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Stock Markets Latest Updates: Benchmark indices rebound from early losses as Sensex jumps over 200 points, Nifty close to 9,000-mark

Stock Markets LIVE Today Updates: Benchmark indices pare losses; Sensex 96 points down, Nifty above 8,900-level

FP Staff April 16, 2020 15:58:31 IST
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Stock Markets Latest Updates: Benchmark indices rebound from early losses as Sensex jumps over 200 points, Nifty close to 9,000-mark

Highlights

09:34 (ist)

India GDP numbers by World Bank, IMF 'too optimistic'

Former chief economic adviser Arvind Subramanian on Wednesday said the GDP numbers being projected by the World Bank and IMF for India are far "too optimistic" and the country would require additional expenditure of Rs 10 lakh crore to bring the coronavirus-hit economy back on track.

As per the World Bank's latest assessment, India is expected to grow 1.5 per cent to 2.8 per cent during the current fiscal due to the impact of the COVID-19 pandemic and consequent lockdown.

Similarly, the IMF on Tuesday projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s.

With these subdued projections, India is likely to record its worst growth performance since the 1991 liberalisation of the economy.

"The number given by the World Bank and IMF in terms of the changes are way too optimistic because even if we lose one month's output, we are talking about pretty negative rate of growth and that is what should determine how we respond," Subramanian said in a webinar organised by economic think-tank NCAER.
 Former chief economic adviser Arvind Subramanian on Wednesday said the GDP numbers being projected by the World Bank and IMF for India are far "too optimistic" and the country would require additional expenditure of Rs 10 lakh crore to bring the coronavirus-hit economy back on track.

As per the World Bank's latest assessment, India is expected to grow 1.5 per cent to 2.8 per cent during the current fiscal due to the impact of the COVID-19 pandemic and consequent lockdown.

Similarly, the IMF on Tuesday projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s.

With these subdued projections, India is likely to record its worst growth performance since the 1991 liberalisation of the economy.

"The number given by the World Bank and IMF in terms of the changes are way too optimistic because even if we lose one month's output, we are talking about pretty negative rate of growth and that is what should determine how we respond," Subramanian said in a webinar organised by economic think-tank NCAER.

LIVE NEWS and UPDATES

Apr 16, 2020 - 16:00 (IST)

Sensex jumps over 200 points, Nifty close to 9,000-mark
 

The market rebounded from the opening losses as the Sensex jumped 222.80 points or 0.73 percent to 30,602.61 while the broader Nifty was up 67.50 points or 0.76 percent at 8992.80 at close.

NTPC was the top gainer in the Sensex pack rising nearly 6 percent. Other gainers included ICICI Bank Titan, L&T, SBI, Sun Pharma, Nestle India and IndusInd Bank.

As many as 1,596 shares advanced, 743 shares declined, and 148 shares remained unchanged during the session.

Except IT and FMCG, all other sectoral indices ended in the green.

Apr 16, 2020 - 15:52 (IST)

'Index tried to recover early losses'

After a negative opening on back of global cues, the index tried to recover its early losses and gave a sudden spurt on back of its large constituents, said Sumeet Bagadia, executive director, Choice Broking.

"Moreover, most of the time of the first half, the index traded in a range bound move, though after giving a breakout of the same, we saw a high near to 9,090 level. During the trading session, we saw a good move in BankNifty compared to Nifty and settled with the gain of 2.30 percent," he said.

At present level, the index has good support at 8,800 while upside resistance comes at 9,100, if the Index sustains above 9,100 then we may see an upside movement up to the level of 9,300.

Apr 16, 2020 - 15:48 (IST)

Microsoft adds 5 Indian languages to Microsoft Translator 

Microsoft India has announced that Microsoft Translator will now offer real time translation in five additional languages viz., Gujarati, Marathi, Kannada, Malayalam and Punjabi.

This takes the total number of Indian languages supported to 10, including Bengali, Hindi, Tamil, Telugu, and Urdu. With this, the service will now allow over 90 percent of Indians to access information and work in their native/preferred languages, making computing language-agnostic and more inclusive in the country.

Users can avail the benefits of AI and Deep Neural Networks-enhanced, real time translation in all these languages whileusing Bing and the Microsoft

Translator website, as well as the Microsoft Translator App for Android, IOS and Windows. The Microsoft Translator app can recognise and translate languages from text, speech and even photos. Microsoft is also rolling out support for these languages in the Microsoft Office 365 and the Swiftkey keyboard.

Apr 16, 2020 - 15:46 (IST)

E-commerce firms likely to resume full operations soon

Apr 16, 2020 - 15:43 (IST)

ICICI Bank deploys two mobile ATM vans in Mumbai

ICICI Bank today announced that it has deployed two mobile ATM vans in Mumbai to bring key banking services to the doorstep of the residents in wake of the coronavirus outbreak.

These vans will be stationed at the various localities in consultations with government authorities from 10 am to 7 pm. So far, residents of Worli, Thane, Dombivali and Goregaon among others have availed the services. The Bank will continue to offer this service till the lockdown continues.

The mobile ATMs will offer all the services that are available at regular ATMs. Apart from cash withdrawals, key services which can be availed by the customers are – transferring funds to registered payee, change of PIN, recharge pre-paid mobile, book fixed deposits, among others.

Apr 16, 2020 - 15:40 (IST)

Life sciences firm Hikal contributes Rs 1 cr to PM-CARES Fund

Global life sciences company Hikal on Thursday said it has contributed Rs 1 crore to the PM-CARES Fund to aid the government’s initiatives in fighting against the deadly COVID-19.

The company also announced that its employees have voluntarily pledged their one-day salary towards Chief Minister’s Relief Fund of Maharashtra, Karnataka and Gujarat.

The company would also add a sizable amount to the funds pledged by its employees, Hikal said.

The company has also contributed for the well-being of healthcare service providers, corporation staff, affected daily wage workers and the underprivileged community around the Hikal plants in Maharashtra, Karnataka and Gujarat.

Apr 16, 2020 - 15:37 (IST)

India's sugar export, domestic sales hit due to lockdown: ISMA

India's sugar sales in both domestic and overseas markets have taken a beating in view of the nationwide lockdown imposed by the government for preventing the spread of the deadly COVID-19, industry body ISMA said on Thursday.

However, fall in overseas sales of sugar during the lockdown is expected to 'partially or largely' get compensated by the extra sales to Indonesia, which is likely to meet its sugar demand from India in view of shortages in Thailand, it said.

Meanwhile, the country''s total sugar production has reached 24.78 million tonne till 15 April of the 2019-20 marketing year (October-September), down by 20 percent from 31.17 million tonne in the year-ago period, it added.

"The exports have been affected due to sudden drop in global sugar prices, but the recent depreciation of rupee is giving some relief to the exporters," Indian Sugar Mills Association (ISMA) said in a statement.

Apr 16, 2020 - 15:18 (IST)

China central bank will continue to support smaller firms

China’s central bank said on Thursday it will continue to guide credit to support the real economy, especially smaller firms, via measures including targeted cuts in banks’ reserve requirement ratios (RRR) and re-lending.

Since early February, the central bank has unveiled a raft of measures from cutting lending rates and making cheap loans at subsidized rates to providing payment relief to firms that have been hardest hit by the coronavirus outbreak and containment measures.

Apr 16, 2020 - 15:17 (IST)

Dollar consolidates gains before US jobless data release

The dollar consolidated its gains against other currencies on Thursday before the release of weekly US jobless data, which are likely to provide more evidence of a deep recession in the world’s biggest economy.

The dollar edged up 0.1 percent to 99.774 against a basket of major currencies, after snapping a four-day losing streak the previous day as equity market gains hit a wall.

However, stabilising oil prices and some improvement in risk sentiment on stock markets helped temper the dollar’s gains. 

Economists forecast US weekly jobless claims of 5.1 million, lifting total filings during the crisis above 20 million.

Apr 16, 2020 - 15:16 (IST)

Infosys to announce Q4, annual results on 20 April 

Stock Markets LIVE Today Updates: Benchmark indices rebounded in the morning trade as Sensex rose 141.53 points or 0.47 percent to 30,521.34 while the Nifty was up 55.85 points or 0.63 percent at 8,981.15 at around 11.30 am.

L&T, ICICI Bank, PowerGrid, Nestle India and IndusInd Bank were the top gainers in the Sensex pack.

Benchmark indices pare losses; Sensex 96 points down, Nifty above 8,900-level

Asian stocks look set to tumble on Thursday, as fears that the world is in its worst recession since the 1930s were heightened by data showing US retailers suffered a record sales collapse in March due to the coronavirus outbreak.

E-Mini future for the S&P 500 ESc1 fell 0.76 percent while Nikkei futures NKc1 pointed to a loss of 70 points, mirroring a 2.2 percent decline in the S&P 500 overnight.

The flight from risk helped the dollar rebound against major currencies and nudged gold off a 7-1/2-year high, while expectations that a recession will depress demand for oil pushed crude prices to 18-year lows overnight.

“The US (and global) economy is in a deep recession,” Kim Mundy, an analyst at Commonwealth Bank of Australia, wrote in a note, adding that a downturn will support the dollar.

“The unemployment rate in the United States will almost certainly lift above 10 percent shortly.”

Data showed on Wednesday that US retail sales had plunged 8.7 percent in March, the biggest drop since the government started tracking the series in 1992. Output at factories was also shown to have declined by the most since 1946.

Stock Markets Latest Updates Benchmark indices rebound from early losses as Sensex jumps over 200 points Nifty close to 9000mark

Representational image. Reuters.

The United States is set to release its weekly jobless claims data on Thursday and the market expects a further 5.105 million claims, according to a Reuters poll.

The grim outlook was echoed by lenders with major US banks Goldman Sachs Group Inc and Citigroup Inc warning of future loan losses as they posted drops in profits.

The coronavirus , which triggers a respiratory illness, has caused two million infections worldwide and over 131,000 deaths, wreaking havoc on the global economy as governments shut schools and businesses and order people to stay home to slow its spread.

Though countries including Spain, Italy and Germany are re-opening some businesses, analysts say it is unclear when the global economy will recover to its pre-pandemic days. In the United States, President Donald Trump said he will announce “guidelines” for re-starting the economy on Thursday.

Evidence that the global downturn has slashed the demand for oil again drubbed U.S. crude prices. The United States had reported overnight its biggest weekly inventory build on record, following a warning from the International Energy Agency that oil demand will dive 29 million barrels a day in April to levels unseen in a quarter of a century.

US crude CLc1 was last up 1.7 percent at $20.23, recovering from an earlier low of $19.51, while Brent crude LCOc1 was down 5.4 percent at $28.

Bracing for tough times ahead, investors piled into bonds. The yield on US 30-year Treasury Inflation Protected Securities (TIPS) hit a record low of -0.183 percent, while that of US. 10-year TIPs fell to a seven-year trough of -0.553 percent.

US two-year yields were at 0.201 percent after dropping below 0.2 percent for the first time in three years, and 10-year yields US10YT=RR were at a one-week low at 0.635 percent, more than 100 basis points off their January levels.

The demand for safety helped the dollar index rise 0.7 percent to 99.564. It was steady against the Japanese yen after gaining as much as 0.25 percent overnight, while the euro recovered to $1.0909, from a low of $1.0859. The Australian dollar, which is leveraged to global growth, was down 0.1 percent at $0.631.

A stronger dollar pulled gold prices back from a 7-1/2-year high struck this week, helped by recessionary fears and a tide of cheap money from central banks. It was last at $1,714 an ounce.

The International Monetary Fund warned on Tuesday that the world economy is set to shrink by 3% this year in the steepest downturn since the 1930s Great Depression.

Updated Date:

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