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Stock Market Latest Updates: Indices give up intra-day gains as Sensex, Nifty end in red; ICICI Bank, HUL among major losers

Stock Market Latest Updates: Indices give up intra-day gains as Sensex, Nifty end in red; ICICI Bank, HUL among major losers

FP Staff May 11, 2020 16:05:12 IST
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Stock Market Latest Updates: Indices give up intra-day gains as Sensex, Nifty end in red; ICICI Bank, HUL among major losers

Highlights

11:07 (ist)

Sovereign Gold Bonds open today, issue price fixed at Rs 4,590 per gram

The Sovereign Gold Bond Scheme (SGB) 2020-21-Series II opens for subscription today-11 May 2020. The scheme will close on 15 May, 2020.

The issue price has been fixed at Rs 4,590 per gram of gold, the Reserve Bank of India said in a statement on Friday.

10:02 (ist)

Automobile showrooms, retailers can reopen in TN: Govt

The Tamil Nadu government on Sunday specifically named the kind of standalone outlets that could resume work from Monday (today) and made it clear that only small and non-air conditioned jewellery and textile showrooms located in rural areas will be permitted to open.
 
 
The government, a day after announcing easing curbs further in non-containment zones with conditions like social distancing effective May 11, listed 34 kinds of businesses that are allowed to operate.
 
 
Motorcycles/two-wheeler and car sales and service showrooms, firms dealing in automobile spare parts are allowed to open. Stores selling tiles, construction materials, cement, sanitary ware,household appliances and optical shops can operate.
 
 
"Small jewellery stores and textile shops without air conditioning and located in rural areas only will be allowed," an official release said. Retail outlets engaged in sales and service of a range of consumer items like electrical goods, mobile phones, motor, mixie, grinder and television can operate. Dry cleaners, lorry booking service firms, photocopying shops, courier service companies, plywood shops, saw mills, paint stores were among the other firms allowed to function.
 
 
Tea shops, bakeries and restaurants will be permitted to offer only take away services. Groceries and vegetable shops that were allowed to operate through the lockdown since 24 March can continue to work as usual.
 
 
On Saturday, the State government allowed private sector firms to resume work with 33 percent work force. The government also extended the timings for groceries and vegetable shops from the present 5 pm till 7 pm, effective Monday, throughout Tamil Nadu. These outlets can start work from 6 AM as usual.
 
 
As regards standalone and neighbourhood shops in Chennai, they can function from 10.30 AM till 6 PM as against the present cut off time of 5 PM
 
09:12 (ist)

Markets expected to open positive, track Asian cues

Deepak Jasani, Head Of Research, HDFC Securities, said, "The markets could open up tracking Asian markets and US markets even as second wave of Covid 19 infections raise some concern. The Indian markets could open in the positive today following positive Asian markets today and US markets that closed up on Friday as oil prices gained and April jobs report came in better than expected.

"US stocks ended Friday’s session sharply higher despite Labor Department data showing 20.5 million jobs were lost in April, with the unemployment rate rising to 14.7%, underscoring the depth of the impact of the COVID-19 pandemic on the American economy. However, the headline number was better than some estimates for 22 million newly unemployed. A broader measure of unemployment that includes discouraged job seekers and other people on the fringes of the labor market skyrocketed to a record 22.8%.

"In a sign of reduced skittishness among investors, the CBOE Market Volatility Index, Wall Street’s so-called fear gauge, closed at 27.98, the first time below 30 since 26 February. In a Fox News interview Friday morning, Trump said he’s having “a very hard time with China” and hasn’t decided how to handle the trade relationship.

"The Indian government plans to borrow 12 trillion rupees ($160 billion) in the fiscal year to March 2021, up from the previously budgeted 7.8 trillion rupees to cushion the blow from the new coronavirus pandemic, it said on Friday. The government will now borrow 300 billion rupees via a sale of bonds each week, sharply higher than the 190 billion-210 billion rupees scheduled as per the calendar released at end-March. Bond yields are likely to open sharply higher on Monday if there is no announcement from the central bank on how it plans to support the fresh higher borrowing program.

"Brokerage firm Nomura has cut steeply its FY2021 GDP forecast for India from -0.4 percent to -5.2 percent. The firm added that the government's decision to borrow Rs 12 lakh crore (revised higher from Rs 7.8 lakh crore) means that the fiscal deficit, by the official math, can be pegged at 5.5-6 percent of GDP.

"The Indian Railways will be gradually starting passenger train operations from May 12, initially, with 15 pairs of trains (30 return journeys).

"Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies, even as some reported an unwelcome pick up in new coronavirus cases. South Korea warned of a second wave of the new coronavirus as infections rebounded to a one-month high, while new infections accelerated in Germany.

"The Indian Markets bounced back on Friday to end with decent gains. A sell off from the highs post 2 pm curbed the gains. The Nifty finally gained 52.45 points or 0.57% to close at 9,251.5. Negative news from Moodys downgrading India’s growth outlook and data on Mutual fund inflows for April showing sequentially lower equity inflows impacted sentiments. Technically, the Nifty remains in a short term down trend and gets sold into on rallies to 9400. Further downsides are likely once the immediate crucial support of 9116 is broken. Any pullback rallies could find resistances at 9381-9451," Jasani said.

LIVE NEWS and UPDATES

May 11, 2020 - 15:59 (IST)

Sensex, Nifty end in red; bank, pharma stocks witness selling

The benchmark indices ended marginally lower after giving up the early gains in a volatile session on Monday. 

Sensex fell 81.48 points or 0.26 percent at 31,561.22, while Nifty was down 12.30 points or 0.13 percent  at 9,239.20. 
 

ICICI Bank, Kotak Mahindra Bank, HUL, HDFC and IndusInd Bank were the major losers in the Sensex pack.

Hero MotoCorp, Bajaj Auto, Maruti Suzuki and TCS were among the major gainers.

Among sectors, Nifty auto index rose over 4 percent followed by IT, infra, metal, while selling witnessed in the bank and pharma stocks.

May 11, 2020 - 15:50 (IST)

Labour laws suspension by states to pull businesses out of crisis: ISF

Apex body of staffing firms ISF on Monday hailed the decision of certain states on suspension of some key labour laws for the next three years to help revive businesses hit by the COVID-19 crisis.

The India Staffing Federation (ISF) said that simplified labour laws will propel faster growth and hiring, significantly allowing employers to increase opportunities for citizens.

"ISF welcomes the decision of various states to "suspend multiple labour law provisions across its boundaries for the next three years considering it will not only help the industry come out of the crisis and boost their investments, but also promote ease of doing business induced by the lockdown to combat COVID-19 pandemic", it said.

May 11, 2020 - 15:42 (IST)

Nykaa employees donate 1 day salary to PM Cares Fund 

Over 1,500 Nykaa employees donated one day's salary, matched by an equal contribution by founder Falguni Nayar and family, and raised close to Rs. 1 crore towards the PM Cares Fund. 

Falguni Nayar, founder & CEO, Nykaa said, "This Nykaa family contribution is in solidarity with our nation and people at this time of a crisis, to support our government in their work towards relief and rehabilitation."

Nykaa has also donated masks and hygiene products to police forces in Mumbai, Delhi, Pune and Bangalore in appreciation of their dedication towards ensuring the safety of the citizens in extremely challenging conditions.

May 11, 2020 - 15:40 (IST)

Oil falls on fears of coronavirus second wave

Oil prices fell on Monday as a new wave of coronavirus infections in some countries and concern over a persistent glut cancelled out support from supply cuts by the world’s biggest producers.

Brent crude was down $1.11, or 3.6 percent, at $29.86 a barrel, while US West Texas Intermediate crude fell 92 cents, or 3.7 percent, to $23.82.

Possible signs of a second wave of infections worried investors as Wuhan, the epicentre of the coronavirus outbreak in China, on Monday reported its first cluster of infections since the city’s lockdown was lifted a month ago.

South Korea also warned of a second wave of the coronavirus on Sunday as countries across the globe begin to step up efforts to ease coronavirus-related restrictions.

May 11, 2020 - 15:39 (IST)

Expect financial package from govt in 2-3 days: Nitin Gadkari to industry

Union minister Nitin Gadkari on Monday said he expects the Centre to unveil a financial package in two-three days, observing that the situation "was very bad" despite the three-month moratorium on loan repayments announced by the RBI.

The minister for MSME, and Road Transport and Highways said the government stands with the industry but it also needs to understand the government's limitations.

"We are trying our level best on how we can protect everybody," Gadkari said, adding that while Japan and the US governments have announced mega packages, their economies are bigger than India's.

May 11, 2020 - 15:38 (IST)

Bajaj Auto dealerships, service centres reopen in several parts of India

Bajaj Auto on Monday said it has commenced reopening of dealerships and service centres in various parts of the country following relaxation in guidelines by the government for the third phase of lockdown till 17 May.

The reopening began on 4 May with the dealerships taking permission from respective local authorities. All the touch points are following mandated protocols to ensure the safety of customers and dealer staff, Bajaj Auto said in a statement.

Commenting on reopening of dealerships, Bajaj Auto Ltd Executive Director Rakesh Sharma said, "India is gearing up for the new normal post the COVID-19 pandemic and so are we at Bajaj Auto. The opening of workshops and dealerships is another step towards making a fresh start."

May 11, 2020 - 15:30 (IST)

Indices extend losses as Sensex down 73 points, Nifty at 9,242  

Indices extended the losses as Sensex was trading 73.33 points or 0.23 percent lower at 31,569.37 while the Nifty was down 9.25 points or 0.1 percent at 9,242.25 at around 3.15 pm.

May 11, 2020 - 15:23 (IST)

Sterlite Tech to go slow on Rs 300 cr expansion of cable manufacturing units

Data network solutions provider Sterlite Technologies has said it will go slow on the proposed Rs 300 crore expansion of cable manufacturing units in India and Italy, following global coronavirus pandemic.

The expansion, which was slated to begin in June this year, will now start around March 2021, when there is greater clarity on the business environment, Sterlite Technologies Group CEO Anand Agarwal told PTI.

"We have a plan of expanding cabling facility but we have slowed that down, we are currently looking at supply-demand scenario...," he said.

The Rs 300 crore expansion blueprint of cable manufacturing units in India and Italy entailed increasing the capacity from 18 million to 33 million fibre kilometres, he said adding, "we have delayed that plan by 6-9 months".

May 11, 2020 - 15:22 (IST)

TRAI asks public to check rates before joining online conferencing platforms

The telecom regulator on Monday asked public to exercise due caution while joining online conference platforms via audio calls by first checking applicable rates for dialling such numbers and their helplines.

The advice by the Telecom Regulatory Authority of India (Trai) comes in the wake of instances where users experienced "bill shocks" after inadvertently dialling international numbers to get onto online conferencing.

The regulator said it is also aware of cases where the customer care centres of service providers are either premium numbers or international numbers.

"Obviously, the members of public who use such services inadvertently may have to pay higher rates applicable to premium numbers or international numbers which would imply application of ISD tariffs," the telecom sector watchdog said in a statement.

May 11, 2020 - 15:20 (IST)

HDB Financial Services sacks about 150 employees

HDB Financial Services, a non-banking financial arm of HDFC Group, has sacked about 150 employees during the lockdown, a development which the company said involves a minuscule number of employees and has nothing do with the current economic situation.

However, many of these employees came out on social media platforms against the firing while alleging that HDB Financial Services asked them to resign with immediate effect or face termination.

The company left them to fend for themselves when there is practically no scope of finding a new job in the middle of the lockdown due to the coronavirus pandemic, the sacked employees alleged.

When contacted, HDFC Bank, the parent company of HDB Financial Services, said those resorting to Twitter were a set of disgruntled employees who were being watched for their performances and were intimated well in advance about the same as also there were some ethical issues.

Stock Market Latest Updates: Indices give up intra-day gains as Sensex, Nifty end in red; ICICI Bank, HUL among major losers

Sydney: Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies, even as some reported an unwelcome pick up in new coronavirus cases.

South Korea warned of a second wave of the new coronavirus as infections rebounded to a one-month high, while new infections accelerated in Germany.

Still, investors seemed determined to stay optimistic and MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.1 percent.

Japan's Nikkei added 0.7 percent and South Korean stocks 0.3 percent. E-Mini futures for the S&P 500 ESc1 opened soft but bounced as the morning wore on and was last up 0.3 percent.

Wall Street had rallied on Friday after the April payrolls report proved dire but not quite as awful as analysts’ worst fears.

Stock Market Latest Updates Indices give up intraday gains as Sensex Nifty end in red ICICI Bank HUL among major losers

Representational image. Reuters.

“Just getting the worst jobs report in history out, is at the margins helpful for risky assets,” said Alan Ruskin, head of G10 FX at Deutsche Bank.

“Since late March there has been an extraordinary divergence between the real economy and financial risk, with the latter helped by unprecedented policy accommodation,” he added.

“Markets know the real economy data is awful. We are less sure of how long markets aided by policy, can defy the real economy, if the growth improvement is slow.”

The bond market certainly seems to think any recovery will be slow with two-year yields hitting record lows at 0.105 percent and Fed fund futures turning negative for the first time ever.

The rally in prices has come even as the US Treasury plans to borrow trillions of dollars in the next few months to plug a gaping budget deficit.

Federal Reserve Chair Jerome Powell is due to give a key note speech on Wednesday and analysts suspect he will rule out taking rates negative, at least for now.

The decline in US yields might have been a burden for the dollar but with rates everywhere near or less than zero, major currencies have been stuck in tight ranges.

The dollar was a shade firmer on the yen at 106.94 on Monday but well within the 105.97 to 109.37 band that has lasted since late March. The euro was a fraction softer at $1.0830 but above last week's low at $1.0765.

Against a basket of currencies, the dollar was idling at 99.837 sandwiched between support at 98.769 and resistance around 100.40.

In commodity markets, gold edged up 0.3 percent to $1,706 an ounce.

Oil prices opened about 1 percent lower as a persistent glut weighed on prices and the coronavirus pandemic eroded global oil demand, even as some governments began to ease lockdowns.

Brent crude LCOc1 futures lost 27 cents to $30.70 a barrel, while US crude CLc1 fell 39 cents to $24.35.

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