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

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.

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.

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.

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

Piramal Enterprises, GMR, JSPL among companies that applied for RBI moratorium, reports @_ritusingh https://t.co/6o7iTGb3px

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

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.

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.

DIAL to maintain social distancing at airport after lockdown

DIAL to maintain social distancing, other protective norms at airport after COVID-19 lockdown

Read @ANI Story | https://t.co/L55oQyY7Bf pic.twitter.com/w89ciNxlkz

— ANI Digital (@ani_digital) April 24, 2020

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.

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.

Kerala Kudumbashree’s special initiatives for elderly in COVID-19 times

Kudumbashree, hailed as one of the worlds largest women empowerment and poverty eradication missions, has launched a special initiative for the well-being of the elderly in Kerala during theCOVID-19 lockdownwitha string of confidence-building measures.

The thrust of the outreach has been to take care of the mental health of the elderly and boost their confidence through IEC(Information, Education and Communication) programme.

There are chances of co-morbidity and low immunity among the elderly people. So, it makes them vulnerable to the epidemic. We could successfully convey the message to around 43 lakh people throughthe IECcampaign,saidS Harikishore, executive director, Kudumbashree, which functions as a community organisation of Neighborhood Groups (NHGs) of women in Kerala.

About 11.56 lakh new members join ESIC scheme in February

Around 11.56 lakh new members joined the ESIC-run social security scheme in February 2020 against 12.19 lakh members in the previous month, according to the payroll data of the Employees’ State Insurance Corporation (ESIC).

The data was part of a report released by the National Statistical Office (NSO) on Friday. The report said gross enrolments of new subscribers with ESIC were 1.49 crore during 2018-19.

It also showed that during the period from September 2017 to February 2020, around 3.75 crore new subscribers joined the ESIC scheme.

The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, retirement fund body EPFO and pension fund regulator PFRDA. It has been releasing such data of these bodies since April 2018, covering a period starting from September 2017.

Meeting of Narendra Modi, Nirmala Sitharaman postponed

Rupee slips 40 paise to settle at 76.46 

The rupee depreciated by 40 paise to settle at 76.46 (provisional) against the US dollar on Friday, tracking weak domestic equities and a strengthening greenback overseas.

Forex traders said market sentiment weakened after a potential antiviral drug for coronavirus reportedly failed its first trial.

The rupee opened lower at 76.30 at the interbank forex market and then fell further to 76.47 and finally closed at 76.46, down 40 paise over its last close.

The rupee had settled at 76.06 against the US dollar on Thursday.

Sri Lanka to seek $400 mn financial facility from RBI to meet short-term financial needs

Sri Lanka is set to enter into an agreement with the Reserve Bank of India for a currency swap worth $400 million to boost the foreign reserves and ensure the financial stability of the country which is badly hit by the COVID-19 pandemic, a top minister has said.

The Cabinet has approved a proposal made by Prime Minister Mahinda Rajapaksa as the Finance Minister to enter into an agreement with the RBI for the financing facility to meet short-term international liquidity requirements, Co-Cabinet spokesman Information and Communication Minister Bandula Gunawardena said.

Sri Lanka will enter into the agreement with the RBI for a Bilateral Currency Swap Arrangement worth $400 million, Gunawardena said, adding the facility from the RBI is aimed at boosting the island nation’’s foreign reserves.

Sensex tanks 503 points, Nifty below 9,200-mark

Benchmark indices remained highly volatile as Sensex plunged 502.98 points or 1.58 percent to 31,360.10 while Nifty was down 147.90 points or 1.59 percent at 9,166 at around 2.15 pm.

Bajaj Finance was the major loser in the Sensex pack plunging nearly 9 percent.

Mindtree rises ahead of Q4 earnings

#CNBCTV18Market | Mindtree higher ahead of Q4 earnings pic.twitter.com/1gNf29hOUV

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Truckers in crisis: Police checks, no food, fears of coronavirus

Indian truck driver Arju Yadav says he was on a 30-40 km (20-25 mile) journey earlier this month to deliver a consignment of biscuits when he was stopped by police for defying a coronavirus lockdown, beaten and made to do sit-ups.

India had exempted truckers carrying food, medicine and other essential items from the nationwide lockdown that started on 25 March, but in many cases, the message had not gone through to police on the highways and officials at state border checkpoints.

Restaurants and repair shops along highways are also mostly closed, despite government approval this week to open them, further throwing the sector into turmoil. For the trucks that do operate, loading and unloading times have spiked because of a lack of workers.'

Silver futures rise on spot demand

Silver prices on Friday rose 1 percent to Rs 42,224 per kg in futures trade as participants widened their bets on firm spot demand.

On the Multi Commodity Exchange, silver contracts for May delivery gained Rs 418, or 1 percent, to Rs 42,224 per kg in 3,444 lots.

Similarly, the white metal for July delivery was trading higher by Rs 383, or 0.9 percent, at Rs 42,912 per kg in 2,126 lots.

However, in the international market, silver was quoting 0.36 percent lower at $15.47 per ounce in New York.

Goa govt to provide thermal guns to industries

Goa Chief Minister Pramod Sawant on Friday said the government will provide all necessary infrastructure, including thermal guns and screening devices,

to industries to fully resume their operations in the state.

The Goa government granted conditional permits to industrial estates in the state, which have started operating in phases since April 20, after all COVID-19 patients in the state had recovered.

Industries should take proper precautions in order to prevent the spread of the disease, Sawant said, adding that it was mandatory for all industrial compounds to use thermal guns for screening at their entrances.

Increased risk to jobs as European airline revenues collapse: IATA

The potential revenue loss by European carriers in 2020 has grown to 89 billion dollars and passenger demand measured in revenue passenger kilometres) is projected to be 55 percent below 2019 levels, according to the International Air Transport Association (IATA).

This is an increase over the previous estimates released on 24 March of 76 billion dollars and 46 percent respectively.

“Overall, we estimate that the present 90 percent collapse in air traffic puts around 6.7 million jobs at risk and could lead to a negative GDP impact of 452 billion dollars across Europe. This equates to an additional 1.1 million jobs and 74 billion dollars in GDP over the March estimates of 5.6 million jobs and 378 billion dollars,” said the latest IATA analysis.

NBFCs, MFIs to see Rs 50-60,000-cr funding gap on lack of moratorium: Report

The RBI may have to open direct liquidity window for small NBFCs and MFIs as banks refuse to offer moratorium to them on one hand, and gave a muted response to the first TLTRO auction, aggravating their funding gap to Rs 50,000-60,000 crore, according to a report.

Small and medium shadow banks and micro-lenders need a direct refinance from financial institutions or the RBI should open direct refinance window for them, Acuite Ratings said, a day after the apex bank said the first TLTRO auction of Rs 25,000 crore saw a tepid response from banks, which put in bids for just half the amount — only Rs 12,850 crore.

“We believe the liquidity concerns of NBFCs (non-bank financial companies) and MFIs (microfinance institutions) have aggravated and a quick response is the need of the hour. The funding gap is estimated to further increase to Rs 50,000-60,000 crore,” the agency said in a report.

The estimate is based on the analysis of “the top 11 retail NBFCs which may find the funding gap of Rs 10,000-20,000 crore in Q1. Without the moratorium or partial moratorium from banks, the funding gap will increase further to Rs 15,000-25,000 crore in Q1. Clearly, the gap for the sector including MFIs in Q1 will be much higher at Rs 50,000-60,000 crore based on broad estimates”.

Piramal Ent turns positive, rises over 2%

#CNBCTV18Market | Piramal Ent turns positive, trading at day's high pic.twitter.com/HClKB1HweM

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Ashok Leyland acquires 3.36% share in subsidiary Hinduja Leyland Finance

Hinduja Group flagship Ashok Leyland Ltd has acquired 1.57 crore shares of Rs 10 each constituting 3.36 percent of the equity of its subsidiary Hinduja Leyland Finance Ltd (HLFL).

The cost of acquisition was done at a price of Rs 119 per equity share. The proposed acquisition of equity shares of HLFL is at arm’s length basis.

The acquisition is part of the 6.99 percent acquisition approved by the board of directors at a meeting held on 21 March.

Franklin Templeton MF shuts 6 schemes: AMFI tells investors not to panic, focus on investment

Industry body AMFI on Friday assured investors that majority of fixed income mutual funds assets are invested in superior credit quality securities and such schemes have appropriate liquidity to ensure normal operations.

The statement by the industry body came after Franklin Templeton Mutual Fund voluntarily decided to wind up its six debt schemes citing redemption pressure and lack of liquidity in bond markets due to coronavirus pandemic.

This is the first instance when a fund house is shutting its schemes because of coronavirus-related pandemic.

Markets recover in mid-session

Indian markets at half time have recovered and are trading with a cut of 50 points following a deep GAP down opening, said Aditya Agarwala, Senior Technical Analyst, YES Securities.

Further, bulls protected the 9,100-mark triggering a short covering rally led by a sharp rally in Reliance Industries and select Pharma and Auto names. The ones to drag the Index lower are IT, Banking and NBFC stocks, he said.

“Moreover, it will be important for the bulls to take the Index beyond the critical 9330-9350 mark which has been acting as a major hurdle in the past few trading sessions. A failure again to take the Index beyond 9250 could invite bears to create fresh shorts pulling the Index lower to levels of 9100-9000 levels,” Agarwala said.

Intermediate trend on the Index has turned sideways as it continues to oscillate between 9,350 on the upside to 8,900-8,800 on the downside, he said.

European markets have opened in the red with cuts of around 1.50 percent for all the three major Indices i.e. FTSE, CAC and DAX, Agarwala said.

Sensex down 128 points, Nifty holds 9,250-mark

The benchmark indices continued to trade in the red as Sensex was trading 127.94 points or 0.40 percent lower at 31,735.14 while Nifty was down 43.10 points or 0.46 percent at 9,270.80 at around 1.15 pm.

Bajaj Finance, IndusInd Bank, ICICI Bank, HDFC and TCS were the major losers in the Sensex pack.

India initiates probe against alleged dumping of fibre boards

India has initiated a probe into an alleged dumping of fibre boards, used in furniture industry, from Vietnam, Malaysia, Thailand, and Indonesia following complaint by domestic manufacturers.

Greenply Industries, Greenpanel Industries and Century Plyboards have filed application before the commerce ministry’s probing arm DGTR for anti-dumping investigation on imports of “plain medium density fibre board having thickness less than 6 mm” imported from these four countries.

The applicants have alleged dumping of the board from these countries and requested for imposition of the anti-dumping duties on the imports.

China promises subsidies to boost falling electric car sales

China is promising more subsidies to shore up plunging electric car sales amid the coronavirus pandemic but set limits that exclude Tesla’s made-in-China model.

Subsidies and tax breaks that were due to end this year will be extended by two years in response to “an accumulation of unfavorable factors” including the virus, the Finance Ministry said on Thursday.

Beijing has spent billions of dollars subsidising electrics in hopes of cleaning up China’s smog-choked cities and taking an early lead in a promising global industry.

Sensex trading in red, banking stocks under pressure

Market benchmark opened on a negative note and trading lower by 1.4 percent tracking weak global cues and woes over system liquidity, said Sundar Sanmukhani, head-fundamental research desk, Choice Broking.

Banking and NBFC stocks fall as TLTRO 2.0 fails to get good response. Franklin Templeton’s decision to close 6 debt schemes also weighed on sentiments, he said.

“All sectoral indices are trading in red except pharma and FMCG index. Banking, IT and realty stocks are trading under pressure. On stock specific, ZEEL, Bajaj Finance and Bharti Infratel are the top loser while Reliance, Hero MotoCorp and Vedanta as the top gainers,” Sanmukhani said.

Co-working space operators form association for future roadmap

Faced with liquidity crisis and loss of business due to the nationwide lockdown, the country’s top co-working space operators have come together to form an association to chalk out strategies to deal with immediate cash-flow challenges and future roadmap.

The industry body named Indian Workspace Association (IWA) will represent the problems faced by the industry to the government as well as other stakeholders.

Although the association has been formed to represent and protect the wider interests of the industry as a whole, the IWA’s immediate goal is to define protocols and practices for the industry to address the ongoing COVID-19 crisis.

The association would plan strategies for the way forward in a post-coronavirus world, it said.

Sun Pharma rises nearly 4% to 52-week high

#CNBCTV18Market | Sun Pharma at 52-week high pic.twitter.com/4ePWvu0EWl

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Ryanair may cut 10-20% of jobs in winter season, CEO tells German paper

Ryanair may have to lay off 10-20 percent of staff in the winter season as it will operate fewer flights due to the coronavirus crisis, chief executive Michael O’Leary said in a newspaper interview published on Friday.

Citing an expected drop in flights by 20-30 percent in the winter schedule, O’Leary told German business daily Handelsblatt that fewer staff would be required.

“I think that job reductions by 10-20 percent in winter are almost inevitable,” he said. “Passengers will return, but it will take time.”

There could also be a second wave of worldwide infections, he said.

Coronavirus prods Japan agencies, including data collectors, to embrace change

The coronavirus pandemic is forcing changes in Japan to the way economic data is collected and some government agencies meet, rare moves in a country where tradition plays a strong part in everyday life.

The internal affairs ministry that compiles inflation data usually sends out about 700 staff to supermarkets and other retailers across the nation each month to check price tags for goods and conduct face-to-face interviews with shop clerks.

That team of data gatherers will now rely more on phone calls to ensure their safety, said Naruhiko Yamagata, head of the ministry’s division compiling the consumer price index (CPI) data.

Sensex down 115 points, Nifty above 9,250

The benchmark indices erased early losses as Sensex was trading 114.66 points or 0.36 percent lower at 31,748.42 while Nifty was down 36.15 points or 0.39 percent at 9,277.75 at around 12.30 pm.

Reliance jumps over 5%; trades at 2-month high

#CNBCTV18Market | Reliance trading at 2-month high pic.twitter.com/PoXPuqofML

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Toyota Kirloskar Motor commissions dealer operations restart guideline

Toyota Kirloskar Motor on Friday said it has commissioned a dealer operations restart guideline focusing on safety protocols for respective facilities and staff, customer interface during sales and after sales services for resuming operations post lockdown.

The manual aims to benefit both dealers and customers while educating and empowering its dealer partners about the importance to adhere to good safety and hygiene practices, so as to secure all stakeholders from health hazards, the company said in a statement.

It also aims at instilling confidence in the existing and prospective customers about the safety and hygiene initiatives introduced at Toyota dealer outlets, across the country, TKM added.

IIT professor develops software to detect COVID-19 within 5 seconds using X-ray scan

An IIT-Roorkee professor claims to have developed a software which can detect COVID-19 within five seconds using X-ray scan of the suspected patient.

The professor, who took over 40 days to develop the software, has filed a patent for the same and has approached the Indian Council of Medical Research (ICMR) for a review.

Kamal Jain, a professor at the institute’s civil engineering department, claims that the software will not only reduce testing costs but will also reduce the risk of exposure to healthcare professionals. 

So far, there is no verification of his claim by a medical institution.

CAIT to launch national e-commerce marketplace soon

The Department for Promotion of Industry & Internal Trade (DPIIT) along with the Confederation of All India Traders (CAIT) is synergising efforts of various companies and startups working in supply chain to help local grocery stores take orders online and ensure delivery through a national e-commerce marketplace.

The e-commerce marketplace will be launched shortly and it is expected that the platform will strengthen the supply chain.

Besides DPIIT & CAIT, the other promotors are Startup India, Invest India, All India Consumer Products Distributors Federation & Avana Capital.

This Indian e-commerce portal will make all efforts to onboard about 7 crore traders of the country.

Manufacturers, distributors, wholesalers, retailers of all verticals of domestic trade and consumers will be the integral part of this e-commerce platform.

COVID-19 crisis likely to hit 29 lakh jobs in Indian aviation, dependent sectors: IATA

The coronavirus pandemic is expected to impact more than 29 lakh jobs in the Indian aviation and dependent industries, global airlines’ grouping IATA said on Friday.

Commercial flight services in the country remain suspended till May 3 amid the nationwide lockdown to curb spreading of coronavirus infections.

Besides, the pandemic and subsequent lockdown have significantly impacted economic activities, with aviation and tourism among the worst affected segments.

The International Air Transport Association (IATA) said its latest estimates indicate a worsening of the country impact from the COVID-19 crisis in the Asia-Pacific region.