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Stock Market Latest Updates: Sensex soars 997 points, Nifty holds 9,850-level; ONGC, HCL Tech among major gainers

Stock market today LIVE Update: Sensex above 33,000, Nifty surges past 9,800-mark; RIL, HUL share prices gain ahead of Q4 results

FP Staff April 30, 2020 15:59:36 IST
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Stock Market Latest Updates: Sensex soars 997 points, Nifty holds 9,850-level; ONGC, HCL Tech among major gainers

Highlights

11:44 (ist)

Highlight from Raghuram Rajan-Rahul Gandhi discussion on lockdown lifting

• Need to manage reopening after lockdown, can’t go into cyclical lockdowns
 
 
• 500,000 COVID-19 tests daily needed in the United States, say epidemiologists, extrapolating it India will need four times that number
 
 
• We have to be clever about reopening
 
 
• Fiscal resources are limited so India needs to decide how it reopens so that the economy can function
 
 
• Temporary ration cards for people who don’t have access can help address poor people's concerns of food
 
 
• Efforts on direct benefit transfer needs to be realised now to deal with migrant crisis
 
 
• Rs 65,000 will be needed to address the issue of the poor. The amount is just a fraction of India’s GDP
 
 
• These kind of events rarely have positive effects for any country in general but there are ways countries can take advantage. There has to be a rethinking on everything in global economy after the crisis and India can have a role to play in shaping that dialogue
 
 
• Social harmony is a public good. We cannot afford to be a house divided especially at a time when challenges are so big
 
 
• Need to walk the talk in creating capabilities
 
 
• We being a relatively poor country don’t have the capacity to support people for too long
 
 
• Gandhi: Inequality is a big problem in India compared to other countries. The treatment of migrants during the lockdown in comparison to that of the rich is striking

LIVE NEWS and UPDATES

Apr 30, 2020 - 15:55 (IST)

Sensex soars 997 points, Nifty holds 9,850-level

The market closed higher for the fourth day in a row on Thursday with Nifty ended April series above 9,850-mark. 

Sensex surged 997.46 points or 3.05 percent at 33717.62 while Nifty was up 306.55 points or 3.21 percent at 9,859.90 at close.

ONGC was the major gainers in the Sensex pack surging over 13 percent. 

Other gainers included HCL Tech (10.44 percent), Hero MotoCorp (9.94 percent), TCS (5.76 percent), Maruti (5.76 percent) and Infosys (5.65 percent).

Except pharma all other sectoral indices ended higher. BSE Midcap and Smallcap indices rose over 1 percent each.

Apr 30, 2020 - 15:47 (IST)

RIL announces pay cut, chairman Mukesh Ambani to forgo entire compensation 

Apr 30, 2020 - 15:43 (IST)

Need to open up economy in 'measured way': Raghuram Rajan

India should be cleverer in lifting the lockdown and needs to open up its economy in a 'measured way' soon to save jobs, former RBI governor Raghuram Rajan said on Thursday, underlining that Rs 65,000 crore should be spent to support the poor amid the crisis.

In a first of its kind dialogue broadcast on Congress'' social media handles this morning, Rajan, who was in the US, deliberated on the economic impact of the COVID-19 pandemic with Congress leader Rahul Gandhi.

The interaction through video conference lasted for about 30 minutes.

"We have to be cleverer about opening up...We need to open up in a measured way but as fast as possible so that people start having jobs. We don''t have the capacity to support people across the spectrum for too long. Being a relatively poor country, people start out with significantly lower reserves," Rajan said.

"It is all too easy to have a lockdown forever, but obviously that is unsustainable for the economy," he said.

Apr 30, 2020 - 15:37 (IST)

Cashew processing units in Mangaluru resume operations

Apr 30, 2020 - 15:34 (IST)

RBI most popular among central banks on Twitter

The Reserve Bank of India (RBI) is not the most powerful in terms of monetary fire power like its peers in the US and Europe but when it comes to popularity, the monetary authority is the most followed on Twitter.

With the microblogging site emerging as a key platform for information dissemination, many central banks are active on Twitter, especially in these times of economic uncertainties amid the coronavirus pandemic.

The 85-year-old RBI and its governor Shaktikanta Das have separate Twitter accounts.

An analysis of official Twitter accounts of major central banks shows that RBI has the maximum number of followers.

As of Thursday morning, RBI's Twitter handle has 7.45 lakh followers. On 20 April alone, the handle saw 1.31 lakh new followers, according to an official with the central bank, who attributes the massive spike to an ongoing campaign.

Apr 30, 2020 - 15:29 (IST)

Sensex surges over 1,000 points, Nifty above 9,850-mark

Benchmark indices staged a strong recovery as Sensex soared 1054.89 points or 3.22 percent to 33,775.05 while the broader Nifty was up 327.70 points or 3.43 percent at 9,881.05 at around 3.10 pm.

ONGC was the major gainers in the Sensex pack surging over 13 percent followed by HCL Tech, Hero MotoCorp, TCS and Infosys.

Apr 30, 2020 - 15:17 (IST)

DPIIT's control room resolves 1,739 issues of trade, industry during lockdown

A control room set up by the DPIIT to monitor issues of trade and industry has resolved as many as 1,739 matters as on 28 April, an official statement said on Thursday.

The Department for Promotion of Industry and Internal Trade (DPIIT) established the control room on 26 March to monitor the issues of industry and trade, and take up such matters with the concerned state government, district and police authorities as well as other concerned agencies.

It monitors the issues in internal trade, manufacturing, delivery and logistics of essential commodities and difficulties faced by various stakeholders during the lockdown to resolve supply chain issues.

Apr 30, 2020 - 15:15 (IST)

Hero MotoCorp rolls out dealer support package

Apr 30, 2020 - 15:12 (IST)

HC refuses to stay MCX decision to settle crude oil futures contracts in negative price

The Delhi High Court has refused to stay the decision of Multi Commodity Exchange of India (MCX) to settle crude oil futures contracts at a negative price of Rs 2,884 per barrel.

The high court, however, issued notices and sought responses of the Securities exchange Board of India (SEBI), MCX and MCX Clearing Corporation Ltd on a petition by an investor challenging the MCX 21 April circular.

The court asked the authorities to file their responses within four weeks and listed the matter for 24 June. The order, passed on 27 April, was made available on the court''s website on Thursday.

Apr 30, 2020 - 15:09 (IST)

Facebook aims to extend products, tech built with Jio to other markets

Facebook's mega Rs 43,574-crore pact with Reliance Jio will help the social media giant build products and technology that can be extended to other parts of the world, its chief executive officer Mark Zuckerberg said.

He also said the social media giant aims to create a "much better shopping and commerce experience" in India working with JioMart by leveraging WhatsApp''s communication and payments platform.

Last week, Facebook announced an investment of $5.7 billion (Rs 43,574 crore) in Jio Platforms.

"All the products and technology that we''re building to enable that partnership (with Jio) are going to be things that we want to do around the world. So, we''re excited about working with them to drive this vision forward and then extending it everywhere over the coming months and years," Zuckerberg said during an investor call.

 

 

Stock Market Latest Updates: Sensex above 33,000, Nifty surges past 9,800-mark; RIL, HUL share prices gain ahead of Q4 results

 

 

 

New York: Asian equity markets were poised to gain on Thursday, tracking Wall Street’s rally after positive trial results of an experimental COVID-19 treatment, a US Federal Reserve pledge to shore up the economy and a jump in oil prices.

A top US health official said Gilead Sciences Inc’s antiviral drug remdesivir is likely to become the standard of care for COVID-19 after early results from a clinical trial showed it helped certain patients recover more quickly.

Investors expect the ensuing virus treatments to be critical in helping countries emerge from self-imposed lockdowns aimed at curbing the outbreak.

“The markets were up on expectation of the Gilead drug meeting the clinical end point, more regional re-opening in the US, and backstopping by the Fed after the chairman said that it will be overly accommodative,” said Thomas Hayes, chairman of Green Hill Capital.

Australian S&P/ASX 200 futures were up 2.02 percent, while Japan’s Nikkei 225 futures were down 0.2 percent at 23:00 GMT.

Stock Market Latest Updates Sensex soars 997 points Nifty holds 9850level ONGC HCL Tech among major gainers

Representational image. Reuters

The Nikkei 225 index closed down 0.06 percent at 19,771.19​​​ on Tuesday. The futures contract is up 3.26 percent from that close.​ Japanese markets were closed for a public holiday on Wednesday. Hong Kong's Hang Seng index futures were up 1.01 percent.

The US economy suffered its sharpest decline in 11 years, with first-quarter gross domestic product contracting 4.8 percent, marking the end of the longest US economic expansion on record.

At the conclusion of its two-day monetary policy meeting, the Fed left key interest rates near zero while Chair Jerome Powell warned the economy would drop at an “unprecedented rate” in the current quarter.

However, Powell also said the economy would pick up as restrictions were lifted and vowed the central bank would continue to support the recovery.

On Wall Street, the Dow Jones Industrial Average rose 2.21 percent, the S&P 500 gained 2.66 percent and the Nasdaq Composite added 3.57 percent.

The safe-haven dollar took a hit from rising risk appetite and the Fed’s pledge to shore up the US economy.

The dollar index, tracking the greenback against six major peers, fell 0.3 percent, with the euro up 0.5 percent to $1.0872. Benchmark US 10-year notes fell 2/32 in price to yield 0.6143 percent, down from 0.61 percent late on Tuesday.

Oil prices surged more than 10 percent after US crude stockpiles grew less than expected and gasoline posted a surprise draw, feeding optimism that fuel consumption would recover as some European countries and US states ease coronavirus lockdowns.

US West Texas Intermediate (WTI) crude futures settled at $15.06 a barrel, jumping $2.72, or 22 percent. Brent crude futures settled at $22.54 a barrel, up $2.08, or 10.2 percent.

In Europe, automakers shares  were lifted after German carmaker Daimler forecast operating profit at its Mercedes-Benz Cars & Vans division above the prior-year level and rival Volkswagen said it expected to be profitable on a full-year basis..

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