Stock Market Today Latest Updates: Market gives up morning rally, Sensex ends below 30,000-mark; TCS, Titan among major losers

Stock Market Today LIVE Updates: Benchmark indices off opening lows; Mahindra surges, Cipla among top gainers

FP Staff April 08, 2020 15:45:23 IST
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Stock Market Today Latest Updates: Market gives up morning rally, Sensex ends below 30,000-mark; TCS, Titan among major losers


12:52 (ist)

Govt likely to pay Rs 20,000 cr pending GST compensation to states: Report

In a major relief in the wake of 21-day lockdown due to coronavirus outbreak, the Centre is expected to pay Rs 20,000 crore in pending Goods and Service Tax (GST) compensation to states soon, said a news report.

The financial aid is from the Consolidated Fund of India, not from the compensation cess, said a report in Business Standard

Apart from this, the finance ministry and the Prime Minister’s Office (PMO) are reportedly planning another stimulus package and it may be announced soon, the report said.

“The revenue department has been authorised to clear Rs 20,000 crore in GST compensation dues to states,” a top government official was quoted as saying in the report.


Apr 08, 2020 - 16:01 (IST)

Market gives up morning rally, ends in red; Sensex below 30,000-mark 

The market gave up the strong rally in the morning and ended in the red. The Sensex crossed 31,000-mark while Nifty went past 9,000-level in the morning trade on Wednesday.

The Sensex fell 173.25 points or 0.58 percent to 29893.96 while the Nifty was down 43.45 points or 0.49 percent at 8748.75 at close. 

TCS, Titan, ICICI Bank, SBI, Bharti Airtel and ITC were the major losers in the Sensex pack.

The gainers included SunPharma, NTPC, IndusInd Bank, Bajaj Finance, Maruti and Hero MotoCorp

As many as 1,478 shares advanced, 845 shares declined, and 156 shares remained unchanged.

Apr 08, 2020 - 15:47 (IST)

Grofers to hire 5,000 people over 2 weeks to ramp up capacity

Online grocery platform Grofers is looking at hiring 5,000 employees to ramp up its capacity to meet the spike in orders amid the nationwide lockdown.

The company has also partnered with resident welfare associations (RWAs) of over 100 societies across metros to make essentials available to a larger number of people amid the 21-day lockdown imposed to contain the spread of COVID-19.

Outlining the steps taken by the company over the last three weeks, its co-founder and CEO Albinder Dhindsa said the Grofers app is seeing over 1.5 million people trying to order daily.

"Everyday our app is seeing over 1.5 million people trying to order. Given the constraints on how many people we can cater to, we are only able to serve 1 out of 8 customers today...(we) are working on adding more capacity to make this work for more people," he said in the company blog dated 7 April.

Apr 08, 2020 - 15:41 (IST)

Shake-out in electric two, three-wheeler segment expected in short term

The coronavirus pandemic and the ongoing lockdown will lead to shake-out in electric two and three-wheeler industry with smaller players unable to survive the "extreme short term" folding up, according to Society of Electric Vehicle Manufacturers (SMEV).

However, in the long run there is a silver lining as electric vehicles will find more acceptance with people now realising how air quality and environment has improved during the stay-at-home period with internal combustion engines staying off the roads, SMEV Director General Sohinder Gill told PTI.

"It is a day-to-day operation these days and monitoring being done everyday basis because in the network across India all shutters are down, which means for the last 25 days the retail is zero," he said when asked about the situation on the ground at present.

Apart from the uncertainty of when the lockdown will be lifted, he said it is also unclear if the customers will really come back to showrooms as discretionary spends will always be secondary.

Apr 08, 2020 - 15:19 (IST)

Fuel demand likely to fall 40% in April: Report

The fuel demand, which witnessed a fall by around 20 percent in March amid the lockdown, likely to decline further to 40 percent in April, impacting pricing and increasing borrowing cost for oil marketing companies, according to a report.

The three-week national lockdown ending 14 April has seen individuals remaining indoors, shops and businesses shut, and vehicular movement, including the Railways, airlines, trucks and private vehicles, remaining off the roads.

According to a report by India Ratings, the overall demand for fuel has come down by around 20 per cent, while capacity utilization levels have fallen to 50 percent in March.

Typically, refining operations under 40 percent capacity utilisation become unviable due to higher fixed operating expenses. However, capacity utilisation has remained high for OMCs whose sales to own production ratio is significantly high, as they lowered external purchases while ensuring their refineries run at full utilisation, the report said.

Apr 08, 2020 - 15:17 (IST)

Extend lockdown period to contain Covid-19: CAIT

The Confederation of All India Traders (CAIT) has urged the Centre to extend the lockdown period to curb the spread of COVID-19.

Accordingly, CAIT said that it made this recommendation based on a survey conducted with senior trade leaders of all States.

"Although the traders will be facing several trading, economic and financial challenges, yet in the interest of the Country, the traders are well prepared to extend best services to the nation," the confederation said in a statement.

Apr 08, 2020 - 15:15 (IST)

Snowman Logistics says warehouses fully operational

Snowman Logistics on Wednesday said all its warehouses are fully operational amid the nationwide lockdown to contain the coronavirus outbreak.     

"The business of Snowman Logistics Ltd (Snowman) is considered under the ‘essential services’ category as per the Ministry of Home Affairs (MHA), and accordingly all the warehouses of the Company are functional and fully operational," the company said in a filing to BSE. 

The company remains committed to providing support for the storage and distribution of essential goods, especially food and pharmaceutical products, it added.

The business of the company has not been adversely affected and demand for storage has increased, the filing said. This increase has come in from various segments such as seafood, meat, poultry, butter and healthcare products.    

Apr 08, 2020 - 15:13 (IST)

RIL's net debt to fall despite struggling energy, retail demand

Billionaire Mukesh Ambani-led Reliance Industries Ltd's net debt will fall even if energy and retail demand struggles for six months and the planned asset sales are delayed, analysts said.

Also, RIL can re-prioritise investment, potentially slowing capex by up to a third. Beyond COVID-19, RIL emerges stronger as competitors face high debt challenges and slow investments, Morgan Stanley said in a research report.

With the outbreak of coronavirus impacting economies globally, RIL faces multiple challenges -- oil prices have declined along with a fall in global oil product demand as a result of the lockdown across India and multiple geographies, potential slowdown in fashion/electronics demand for its retail segment, slower monetisation of telecom investments, and still relatively high debt post the investment cycle.

Consequently, RIL's share price has dropped 21 percent year-to-date, but still out-performed the market by 7 percentage points.

Apr 08, 2020 - 15:10 (IST)

Flight curbs will be lifted once coronavirus in control: Hardeep Singh Puri

India will remove its suspension of domestic and international commercial passenger flights once it is confident that the spread of coronavirus has come under control, sad Civil Aviation Minister Hardeep Singh Puri on Wednesday.

"My heart goes out to people who are facing problems due to restrictions put in place on domestic & international flights, pursuant to the situation arising out of the timely announcement of a nationwide lockdown," the minister said on Twitter. 

India has imposed a 21-day lockdown from March 25 to curb the coronavirus pandemic. Consequently, all domestic and international commercial passenger flights have been suspended for this time period.

However, cargo flights, offshore helicopter operations, medical evacuation flights and special flights permitted by Indian aviation regulator DGCA are permitted to operate during this lockdown.

Apr 08, 2020 - 15:08 (IST)

Hospitality firms launch slew of initiatives to help in times of COVID-19

Leading hospitality firms ITC Hotels, Radisson Hotel Group and Apeejay Surrendra Park Hotels are taking a slew of initiatives to serve healthcare providers and community at large in times of the coronavirus outbreak in the country.

While in New Delhi, ITC Maurya and Sheraton have been providing over 1,500 meals daily for distribution to migrant workers; in Bengaluru, ITC Gardenia is lending its support with 1,000 food packets daily for 15 days (15,000 meals) to Municipal Corporation, ITC Hotels said.

In Mumbai, ITC Grand Central has made arrangements to deliver meals to doctors in MG Hospital. Food has also been catered to doctors at the Kasturba Hospital in Mumbai by ITC Grand Central, it added.

In Lucknow, Fortune Hotel is also lending assistance through the provision of more than 1,000 meals per day. This initiative will be progressively rolled out in other metros including Kolkata, Chennai and Hyderabad, ITC Hotels said.

Apr 08, 2020 - 15:03 (IST)

Adani Gas slashes CNG, domestic PNG prices with effect from 9 April 

Stock Market Today LIVE Updates: Benchmark indices off opening lows; Mahindra surges, Cipla among top gainers

Asian stock futures were under pressure on Wednesday after a late, sharp sell-off on Wall Street and as oil prices slumped under pressure from swelling global supplies.

Hong Kong futures were down following two days of gains. Australian shares were expected to open lower as warnings of an economic slump and a spike in unemployment due to the coronavirus pandemic dampened sentiment.

Nikkei futures were down 0.37 percent at 2319 GMT. The Nikkei 225 index closed up 4.24 percen at 18,576.3​ on Tuesday as the Japanese government promised a near-$1 trillion stimulus package - equal to a fifth of its gross domestic product - to address the impact of the coronavirus pandemic.

The S&P 500 lost 4.27 points, or 0.16 percent, to 2,659.41, closing near its session lows and giving up an earlier gain of as much as 3.5 percent on Tuesday. The Nasdaq Composite dropped 25.98 points, or 0.33 percent, to 7,887.26 and Dow Jones Industrial Average fell 26.13 points, or 0.12 percent, to 22,653.86.

After US stock markets closed, President Donald Trump said the United States may be getting to the top of the coronavirus curve.

Stock Market Today Latest Updates Market gives up morning rally Sensex ends below 30000mark TCS Titan among major losers

Representational image. News18

The Trump administration asked Congress for an additional $250 billion in emergency economic aid for small US businesses reeling from the pandemic.

New York state, the US epicenter of COVID-19, is nearing a plateau in the number of patients hospitalized, Governor Andrew Cuomo said, a hopeful sign even as deaths in his state and neighboring New Jersey hit single-day highs.

The novel coronavirus has infected more than 1.3 million people and killed over 76,000 globally, the latest figures compiled by Reuters show. Though the numbers are still rising in many highly populated countries, tentative improvements have given hope.

“While the virus’ ‘curve is flattening’, the economic effects of the corona crisis will linger for years in our view,” Commonwealth Bank of Australia economist Joseph Capurso said in a morning note.

“Economies will take time to re‑open, some businesses will not re‑open, and unemployment will take years to return to levels reported at the end of 2019.”

Oil prices also gave up early gains to fall sharply as weekly data showed a crude glut grew more than expected. Hopes the world’s biggest producers would agree to cut output were overtaken by anxiety that a deal would not emerge.

Gold prices retreated after touching a 3-1/2-week high, in response to a stabilization in Asian and European equities trade.

Demand for gold, seen as a store of value, has jumped in recent weeks as governments around the world roll out stimulus packages that effectively dilute their currencies.

Debt trading conditions remain challenging but some measures of liquidity in the $17 trillion US Treasury market are almost back to normal, thanks to the Federal Reserve’s giant purchases.

Without the Fed’s intervention, analysts have been concerned that liquidity would rupture and market volatility would spike again. The Fed has bought more than $1 trillion in Treasuries over the last three weeks, helping calm markets.

Updated Date:

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