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Stock Market Latest Updates: Sensex jumps 416 points, Nifty above 9,200-mark; rupee rises 21 paise to 76.24

Stock Market today LIVE Updates: Sensex rises over 550 points, Nifty above 9,300-level; IndusInd Bank up 6%

FP Staff April 27, 2020 16:06:55 IST
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Stock Market Latest Updates: Sensex jumps 416 points, Nifty above 9,200-mark; rupee rises 21 paise to 76.24

Highlights

08:50 (ist)

Hopes over on outcome of Bank of Japan meeting

Deepak Jasani, Head Of Research, HDFC Securities said, "Indian markets could open in the positive today following positive Asian markets today and higher US markets on Friday.

Indian benchmark indices ended on negative note after a volatile session on 24 April. This was after two days of gains. Nifty closed down 159.50 points or 1.71% at 9154.40. For the week, the index was down 0.8 percent, its first weekly drop after gaining for back-to-back weeks. Technically, with the Nifty correcting on Friday, traders will need to watch if the Nifty index can now hold above the immediate supports of 8946-8908 early next week for the bulls to regain control. Else, the Nifty could resume its intermediate downtrend. On upmoves, 9314 can provide resistance

"US stock indexes closed higher on Friday but logged weekly losses as investors digested economic data, mixed corporate results, and the latest economic aid package from Congress to combat the COVID-19 pandemic. For the week, the Dow fell 1.9%, the S&P 500 declined 1.3% and the Nasdaq retreated 0.2%.

"Oil futures booked a third gain in a row after their recent plunge, but ended down sharply for the week. West Texas Intermediate crude for June delivery gained 44 cents, or 2.7%, to settle at $16.94 a barrel, but the most-active contract notched a weekly drop of 32%, its worst weekly fall on record based on the most-active contract. In economic data, U.S. orders for durable goods slumped 14.4% in March. A final reading on consumer sentiment from the University of Michigan for April came in at 71.8 from 89.1 in March.

"The US Fed meets Tuesday and Wednesday, and while it’s not expected to take any new action, it will likely discuss the many programs it quickly rolled out to support the economy and provide liquidity. Asian shares inched higher on Monday ahead of a busy week for earnings and central bank meetings, with much talk the Bank of Japan (BOJ) will announce more stimulus steps," Jasani said.

LIVE NEWS and UPDATES

Apr 27, 2020 - 16:01 (IST)

Sensex jumps 416 points, Nifty above 9,200-mark

The benchmark indices gave up the early gains and ended in the green on Monday. 

Sensex jumped 415.86 points or 1.33 percent to 31,743.08 while the Nifty was up 127.90 points or 1.40 percent at 9,282.30. 
 

IndusInd Bank was the major gainer in the Sensex pack surging over 6 percent. Other top gainers included Axis Bank, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance. 

As many as 1,286 shares advanced, 1,076 shares declined, and 180 shares remained unchanged.

Apr 27, 2020 - 15:53 (IST)

Rupee rises 21 paise to 76.24

The rupee ended higher by 21 paise at 76.24 per dollar, helped by buying seen in the domestic equity market.

The domestic unit opened higher at 76.17 against the US dollar and it rose to 76.05 at day's high.

Apr 27, 2020 - 15:48 (IST)

Reliance starts using WhatsApp for grocery deliveries but model to evolve

Billionaire Mukesh Ambani''s Reliance Industries has started limited test use of WhatsApp to connect customers to grocery stores, days after Facebook decided to invest $5.7 billion in digital assets controlled by the company.

JioMart, an e-commerce venture of Reliance Retail, "has already started interacting with customers on WhatsApp for grocery orders" in Navi Mumbai, Thane and Kalyan, Credit Suisse said in a report.

"The customer initiates the interaction on WhatsApp, checks out the grocery order on JioMart webpage, gets connected with a retail store on WhatsApp and then customer picks up the order from Kirana and pays in cash," it said, adding the model is likely on delivery and completion of the transaction on one app.

Apr 27, 2020 - 15:46 (IST)

Lincoln Pharma gets Gujarat regulator nod to manufacture COVID-19 drugs

Lincoln Pharmaceuticals on Monday said it has received approval from the Gujarat Food and Drug Control Administration to manufacture hydroxychloroquine (HCQ) among other critical drugs to treat COVID-19, at its Khatraj facility in Ahmedabad.

The company has received approval from the state regulator to manufacture varied dosages of HCQ tablets and HCQ sulfate tablets among others at Khatraj plant, Lincoln Pharma said in a statement.

After necessary approval from the Directorate General of Foreign Trade (DGFT), the company will be able to export these products, it added.  

The approval by the state regulator is to manufacture both the drugs in the strengths of 200 mg, 300 mg and 400 mg, the statement said.

Apr 27, 2020 - 15:41 (IST)

About 90% of prospective homebuyers see price correction post-lockdown: Survey

Around 90 percent of prospective homebuyers expect prices to fall due to adverse impact of COVID-19 outbreak, according to a survey by real estate classified platform 99acres.com.

According to the survey, 40 per cent of the total prospective homebuyers, who were searching flats for purchase before lockdown, have postponed their plan while 60 percent are still keen to buy within the next 12 months.

Major reasons for delaying their plan to buy were uncertainty in the market (56 percent) and financial factors (30 percent), the realty portal said in a statement. 

The survey has been conducted with a sample size of around 1,761 prospective homebuyers from major cities including Delhi (NCR), Mumbai, Kolkata, Hyderabad, Bengaluru, Pune, Chennai, Chandigarh, Ahmedabad, and Lucknow. 

Apr 27, 2020 - 15:29 (IST)

Indices down from day’s high as Sensex up 372 points, Nifty holds 9,200-mark

The benchmark indices gave up the early gains and slipped from day’s high in the afternoon trade.

Sensex was trading 371.67 points or 1.19 percent higher at 31,698.89 while the Nifty was up 116.50 points or 1.27 percent at 9,270.90 at around 3.15 pm.

Apr 27, 2020 - 15:18 (IST)

Force Motors deploys 80 mobile dispensaries in Maharashtra cities

Pune-based automaker Force Motors on Monday said it has deployed over 80 mobile dispensaries along with teams of doctors and paramedics as well as medicines across several cities of Maharashtra to conduct medical check-ups, to fight the coronavirus pandemic.

The mobile medical care facility, ''Doctor Aplya Daari'', launched early this month in association with a non-governmental organisation (NGO), which is also fully-equipped to identify coronavirus symptoms, has till Sunday checked over 1.11 lakh persons, the company said in a release.

The medicines are prescribed and given out for free, it said adding that these mobile units can check 2,500 people per day and can examine the symptoms of around 500 patients in a day.   

Apr 27, 2020 - 15:12 (IST)

Bandhan Bank stock jumps over 5%

Apr 27, 2020 - 15:00 (IST)

Fixed line broadband users, data usage surge due to lockdown: Report

The lockdown to control coronavirus infection has come as a 'godsend' to the fixed line broadband sector, which was struggling with stagnancy in subscribers for four years, a report said on Monday.

The ongoing lockdown, wherein many people are forced to work from home, has resulted in a surge in subscribers and also data usage, the research wing of domestic rating agency Crisil said in a note.

Fixed broadband refers to taking internet connectivity till homes or businesses using an optical fibre or fixed line.

The Crisil note said due to the aggressive play by the telcos, which started giving the fast 4G connectivity at low rates, the number of subscribers has stagnated at 19 million since 2016.

Apr 27, 2020 - 14:53 (IST)

Sensex up 442 points, Nifty below 9,300 

The benchmark indices gave up early gains as Sensex was trading 441.81 points or 1.41 percent higher at 31,769.03 while the Nifty was up 135.25 points or 1.48 percent at 9,289.65 at around 2.45 pm.

Stock Market Latest Updates: Sensex rises over 550 points, Nifty above 9,300-level; IndusInd Bank up 6%

Sydney: Asian shares inched higher on Monday ahead of a busy week for earnings and central bank meetings, with much chatter the Bank of Japan (BOJ) will announce more stimulus steps.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent in early trade, having shed 2.6 percent last week. Japan's Nikkei gained 1.1 percent, while E-Mini futures for the S&P 500 ESc1 dipped 0.4 percent.

There is considerable speculation the BOJ will pledge to buy unlimited amounts of government bonds, removing the current target of 80 trillion yen per year, even though it has not been near reaching it.

It is also expected to raise purchases of corporate and commercial debt, and perhaps launch a new loan programme to help companies struggling with cash flow.

The Federal Reserve and the European Central Bank meet later in the week, with the latter likely to do more.

“For the Fed, no further developments on QE or interest rates are expected, but we expect it to underline that its policies will be in place indefinitely to support the economy,” wrote analysts at ANZ in a note.

Stock Market Latest Updates Sensex jumps 416 points Nifty above 9200mark rupee rises 21 paise to 7624

Representational image. Getty

“We expect the ECB to raise the size of its emergency bond buying package (PEPP) by around 500 billion euros to 1.250 trillion and to continue pressing for a sizeable fiscal stimulus.”

On the data front, the United States and European Union release GDP for the first quarter and the influential USISM survey on manufacturing.

Earnings season will be in full swing with around 173 companies in the S&P 500 reporting this week, including Apple, Amazon, Facebook, Microsoft, Caterpillar, Ford, GE and Chevron.

Analysts expect a 15 percent decline in S&P 500 first-quarter earnings, with profits for the energy sector estimated to slump more than 60 percent, raising fears of debt defaults, layoffs and possible bankruptcies.

Bond markets remain well supported by the truly massive easing under way from major central banks, which have seen US 10-year yields US10YT=RR trade around 0.6 percent for a week or more.

The dollar has been generally bid thanks to its safe haven status as the world’s most liquid currency at times of stress, though moves have been relatively mild in recent weeks.

The dollar index touched a three-week high at 100.860 on Friday before easing back to 100.250 on Monday.

The euro was steady at $1.0816, having hit a one-month low of $1.0725 on Friday, while the dollar was flat on the yen at 107.44 JPY.

Gold held at $1,723 per ounce, after gaining 2.5 percent last week.

Oil prices looked set for another volatile week, having fallen in eight of the last nine weeks. US crude even traded below zero last week as demand collapsed 30 percent due to the pandemic, leaving more oil than could be stored.

Brent crude LCOc1 futures firmed 45 cents to $21.89 a barrel, while US crude CLc1 fell 52 cents to $16.42. ]

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