
 
Government e-Marketplace (GeM) has set up a dedicated page on its platform, where it has created several categories for medical supplies such as COVID-19 sample collection kit, reusable vinyl/rubber gloves, disposable thermometers, cardiac monitors, ICU beds, and services like temporary hospital and isolation facilities for COVID-19 asymptomatic and mild symptoms patients.
 
 
"Initially, we created 95 categories on the platform and now it has increased to 200 (medical - 146 and auxiliary - 54)," GeM CEO Talleen Kumar said.

Apr 24, 2020 - 15:24 (IST)

Sensex plunges 578 points, Nifty down 170 points

Benchmark indices extended losses as Sensex plunged 577.79 points or 1.81 percent to 31,285.29 while Nifty was down 170.15 points or 1.83 percent at 9,143.75 at around 3.15 pm.

Bajaj Finance fell over 9 percent while IndusInd Bank, Axis Bank, HDFC, ICICI Bank and Mahindra and Mahindra were the other major losers in the Sensex pack. 

Apr 24, 2020 - 15:17 (IST)

Piramal Enterprises, GMR, JSPL among firms apply for RBI moratorium

Apr 24, 2020 - 15:12 (IST)

Bioplus Healthcare launches hand sanitiser under SterloMax brand

Bioplus Healthcare on Friday said it has launched hand sanitiser under its SterloMax brand to fight against the COVID-19 pandemic.
 
 
The rub-in-hand disinfectant is available in two variants, SterloMax I with 75 per cent isopropyl alcohol and SterloMax E80 with 80 per cent ethanol as per WHO recommended formula, the company said in a statement.
 
 
SterloMax is already available through Flipkart and ShopClues and will also be available on Amazon by the end of the month, while it can also be purchased via BigBasket in Bengaluru, it added.
 
 

Apr 24, 2020 - 15:05 (IST)

US House passes $500 bn coronavirus bill in latest relief package

The US House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion.

The measure passed the Democratic-led House by a vote of 388-5, with one member voting present. House members were meeting for the first time in weeks because of the coronavirus pandemic.

Lawmakers, many wearing masks, approved the bill during an extended period of voting intended to allow them to remain at a distance from one another in line with public health recommendations.

Apr 24, 2020 - 15:03 (IST)

DIAL to maintain social distancing at airport after lockdown

Apr 24, 2020 - 14:59 (IST)

Educational Initiatives​ launches two-week learning programme

Educational Initiatives (EI), an ed-tech company has announced the launch of ASSET digital learning programme (ADLP).

The programme’s objective is to nurture and develop independent learners. It will help students to take charge of their own learning and help them create habits to achieve excellence.

This online programme is designed for academically gifted students of grades 5, 6 and 7.

Students who have scored top percentile in ASSET talent search (ATS) assessment, those who have enrolled for the most gifted programme and ASSET summer programme are eligible for ADLP.

Apr 24, 2020 - 14:54 (IST)

Cheaper oil, foreign flows a tailwind for rupee

The rupee, among Asia’s worst performing currencies this year, could be the fastest in the region to rally as the world restarts economic activities after the coronavirus pandemic, oil prices weaken and the US dollar eases broadly, analysts said.

The partially convertible Indian rupee has lost nearly 7 percent against the dollar so far this year, despite heavy dollar supplying intervention by the central bank. It hit a life low of 76.92 to the dollar on Wednesday.

But a turnaround could be swift because of the collapse in the price of oil, which is a major import for the country, and the return of foreign investment into rupee stocks and bonds.

Stock Market Latest Updates: Sensex over 400 points down, Nifty opens below 9,200-level; bank stocks among major losers

Washington: Asia equities face a bumpy session on Friday after Wall Street pared early gains as optimism over a rebound in oil prices and prospects for further government stimulus were offset by stark economic data showing the toll of the coronavirus pandemic.

Wall Street closed little changed on Thursday in the hope a third straight decline in weekly jobless claims signaled the worst of the pandemic’s impact on the labor market was over.

Japan’s Nikkei 225 futures were down 0.1 percent but the contract is up 1.4 percent from the Nikkei’s index close of 19,137.95​​​ on Thursday.

Australia’s S&P/ASX 200 futures were up 0.23 percent and Hong Kong’s Hang Seng index futures rose 0.2 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.39 percent higher

The main US stock indexes lost momentum, with the S&P 500 and Nasdaq turning negative at the close, as investors digested a report that an experimental antiviral drug for the coronavirus flopped in its first randomised clinical trial.

Stock Market Latest Updates Sensex tanks 536 points Nifty below 9200mark except energy pharma all other indices end in red

Representational image. Reuters.

Gilead Sciences Inc said the findings were inconclusive because the study conducted in China was terminated early.

Sensitivity to news related to coronavirus therapies reflects investors’ desperation for any indication of when the global economy might be able to start returning to normal, said chief investment strategist at Inverness Counsel, Tim Ghriskey.

“Any piece of bad news is likely to rattle the market,” Ghriskey said. “Investors are keen for a semblance of hope that they can soon crawl out of their homes and get on with some form of normal life, even if with trepidation and fear.”

The US House of Representatives passed a $484 billion bill to expand federal loans to small businesses impacted by the coronavirus outbreak and hospitals overwhelmed by patients suffering from COVID-19 .

President Donald Trump, who has said he will sign the bill, said late Thursday that he may need to extend social distancing guidelines to early summer.

The energy index rose 3 percent, easily leading the 11 S&P 500 sectors as oil prices recovered in a tumultuous week that saw US crude futures crash below zero for the first time in history.

The decline on Monday came amid an April rally of US stock indexes eyeing a raft of global stimulus. However, the benchmark S&P 500 remains more than 15 percent below its record high as worsening economic indicators foreshadow a deep global recession.

The Dow Jones Industrial Average rose 39.44 points, or 0.17 percent, to 23,515.26, the S&P 500 lost 1.51 points, or 0.05 percent, to 2,797.8 and the Nasdaq Composite dropped 0.63 points, or 0.01 percent, to 8,494.75.

The pan-European STOXX 600 index rose 0.94 percent and MSCI’s gauge of stocks across the globe gained 0.32 percent.

US business activity plumbed record lows in April, mirroring dire figures from Europe and Asia as strict stay-at-home orders crushed production, supply chains and consumer spending, a survey showed.

Meanwhile, in a virtual meeting, divided European Union leaders began their search on Thursday for a joint financial fund of up to 2 trillion euros to help recover from the coronavirus pandemic and avoid economic collapse in the bloc’s poorer south.

The US dollar edged higher against the euro in a choppy session after the meeting of the 27-member bloc leaders ended without any agreement on details.

German Chancellor Angela Merkel signaled she was open to offering major financial support for a coronavirus recovery package, but wanted to see how it would be used before committing.

French President Emmanuel Macron said Europe’s response to economic turmoil caused by the coronavirus crisis required financial transfers to the hardest-hit regions and not just loans.

Brent rose 96 cents, or 4.7 percent, to settle at $21.33 a barrel, while US crude jumped $2.72, or 19.7 percent, to settle at $16.50. These gains extend oil’s rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic

Updated Date:

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