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Stock Market Latest Updates: Sensex tanks over 1,000 points, Nifty below 9,000-mark; except pharma, all other sectoral indices end in red

Stock Market Today LIVE Updates: Sensex plunges 870 points, Nifty at 9,000-level; Rupee slips 26 paise to 76.79 against dollar

FP Staff April 21, 2020 15:52:16 IST
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Stock Market Latest Updates: Sensex tanks over 1,000 points, Nifty below 9,000-mark; except pharma, all other sectoral indices end in red

Highlights

10:06 (ist)

Students build interactive website to locate grocers

Russhil Chawla of Grade 9, Smt Sulochandevi Singhania School a computer geek and programmer along with his sister, Prissha Chawla, student of grade 12, Pace Jr. College of Science, were reading about serpentine queues outside D Mart in their suburb of Mulund since the last few days. They called a few people to understand why they queue up outside supermarkets instead of buying from local stores. The reply they received was that most were not even aware that small stores were open, and nobody knew  their timings and location. The brother-sister duo immediately decided to build an interactive website to make all this data easily available.

On 10 April, www.bazicneeds.com went live. The site offers information about shops to can visit and also to know what can be found in these stores , along with information on waiting time in grocery stores and timing of medical stores, vegetable vendors etc. The phone numbers of the essential service providers are also provided. The location is shown on the map for convenience of the users. This initiative aims at avoiding confusion and panic and promotes buying of necessary goods in a safe and systematic fashion. All vendor numbers and timings have been verified. Many listed roadside vegetable vendors may be willing to deliver to the housing societies.


A vendor registration form is also provided for vendors to list their services. All vendors are called and verified before being updated on the website, the Chawla siblings said.


The site was initially launched with one suburb (Mulund), and now covers Thane and Powai. More suburbs are being added gradually.


The Chawla siblings aim to provide additional services, like doctors, and home tiffin delivery services. Soon, students from across the country would be able to enroll to build the database for the whole country as a crowdsourced initiative, they said.

08:47 (ist)

Global stocks sink on oil price crash and earnings anxiety

Deepak Jasani, Head Of Research, HDFC Securities said: "Indian markets could open lower on Tuesday following weak Asian markets and negative US markets on Monday following oil futures crash.

"US stocks finished near session lows Monday as investors watched oil futures crash, overshadowing optimism about plans for a staggered easing of global lockdowns in the wake of the COVID-19 pandemic. Senators also were in a deadlock over potential additional emergency funds for small businesses.

"Plunging oil prices overshadowed optimism over signs of peak infections in parts of the world, including New York, and plans from Europe, notably Germany, to begin unwinding the recent global economic pause due to the pandemic.

"West Texas Intermediate crude for May delivery finished down $55.90 on Monday, more than 306%, to settle deeply in negative territory at -$37.63 a barrel on the New York Mercantile Exchange, meaning that you have to pay to get someone to take barrels of oil off your hands amid a growing supply glut and storage shortage. The June contract for West Texas Intermediate, the U.S. benchmark, settled at a much higher $20.43 a barrel.

"Asia shares were poised to track a Wall Street tumble on Tuesday after U.S. crude futures turned negative for the first time in history, crushed by a spectacular collapse in oil demand as the coronavirus pandemic derails the global economy.

"Nifty closed on flat note on Monday (down 4.9 points to 9261.85) ending a volatile session. Technically, the Nifty seems to be consolidating in a range. Further directional cues are likely to emerge on a move beyond the 9,128-9,390 trading range." Jasani said.

LIVE NEWS and UPDATES

Apr 21, 2020 - 15:54 (IST)

Sensex tanks over 1,000 points, Nifty below 9,000-mark

The benchmark indices extended the losses in the afternoon trade after opening lower on Tuesday erasing the gains of the previous two sessions due to weal global cues and crude oil plunge. 

The Sensex tanked 1,011.29 points or 3.20 percent to 30636.71, while Nifty was down 280.40 points or 3.03 percent at 8981.45 at close.

IndusInd Bank was the top loser in the Sensex pack plunging over 12 percent followed by Bajaj Finance, ICICI Bank, Axis Bank, Tata Steel, Mahindra & Mahindra and ONGC.

As many as 732 shares have advanced, 1647 shares declined, and 152 shares remained unchanged.

Apr 21, 2020 - 15:42 (IST)

India's avoidable coal imports to be brought down to zero

India is planning to bring ''avoidable coal imports'' to zero by 2023-24 amid abundance of fuel stock due to subdued demand by the power sector in the wake of the coronavirus-driven lockdown, according to a source.

The source, on the condition of anonymity, said the "government is planning to bring down to zero the country''s avoidable coal import by 2023-24".

This comes at a time when the country''s coal imports increased marginally by 3.2 percent to 242.97 million tonnes (MT) in the just-concluded financial year 2019-20.

Of the total, 110 MT of fuel was unavoidable import, while the remaining nearly 130 MT is avoidable import, the source said.

Apr 21, 2020 - 15:40 (IST)

Employees facing movement curbs, plants not operating at full capacity: HUL

 

FMCG major Hindustan Unilever Limited (HUL) on Tuesday said its factories, though operational, are unable to operate at full capacity as its employees continue to face restriction in movement from local authorities in various states amid coronavirus-induced nationwide lockdown.

The company is working with local authorities and state governments to ease out movement restrictions.

“Most of our factories, many of our distribution centres and majority of our suppliers are operating, but not at their full capacity," a spokesperson of HUL told PTI.

Elaborating further the spokesperson said, “we continue to face local or state restrictions in the movement of our people who are working in essential goods supply chain."

Apr 21, 2020 - 15:38 (IST)

Over 1,300 firms get nod to resume work in Maharashtra

Over 1,300 companies, including manufacturing units, foundries, textile firms, have received the Maharashtra Industrial Development Corporation''s (MIDC) certification to resume their operations amid the COVID-19 lockdown.

The MIDC is the state government's nodal agency to facilitate industries in terms of land allotment, permissions and policy making.

"We received registration of some 3,000 industries across the state, of which 1,300 have received certification from the state to resume production, processing or manufacturing," a senior MIDC official told PTI.

As many as 20,000 employees will report to work at these companies, of which 60 per cent will get accommodations near their plants, the official said.

Apr 21, 2020 - 15:35 (IST)

Kia Motors plans to offer financial support to dealers

Kia Motors on Tuesday said it has come up with various initiatives to financially support its dealer partners amid difficult business environment due to COVID-19 pandemic.

The company said it has formulated a programme to help its dealers steer through the challenging phase, which includes multiple initiatives to sustain and improve cash flow to the dealer partners.

The automaker said it would provide support in terms of interest cost of dealer stock, including vehicles in physical and transit stock.

Besides, unutilised dealer funds lying with the company have already been remitted back to their current accounts, it added.

Apr 21, 2020 - 15:35 (IST)

Hero MotoCorp rises over 1%

Apr 21, 2020 - 15:27 (IST)

Sensex down 984 points, Nifty falls 279 points 

The benchmark indices made the recovery in a slow manner as Sensex was trading 984.08 points or 3.11 percent lower at 30,663.92 while the Nifty was down 278.80 points or 3.01 percent at 8,983.05 at around 3.15 pm.

Apr 21, 2020 - 15:19 (IST)

NSE cautions trading members about Zoom video conferencing app, cyber threats

Leading stock exchange NSE has cautioned trading members about video conferencing app Zoom and cyber threats amid increased usage of the platform in the wake of nationwide lockdown to contain coronavirus pandemic.

Many organisations have switched to work-from-home due to outbreak of the pandemic with employees using online communication platforms, including Zoom, Microsoft Teams, for remote meetings and webinars.

It has been observed that some of these apps are not secured and are vulnerable to be exploited thus revealing users identity, location or content of the discussion, the National Stock Exchange (NSE) said in a circular.

The exchange requested all trading members to undertake appropriate actions as applicable to their environment.

Apr 21, 2020 - 15:17 (IST)

Ferrari rolls out coronavirus testing to get staff ready for work

Workers at Ferrari are signing up en masse for voluntary coronavirus screening so they can return to work as soon as possible in an ambitious scheme that could serve as a blueprint for manufacturers desperate to resume production.

Under its 'Back on Track' project, Ferrari staff, families and suppliers first take blood tests to see if they’re clear and will then be given an app which will alert them if they’ve been in close contact with any scheme members who contract COVID-19.

As manufacturers in Europe and North America scramble to find ways to restart their businesses while keeping the virus out of production sites, Ferrari’s scheme to test workers and track possible cases of COVID-19 is being closely watched.

Apr 21, 2020 - 15:16 (IST)

Cash-strapped Virgin Australia collapses, enters voluntary administration

Australia’s second biggest airline, Virgin Australia, collapsed on Tuesday, putting 16,000 jobs under threat as the cash-strapped carrier announced that it entered voluntary administration to recapitalise the business after being battered by the coronavirus pandemic, which has crippled the global airline industry.

The move came after the airline, which suspended almost all flights last month following wide-spread travel bans, failed to secure A$1.4 billion (USD 887.60 million) loan from the federal government.

In a statement, Virgin Australia said the group has entered into voluntary administration to 'recapitalise the business and help ensure it emerges in a strong financial position on the other side of the COVID-19 crisis'.

The group’s board of directors has appointed accounting firm Deloitte as voluntary administrators.

Stock Market Latest Updates: Sensex plunges 870 points, Nifty at 9,000-level; Rupee slips 26 paise to 76.79 against dollar

Washington: Asia shares were poised to track a Wall Street tumble on Tuesday after US crude futures turned negative for the first time in history, crushed by a spectacular collapse in oil demand as the coronavirus pandemic derails the global economy.

Global equity markets slid and bond prices rose as traders dumped the expiring crude futures for May, leading the contract to plunge 306 percent to lows never before seen.

“This is clear evidence of demand destruction,” said Michael McCarthy, chief strategist at broker CMC Markets in Sydney.

“It’s not just relevant to energy markets, this very clear evidence of economic damage is very likely to dampen sentiment.

May futures settled at minus $37.63 a barrel. Over the course of the day prices declined $55.90 a barrel and sank as low as $40.32.

The June contract for West Texas Intermediate, the US benchmark, settled at a much higher $20.43 a barrel.

North Sea Brent, the international benchmark, was at $25.95, down 7.59 percent on the day.

In equities markets, Japan’s Nikkei futures were up 0.52 percent at 23:19 GMT while Australian S&P/ASX 200 futures were down 0.99 percent at 20:59 GMT.

Stock Market Latest Updates Sensex tanks over 1000 points Nifty below 9000mark except pharma all other sectoral indices end in red

The Nikkei 225 index closed up 3.15 percent at 19,897.26​​​ on Monday. The futures contract is down 2.02 percent from that close​.

MSCI’s gauge of stocks across the globe shed 1.15 percent, following broad declines in Asia and slight gains in Europe driven by the healthcare sector.

On Wall Street, the Dow Jones Industrial Average fell 592.05 points, or 2.44 percent ,to 23,650.44. The S&P 500 lost 51.4 points, or 1.79 percent, to 2,823.16. The Nasdaq Composite dropped 89.41 points, or 1.03 percent, to 8,560.73.

Even with Monday’s decline, the S&P 500 has rallied 26.1 percent from its March low, thanks in part to the extreme easing by the Federal Reserve and a $2.3 trillion stimulus package passed by Congress.

Yet analysts are likely underestimating the impact of the global economic lockdown on corporate earnings, some argue.

The United States has by far the world’s largest number of confirmed coronavirus cases, with more than 750,000 infections and over 40,500 deaths, according to a Reuters tally.

The debate over when to lift restrictions to curb the pandemic intensified in the United States, with protesters describing mandatory lockdowns as “tyranny” and health workers and officials portraying them as a matter of life and death.

In Washington, lawmakers were squabbling over a possible $450 billion-plus deal to provide more aid to small businesses and hospitals hurt by the crisis. Senate Republican leader Mitch McConnell said a vote could take place on Tuesday.

US President Donald Trump described the historic crude price drop as short-term and stemming from a “financial squeeze,” adding the administration would consider stopping oil shipments from Saudi Arabia to lift the market.

The dollar edged higher as tumbling crude prices pressured oil-linked currencies.

Bond markets suggested investors expect tough economic times ahead. Benchmark 10-year notes last rose 12/32 in price to yield 0.6179 percent, from 0.656 percent late on Friday, compared with 1.91 percent at the start of the year.

Selling pressure on Italian government bonds has returned in the past week, undoing some of the benefits of the European Central Bank’s massive bond-buying scheme, after euro zone politicians failed to agree to common debt issuance as a means of addressing the crisis.

Meanwhile, Italian Prime Minister Guiseppe Conte on Monday repeated calls for the EU to issue common euro zone bonds to demonstrate the bloc’s solidarity.

Updated Date:

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