Stock Market Today Latest Updates: Market at 3-week high as Sensex soars over 1,200 points, Nifty above 9,100; M&M zooms nearly 17%

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Stock Market Today Latest Updates: Market at 3-week high as Sensex soars over 1,200 points, Nifty above 9,100; M&M zooms nearly 17%
  • 16:02 (IST)

    Sensex soars over 1,200 points, Nifty reclaims 9,100-mark; M&M up nearly 17%
     

    Market rebounded sharply from the opening losses and ended in the green on Thursday amid reports of government's second stimulus package worth about Rs 1 lakh crore soon. 

    Sensex jumped 1,265.66 points or 4.23 percent  to 31159.62 and while Nifty was up 363.15 points or 4.15 percent at 9,111.90 at close.

    M&M was the top gainer surging nearly 17 percent in the Sensex pack. Other major gainers included Maruti Suzuki, Titan, Hero MotoCorp, Bajaj Finance, HDFC, Bajaj Auto, Kotak Mahindra Bank, ICICI Bank, Axis Bank, Bharti Airtel and Sun Pharma.

    As many as 1,836 shares advanced, 540 shares declined, and 170 shares remained unchanged.

    On sectoral front, Auto Index surged over 10 percent followed by bank, metal, pharma, infra and energy. BSE Midcap and Smallcap indices rose over 3 percent each.

  • 15:50 (IST)

    IFFCO Tokio General Insurance appoints Anamika Roy Rashtrawar as MD, CEO

    IFFCO Tokio General Insurance Company on Thursday said it has appointed Anamika Roy Rashtrawar as its managing director and chief executive officer.
    The appointment is effective 27 March, the company said in a statement.

    Rashtrawar, who takes over from Warendra Sinha after his retirement, is the first woman MD and CEO of a large private sector general insurance company in India, it said.

    "She is a dynamic woman leader who has been on the board of the company and has successfully led many businesses in the company, especially the digitalisation projects. I am confident that Rashtrawar will take the company to the next level of performance in terms of customer service, sustained growth and profitability," IFFCO MD US Awasthi said.

  • 15:48 (IST)

    Cement industry to see successive decline in demand in FY21: Ind-Ra

    The domestic cement industry is likely to face yet another decline in demand in FY21 after posting negative growth last fiscal, India Ratings and Research said.

    The ratings agency expects a "washout" in April 2020 due to the ongoing lockdown, followed by demand decline of around 40 percent in May. However, it expects a gradual recovery thereafter.

    The agency expects a low single-digit growth in Q2 (July-September) period and a significant recovery happening only in Q3 (October-December).

    Cement demand had declined in FY20, which was only the second instance of a decline in the past 15 years, after the demonetisation affected FY17.

  • 15:46 (IST)

    Blue Dart cuts retail tariff rates by 25% amid coronavirus crisis

    Express logistics services provider Blue Dart Express on Thursday said it has reduced retail tariff prices by 25 per cent, aiding the country in its fight against the coronavirus crisis.

    Blue Dart Express, part of Deutsche Post DHL Group (DPDHL), operates six dedicated Boeing 757 freighters each with a capacity of 34 tonnes.

    These aircraft have been operating during the lockdown period across Indian cities enabling essential shipments like medical equipment and pharmaceutical products reach the first responders in hospitals and medical institutions with the promise of secure and timely deliveries.

    "In order to provide customers with a solution for their shipping needs during these trying times and to further use our Air Express Logistics service to keep the essential supply chain continuity, Blue Dart Express has reduced its Retail Tariff Prices by 25 percent. This will be applicable to all local retail customers as well as all MSMEs," the company said in a statement.

  • 15:45 (IST)

    Apparel retailers likely to offer huge discounts after lifting of lockdown

    Apparel retailers are expected to offer large-scale discounts to clear old stocks and also perk up consumer sentiments once the lockdown is lifted, according to industry players.

    A series of lockdowns around the world has severely impacted the fashion retail ecosystem as stores all over the world shuttered, resulting in cancellations of late Summer and Autumn merchandise and a build-up of unsold Summer 2020 within the business, they said.

    Benetton India managing director and CEO Sundeep Chugh told PTI that although "there is certainly no specific discounting strategy post lockdown, as a brand we would want to uplift the sentiments of our consumers through a welcome-back strategy encapsulating season specific offers and engagements at our stores".

    Chugh further said,"We anticipate the lockdown would be lifted by/during mid-season, and that’s the time when generally mid-season offers prevail and we would mostly align with the same as per the market ecosystem."

  • 15:43 (IST)

    Fuel consumption falls 18% as coronavirus eviscerates energy demand

    India's fuel consumption in March shrank by 18 percent, the biggest decline in more than a decade, as a nationwide lockdown halted economic activity and travel.

    India's petroleum product consumption fell 17.79 percent to 16.08 million tonnes in March as diesel, petrol and aviation turbine fuel (ATF) demand fell, according to official data released on Thursday.

    Diesel, the most consumed fuel in the country, saw demand contract by 24.23 percent to 5.65 million tonnes.

    This is the biggest fall in diesel consumption the country has recorded as most trucks went off-road and railways stopped plying trains. Petrol sales dropped 16.37 percent to 2.15 million tonnes as the 21-day nationwide lockdown enforced to prevent the spread of COVID-19 took most cars and two-wheelers off the road.

  • 15:41 (IST)

    Union Minister Nitin Gadkari chairs meeting with MSME officials via video-conferencing

  • 15:37 (IST)

    Apollo Tyres raises Rs 500 cr through private placement of NCDs

    Apollo Tyres on Thursday said it has raised Rs 500 crore via allotment of non-convertible debentures (NCDs) through private placement.

    The present issue is for allotment of 5,000 NCDs of face value of Rs 10,00,000 each aggregating to Rs 500 crore, Apollo Tyres said in a regulatory filing.

    The date of allotment is April 9, 2020 while the same for maturity is April 9, 2030 and the interest rate is at 8.75 percent per annum, the company said, adding penal interest for delay of payment is pegged at 2 percent per annum.

    The company, however, did not disclose to whom the private placement of NCDs has been made. 

  • 15:28 (IST)

    Market at day’s high as Sensex soars over 1,200 points, Nifty above 9,100-level

    Market soared to day’s high as Sensex was trading 1233.41 points or 4.13 percent higher at 31,127.37 while Nifty was up 355.40 points or 4.06 percent at 9,104.15 at around 3.15 pm.
     

    Mahindra & Mahindra surged over 17 percent while Maruti, Titan and HDFC were other gainers in the Sensex pack.

  • 15:21 (IST)

    Worldwide semiconductor revenue to decline 0.9% in 2020

    Due to the impact of the coronavirus on semiconductor supply and demand, worldwide semiconductor revenue is forecast to decline 0.
    9 percent in 2020, according to Gartner Inc.

    This is down from the previous quarters forecast of 12.5 percent growth, the research and advisory firm said.

    The wide spread of COVID-19 across the world and the resulting strong actions by governments to contain the spread will have a far more severe impact on demand than initially predicted, said Richard Gordon, research practice vice-president at Gartner, was quoted as saying in a statement.

    "This years forecast could have been worse, but growth in memory could prevent a steep decline," he said.

Stock Market Today Latest Updates: The market rebounded in the early morning trade as Sensex soared 843.55 points or 2.82 percent to 30,737.51 while the broader Nifty was up 240.45 points or 2.75 percent at 8,989.20 at around 10.15 am.

Maruti and Hero MotoCorp were the top gainers in the Sensex pack.

Bourses erase early gains; Sensex slips 250 points, Nifty below 9,000-mark; bank stocks in green.

Meanwhile, Asian shares were poised to track Wall Street’s gains on Thursday on hopes the coronavirus pandemic is nearing a peak and that governments would roll out more stimulus measures.

Rising US stocks on Wednesday had lifted the MSCI’s index of global equities more than 2 percent despite pressure on European shares after euro zone finance ministers failed to agree on more support for their coronavirus-hit economies.

US President Donald Trump said he would like to reopen the US economy with a “big bang” but that the death toll from the coronavirus first needs to be on the down slope.

On Thursday, Hong Kong futures rose and Australian shares were set to open higher. Nikkei futures rose and were trading above the Nikkei 225 index's previous close.

Oil prices surged in early trade ahead of a crucial meeting of oil-producing countries.

 Stock Market Today Latest Updates: Market at 3-week high as Sensex soars over 1,200 points, Nifty above 9,100; M&M zooms nearly 17%

Representational image. Reuters

Wall Street has rallied on Trump’s optimism though recent US data is only now beginning to reflect the damage to businesses and the massive job losses to come.

In a sign of the pandemic’s likely impact, McDonald’s Corp global comparable sales tumbled 22.2 percent in March. Starbucks Corp on Wednesday forecast a 47 percent drop in second-quarter earnings and warned that the financial hit from the coronavirus pandemic would extend into the end of the fiscal 2020.

The pandemic is still infecting and killing large numbers of people across Europe and there is still no sign that the peak of the region’s outbreak has been reached, the EU’s disease monitoring agency said.

The Dow Jones Industrial Average rose 779.71 points, or 3.44 percent, to 23,433.57, the S&P 500 gained 90.57 points, or 3.41 percent, to 2,749.98 and the Nasdaq Composite added 203.64 points, or 2.58 percent, to 8,090.90.

The Trump administration this week asked lawmakers for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the impact of the outbreak.

But Congressional efforts were stalling as Democrats said they would only back a $250-billion measure that was coupled with similar amounts of aid for hospitals and local governments.

The novel coronavirus has infected more than 1.4 million people and killed over 83,000 globally, the latest figures compiled by Reuters show.

Hospitalisations for COVID-19, the respiratory disease caused by the new coronavirus, seemed to be levelling off in New York state, the US epicenter for the disease, even as US deaths topped 14,600, the second-highest reported number in the world after Italy.

Wuhan, the Chinese city where the new coronavirus emerged, ended its more-than two-month lockdown on Wednesday.

Updated Date: Apr 09, 2020 16:04:02 IST



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