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Stock Market Latest Updates: Market ends in green as Sensex rises 199 points, Nifty at 9,251; HUL, Nestle India among top gainers

Stock market today LIVE Updates: Market ends in green as Sensex rises 199 points, Nifty at 9,251; HUL, Nestle India among top gainers

FP Staff May 08, 2020 15:56:33 IST
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Stock Market Latest Updates: Market ends in green as Sensex rises 199 points, Nifty at 9,251; HUL, Nestle India among top gainers

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May 08, 2020 - 15:57 (IST)

Market ends in green as Sensex rises 199 points, Nifty at 9,251

Benchmark indices closed in gains after a volatile session on Friday and profit booking in the final hour of trade pulled the Nifty below 9,300.

Sensex jumped 199.32 points or 0.63 percent to 31,642.70 while the Nifty was up 52.45 points or 0.57 percent at 9,251.50. 
 

HUL, Nestle India, Tech Mahindra, Sun Pharma, Reliance Industries, Infosys and Ultra Cement were the top gainers in the Sensex pack.

Buying was seen in the pharma, FMCG, energy, IT and infra space, while auto, bank and metal sectors witnessed selling. 

May 08, 2020 - 15:49 (IST)

Travel sector suffers, micro businesses clock sharp growth

While the increase in food and retail is justified by the demand for essential supplies, travel restrictions imposed during COVID-19 have resulted in an obvious dip in the travel sector, and also vehicle services, said Sampad Swain, co-founder and CEO, Instamojo.

"While several sectors are impacted due to lockdown in the country, micro businesses in particular experienced a meteoric growth owing to the implementation of novel ideas. Given the size of these businesses, they have the bandwidth to be flexible, and explore unique ideas with low risk involved. Also small-sized digital payment transactions from these businesses have picked up rapidly, contributing to a major percentage of growth volumes,” he said.

May 08, 2020 - 15:42 (IST)

Rapido launches on-demand person-to-person delivery service 

Rapido, a bike taxi app, has announced the launch of Rapido Box, a new on-demand delivery service where customers can request pick and drop of food, groceries and medicine on the app, from or to another customer.

The person to person (P2P) on demand delivery service will enable users to exchange food, groceries or medicines with their family and friends who are not able to step out of their homes for essentials or have run out of certain essential items, in times of need. 

The company will leverage its already existing fleet of aaptains to ensure quick and prompt deliveries across three cities - Bangalore, Kolkata and Hyderabad. The newly-launched service will also aim to boost the utilisation & revenue of the Captains on road, amid lockdown.

The base price of the new service will be Rs 35 for 2 km and Rs 15/km after 2 km.

Users will be able to track their orders through an Order Tracking URL which will be shared with them through SMS. In order to avail this service, customers are required to update their Android app.

May 08, 2020 - 15:35 (IST)

Adani Gas Q4 profit up 61% at Rs 122 cr

Power utility major Adani Gas on Friday reported 61 percent hike in its profit after tax of Rs 122 crore in the January to March quarter compared to Rs 76 crore in the year-ago period.

The revenue declined by 1 percent to Rs 490 crore in Q4 FY20 from Rs 494 crore in Q4 FY19.

However, operating earnings before interest, tax, depreciation and amortisation (EBITDA) moved up by 20 percent to Rs 168 crore from Rs 140 crore in the same period.

The company said that COVID-19 pandemic and consequential nationwide lockdown impacted the current ongoing demand of CNG and PNG by industrial and commercial segments.

May 08, 2020 - 15:32 (IST)

States get about Rs 103 cr as upfront payment for coal mines

A total of Rs 102.7 crore has been transferred to the coal-bearing states including Odisha and Chhattisgarh on account of upfront payment for blocks that were auctioned and allotted last year.

The amount towards upfront payment to the coal-bearing states i.e. Chhattisgarh, West Bengal, Madhya Pradesh and Odisha was sanctioned, an official said.

Of Rs 102.7 crore, the maximum amount of Rs 71.4 crore was transferred to Odisha, followed by Rs 21.4 crore to Chhattisgarh, Rs 5.4 crore to West Bengal and Rs 4.4 crore to Madhya Pradesh.

The coal ministry had in January received a sum of Rs 41.2 crore as first installment of upfront payment from Vedanta for Jamkhani coal block in Odisha, which the company had bagged in the auction held last year.

May 08, 2020 - 15:31 (IST)

Digital transformation way ahead post-coronavirus outbreak

Regionalisation shall become a trend for things that can be produced and consumed in close proximities.

While it has been difficult, every firm is trying to move its business or a part of it online while being forced to stay relevant online at this hour, said Debprotim Roy, CEO, Canvas.

Event firms have generally pivoted to webinars, schools and colleges have turned to online education, town halls are being held over video calling platforms and workforces are slowly accepting that remote work could become a tested norm in the future, he said.

"As experts had even earlier expected, remote work will not replace work as we knew a few months back, but it shall become a part of it, naturally. Working remote won’t be something you need permission for anymore," Roy said.

May 08, 2020 - 15:26 (IST)

ATM industry seeks lower GST rate, stimulus to address COVID-19 challenges

The ATM industry has pitched for a stimulus package along with several relaxations, including lowering of the GST rate, saying the current lockdown due to the coronavirus infection has hit transactions and posed severe challenges.

In a letter to Finance Minister Nirmala Sitharaman, the Confederation of ATM Industry (CATMi) mentioned that it has been recognised by the government as a crucial player to further the financial inclusion.

The COVID-19 situation has caused a sharp decline in the ATM transactions and has posed severe business challenges to the ATM industry, the CATMi stated.

May 08, 2020 - 15:11 (IST)

Indices remain volatile; Sensex up 245 points, Nifty at 9,260-mark

Indices remained volatile and gave up most of the early gains. Sensex was trading 244.89 points or 0.78 percent higher at 31,688.27 while the broader Nifty was up 61.40 points or 0.67 percent at 9,260.45 at around 3 pm.

May 08, 2020 - 14:59 (IST)

Reliance Industries m-cap at Rs 10 lakh cr

May 08, 2020 - 14:56 (IST)

Gold futures surge on positive demand

Gold prices on Friday rose by Rs 44 to Rs 46,205 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 44, or 0.1 percent, to Rs 46,205 per 10 gram in a business turnover of 13,615 lots.

The yellow metal for August delivery edged up by Rs 63, or 0.14 percent, to Rs 46,442 per 10 gram in a business turnover of 7,105 lots.

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

Stock Market Latest Updates: Market ends in green as Sensex rises 199 points, Nifty at 9,251; HUL, Nestle India among top gainers

New York: Asian stocks were set to track Wall Street gains on Friday, after upbeat corporate earnings took the focus off upcoming data that is expected show the worst US unemployment rate in more than 70 years.

Stock futures were up ahead of the Asia market open while Thursday trading saw oil and the dollar give up earlier gains. US Treasuries prices rose despite massive deficit financing and interest rate futures toying with the negative rates.

E-mini futures for the S&P 500 ESc1 rose 0.3 percent. Japan’s Nikkei 225 futures added 0.7 percent.

Australian S&P/ASX 200 futures YAPcm1 rose 0.1 percent in early trading.

The upbeat sentiment follows gains of over 1 percent in main US and European stock indexes on Thursday.

Looming on the market horizon, however, is a report on Friday that is expected to show that the US April unemployment rate jumped to 16 percent as people stayed home to thwart the spread of the novel coronavirus .

Stock Market Latest Updates Market ends in green as Sensex rises 199 points Nifty at 9251 HUL Nestle India among top gainers

“While the deterioration is known, many will be asking whether risk sentiment can stand such a sticker shock,” Tapas Strickland of National Australia Bank said in note on Friday.

Markets have already had a taste of such weakness in weekly claims for unemployment benefits that added up to some 33.5 million people over the past few weeks, roughly one of every five American workers.

In currency trading, some booked profits from recent greenback gains with the dollar index falling 0.3 percent from a two-week high on Thursday.

“It’s a good time to take profits off the table ahead of what is expected to be a historically bad jobs report,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.

The euro was little changed at $1.0836.

Oil prices backed off with Brent LCOc1 futures down 26 cents, or 0.9 percent, at $29.46 a barrel, while U.S. crude CLc1 lost 44 cents, or 1.8 percent, to $23.55.

Brent had been up over 5 percent and US crude up over 10 percent earlier in the day, cheered by a surprise increase in China exports and a rise in Saudi Arabia’s official price for crude.

US Treasury yields fell on Thursday from three-week highs as investors adjusted to a flood of new longer-dated debt announced earlier in the week, part of the government’s plan to borrow $3 trillion this quarter, five times the previous quarterly record.

The yield on the benchmark 10-year note fell to 0.633 late on Thursday from 0.713 the prior afternoon. The yield on the 30-year bond fell to 1.3156 percent late on Thursday from 1.413 percent the prior afternoon.

Volatility hit the other end of the yield curve, where federal funds futures began pricing in negative U.S. interest rates for the first time. That came even as Federal Reserve officials have said such a development would be bad for the economy. Two-year yields also fell to record lows of 0.129 percent.

Gold jumped more than 2 percent on Thursday in what Bob Haberkorn, senior market strategist at RJO Futur, called “pre-emptive trading” in anticipating the weak U.S. jobs data.

Spot gold was down 0.2 percent to $1,714.53 an ounce.

On Wall Street indexes climbed on Thursday, with the Nasdaq erasing losses for 2020, following a clutch of upbeat earnings. PayPal Holdings soared 14 percent .

PayPal said it expects a strong recovery in payments volumes in the second quarter as social distancing drives more people to shop online.

Updated Date:

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