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Stock Market Latest Updates: Sensex zooms 606 points, Nifty holds 9,500-mark; Hexaware Q1 net profit up 26.3% at Rs 175 cr

Stock market today LIVE Updates: Markets open in green, Sensex up, Nifty above 9,400-mark; IndusInd Bank, Axis Bank fall

FP Staff April 29, 2020 15:53:52 IST
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Stock Market Latest Updates: Sensex zooms 606 points, Nifty holds 9,500-mark; Hexaware Q1 net profit up 26.3% at Rs 175 cr

Highlights

08:50 (ist)

Markets could open positive

Deepak Jasani, Head Of Research, HDFC Securities, said: "Global markets cautiously up ahead of US Fed meet outcome and crude oil prices inching up. Indian markets could open in the positive today following largely positive Asian markets today and mildly negative US markets on Tuesday.

US stocks closed lower Tuesday, giving up early gains, as technology stocks took a hit ahead of earnings reports while investors weighed moves to reopen the economy in coming weeks. Consumer confidence in April plunged to 86.9 from 118.8 in March in a survey by the Conference Board, missing forecasts of 90. US trade deficit expanded to $64.2 billion in March, from $59.9 billion in February and above the consensus estimate of $56.5 billion

The Fed will conclude its policy meeting Wednesday, followed by a briefing from Chairman Jerome Powell, that economists expect will be geared toward reassuring investors and the public that it has the largest economic downturn since the Great Depression under control. No changes to interest rates are expected.

India’s sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to steer the country through the coronavirus crisis, rating agency Fitch said on Tuesday. Fitch currently rates India at BBB-, with a stable outlook, but any downgrade would consign its sovereign debt to junk bond territory.

Moody's Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2 percent, from 2.5 percent projected in March. For 2021, Moody's expects India's growth to rebound to 6.2 percent.

Asian shares were cautiously higher on Wednesday as investors paused ahead of the U.S. Federal Reserve’s policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.

Indian indices ended on positive note for the second consecutive day on April 28 and the Nifty closed up 98.60 points or 1.06% at 9380.90. Indian markets opened up, sold off in the first hour of trade and then recovered the entire lost ground to close near its intraday high. Nifty Bank index, was the outperformer ending with gains of 3 percent at 20,671. Financials and stray old economy shares did well. 

Technically, with the Nifty moving up further, the short term trend remains up. Further upsides are likely once the immediate resistance of 9403 is taken out. In that case a move towards 9590 is likely. Crucial supports to watch for resumption of weakness are at 9260.

LIVE NEWS and UPDATES

Apr 29, 2020 - 15:53 (IST)

Sensex zooms 606 points, Nifty holds 9,500-mark

The market ended in the green for the third day in a row and the Nifty went past 9,500-mark for the first time since 16 March.

Sensex surged 605.64 points or 1.89 percent to 32,720.16 while the Nifty was up 155.25 points or 1.65 percent at 9,536.15 at close. 

HDFC was the top gainer in the Sensex pack jumping over 7 percent. 

HDFC Bank, HCL Tech, Mahindra & Mahindra, Tata Steel, SBI, ICICI Bank and Bajaj Finance were the other main gainers. 

Apr 29, 2020 - 15:41 (IST)

S&P affirms BBB+ rating for Reliance Industries

Standard & Poor's (S&P) Global Ratings has affirmed BBB-plus long-term corporate credit rating on Reliance Industries Ltd (RIL) with a stable outlook.

The rating company has also affirmed BBB-plus long-term issuer credit rating on the company's outstanding debt.

"The stable outlook reflects our expectation that RIL's strengthening cash flows amid disciplined spending will improve its debt-to-EBITDA ratio toward 2.0x over the next 12 to 24 months," said S&P.

Apr 29, 2020 - 15:37 (IST)

Hexaware Q1 net profit up 26.3% at Rs 175 cr

IT firm Hexaware Technologies on Wednesday posted a 26.3 percent rise in net profit at Rs 175 crore in the March 2020 quarter, and said it was suspending its guidance for FY20 amid uncertainty due to COVID-19 pandemic.

The company had reported a net profit of Rs 138.4 crore in the January-March 2019 period, Hexaware Technologies said in a regulatory filing.

Its revenue increased 22 percent to Rs 1,541.7 crore in the quarter under review as compared with Rs 1,264 crore in the year-ago period.

The company follows January-December as its fiscal year.

Apr 29, 2020 - 15:33 (IST)

Delhi HC stays interim relief to Indiabulls Housing Finance

Apr 29, 2020 - 15:20 (IST)

Sensex surges 769 points, Nifty close to 9,600-mark

Sensex soared 769.09 points or 2.39 percent to 32,883.61 while the Nifty was up 214.35 points or 2.28 percent at 9,595.25 at around 3.10 pm.

Apr 29, 2020 - 15:15 (IST)

Time for action to make India a global manufacturing hub: Experts

India can be the destination of choice for global manufacturing in the post-COVID 19 world if it gets its acts together with the right policies as a lot of things are going for the country, say industry experts.

Areas like drones and robotics would see major investment and research going forward in India, which would move faster into the digital age, they said, discussing opportunities for the country once the coronavirus-inflicted situation returns to normalcy.

Remote working will become a norm rather than something done once in a while, a former president of the Confederation of Indian Industry (CII) told PTI.

"There will be many work-from-home opportunities. We will see far greater participation from women, who chose to stay at home, and it will add to the productive workforce . A corporate leader said he is seeing the beginning of a fourth industrial revolution and added that India should strive to get a proper shareof the pie," the former CII president said.

Apr 29, 2020 - 15:12 (IST)

Global stocks gain on plans to ease anti-coronavirus controls

Global stocks gained Wednesday after France and Spain joined governments that plan to ease anti-virus controls and allow businesses to reopen.

London and Frankfurt opened higher, while Shanghai and Hong Kong advanced. Japanese markets were closed for a holiday.

Wall Street retreated overnight, hurt by declines in health care and tech stocks that have been among the winners during the coronavirus pandemic.

The French and Spanish governments announced plans Tuesday to allow restaurants and other businesses to reopen gradually. They followed Italy, which announced similar plans on Sunday.

Apr 29, 2020 - 15:11 (IST)

ADB gives $346 mn loan for power sector in rural Maharashtra

The Asian Development Bank (ADB) on Wednesday said it has approved a $346 million (around Rs 2,616 crore) loan to Indian government to provide reliable power connection in rural areas of Maharashtra.

Maharashtra is the second-most populous state in India, and about half of the state's labour force is engaged in agriculture and related activities in the rural areas, ADB said in a release.

Agriculture output, however, has been impacted by lack of irrigation, less-than-efficient use of electricity and water, as well as inadequate storage and connectivity to markets.

Apr 29, 2020 - 15:08 (IST)

Relief for Vodafone Idea as SC allows tax refund of Rs 733 cr

Apr 29, 2020 - 14:53 (IST)

Bajaj Healthcare to buy stressed assets from Saraswat Cooperative Bank

Bajaj Healthcare on Wednesday said it will acquire several stressed assets, including land and factory building, in Maharashtra and Gujarat from Saraswat Cooperative Bank for Rs 61 crore.

The company has agreed to acquire stressed assets from Saraswat Cooperative Bank by way of cash consideration of Rs 61 crore subject to closing adjustments, Bajaj Healthcare said in a regulatory filing.

The targeted assets have installed capacity of 111 metric tonnes per month and are capable of manufacturing bulk drugs and active pharmaceutical ingredients (API) like mefenamic acid, artemether, lumefranrine, aceclofenac albendazole and nimesulide.

Stock Market Latest Updates: Markets open in green, Sensex up, Nifty above 9,400-mark; IndusInd Bank, Axis Bank fall

Asian equities made cautious gains in early trade on Wednesday following mixed US corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.

Technology stocks drove all three major US stock indexes into the red, though they remained within 20 percent of their February all-time highs.

“There was a big sector rotation as money left high value, growth sectors in tech like Amazon and went to value and cyclical sectors like energy, industrial, financials,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

Alphabet Inc’s earnings beat analysts’ estimates for quarterly revenue as its Google unit posted double-digit advertising growth despite the coronavirus -induced slowdown. While users were searching more, they were looking up less commercial topics and advertisers were cutting spending.

In early Asian trade, Japan's Nikkei index  slipped 0.06 percent. Australia was up 0.3 percent and South Korea climbed 0.2 percent. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent at 467.95.

Markets were looking for any forward guidance from the US Federal Reserve, which is due to issue a policy statement at the close of its two-day meeting on Wednesday. The European Central Bank meets on Thursday.

Stock Market Latest Updates Sensex zooms 606 points Nifty holds 9500mark Hexaware Q1 net profit up 263 at Rs 175 cr

Representational image. Reuters.

Analysts said it was unlikely the Fed would make further major policy moves, given the scope and depth of its efforts to counter the economic damage caused by the coronavirus .

Reassuring UBS earnings lifted European banks nearly 5 percent, while Wall Street digested upbeat numbers from industrial conglomerate 3M Co, a maker of N95 respirator masks, and drugmaker Pfizer Inc.

The Dow Jones Industrial Average fell 0.13 percent, the S&P 500 lost 0.52 percent and the Nasdaq Composite dropped 1.4 percent.

The greenback gave back some earlier losses as stocks came off their highs on concerns the coronavirus could spread further than previously thought if businesses reopened prematurely.

The dollar index against a basket of currencies fell 0.089 percent. The euro slipped 0.11 percent to $1.0816 while the euro index eased after Fitch cut Italy's credit rating to BBB-, just one notch above 'junk' status.

The Japanese yen strengthened 0.35 percent versus the greenback at 106.87 per dollar, while sterling was last trading at $1.242, down 0.06 percent on the day.

The benchmark 10-year US Treasury rose 12/32 in price to yield 0.6161 percent, from 0.654 percent late on Monday.

Oil prices ended mixed with Brent up on positive sentiment about the easing of lockdowns, while US crude traders remained cautious as storage capacity were filling up fast.

Crude prices rose in post-settlement trading after data showed a slightly smaller-than-expected buildup in stockpiles.

US crude recently rose 2.66 percent to $13.12 per barrel, and Brent was at $20.74, up 3.75 percent on the day.

Updated Date:

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