Stock Market Latest Updates: Market rebounds as Sensex soars over 1,000 points, Nifty above 8,500-level; ITC, Reliance Industries among top gainers

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Stock Market Latest Updates: Market rebounds as Sensex soars over 1,000 points, Nifty above 8,500-level; ITC, Reliance Industries among top gainers
  • 15:58 (IST)

    Market rebounds as Sensex soars over 1,000 points, Nifty above 8,500-level

    The market rebounded on Tuesday as Sensex zoomed 1,028.17 points or 3.62 percent at 29468.49 while the Nifty was up 316.65 points or 3.82 percent at 8597.75 at close. 

    As many as 1495 shares have advanced, 767 shares declined, and 150 shares are unchanged.

    The major gainers in the Sensex pack were ITC, Reliance Industries and ONGC which all jumped over 7 percent at close.

  • 15:56 (IST)

     Swiggy establishes COVID-19 relief fund for delivery partners

    To support its delivery partners, Swiggy has set up a relief fund called ‘Swiggy Hunger Savior Covid Relief Fund’ which will be used towards the safety and welfare of delivery partners and their families.

    The corpus for the fund will be created by Swiggy with primary contributions from the founders, senior leaders, employees and investors, as well as donations from customers and well-wishers.

    As a start, Sriharsha Majety, CEO at Swiggy, has committed 50 percent of his annual salary towards this fund. 

  • 15:48 (IST)

    CDSL Group contributes Rs 6.82 cr to relief fund

    Central Depository Services (India) Limited (CDSL) group has contributed Rs 6.82 Crore in support to all on-going relief efforts. 

    A contribution of  Rs 4 crore and Rs 1.99 crore has been given towards Prime Minister’s National Relief fund and Chief Minister’s Relief Fund (Maharashtra) respectively.

    The group's fully-owned subsidiary CDSL Ventures has contributed an amount of Rs 55 lakh towards Prime Minister’s National Relief fund and Rs 27.99 lakh Chief Minister’s Relief Fund (Maharashtra) respectively.

               
    Nehal Vora, CDSL - MD & CEO, said “Our initiative is to support the battle against this pandemic. The board of directors of CDSL, the entire management and all employees are in strong support of the government’s initiative in every possible way. I urge the people of India to stay home, stay safe and transact digitally.”

  • 15:45 (IST)

    Paytm Mall waives off penalties on merchants

    Paytm Mall, owned by Paytm Ecommerce, announced that it has waived off order delay and cancellation penalities on merchants due to the ongoing COVID-19 pandemic until 22 April 2020. 

    Service level agreement (SLA) is a commitment to follow the best practices and the metrics by which service is measured. It charts out penalties if the service levels are not achieved.

    As the coronavirus spreads across India, forcing the government to take tough calls and restricting the movement of goods and people, Paytm Mall has decided to help its merchant partners who are facing issues with stocking up on inventory and fulfillment of orders by waiving off SLA. 

  • 15:37 (IST)

    Cyient gets nod to manufacture assemblies for COVID-19 diagnosis units, X-ray system

    Tech major Cyient on Tuesday said its Mysore facility has received clearance to run med-tech manufacturing lines to support production of medical equipment that is critical in the fight against COVID-19.
     
     
    Cyient is producing assemblies that are used in X-ray generators from GE Healthcare and diagnosis units from Molbio Diagnostics to enable rapid disease testing in India, a statement said.
     
     
    "We are proud to support our customers in the healthcare industry at this critical time. We will continue to do everything we can to help reduce the impact of this crisis on our customers' operations as they focus on delivering the technology needed to fight COVID-19 at a national and global level," Rajendra Velagapudi, senior vice president and CEO at Cyient DLM, said.

  • 15:34 (IST)

    Kalyani Group contributes Rs 25 cr to PM CARES Fund

    Auto components major Bharat Forge, the flagship company of Kalyani Group, and other group firms on Tuesday pledged Rs 25 crore contribution to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES) to fight against the coronavirus pandemic.
     
     
    The group is also looking at using its R&D facilities to meet requirements of critical medical equipment such as ventilators, respiratory equipment and other sanitation/hygiene goods.
     
     
    The other group companies involved in the donation are Kalyani Steel, Saarloha Advanced Material Pvt Ltd, Automotive Axles and Hikal Ltd, the group said in a statement.

  • 15:31 (IST)

    Lockdown impact severe on service sector

    The lockdown situation across the country due to the COVID-19 outbreak has already had a severe direct and indirect impact on many sectors. The services sector is the most affected, followed by manufacturing, which was working partially, and may suspend operations during the lockdown period, said Brickwork Ratings.

    Direct impact is on sectors such as aviation, tourism, hospitality, restaurants, poultry, and infrastructure utilities such as toll road collections, seaports and railways.

    Rajat Bahl, chief ratings officer, Brickwork Ratings, said, “We are closely monitoring the situation across sectors and the impact of the nationwide lockdown on credit markets, as well as on our rated clients. Most critically, we are assessing the immediate-term liquidity of all our rated clients to meet timely debt servicing as corporates across the country realign to the 21-day lockdown”.

  • 15:29 (IST)

    UK supermarkets record busiest month in history

    British supermarkets had their busiest month in history as demand soared from people preparing to stay at home to avoid the new coronavirus.
     
     
    New figures from market research firm Kantar show that British grocery sales jumped by 20.6 per cent in March compared with a year earlier, making it the fastest rate of growth on record.
     
     
    As Britain prepared for a lockdown, images of supermarket shelves stripped of essentials like pasta and toilet paper circulated on social media, prompting British supermarkets to take out newspaper ads urging people not to panic buy.
     
     
    Grocery sales totaled 10.8 billion pounds ($13.3 billion) over the past four weeks, surpassing the level seen during the busy Christmas season, Kantar said. The average household bought the equivalent of five extra days of groceries, it found

  • 15:28 (IST)

    Urgent need for bank reforms, says former CAG Vinod Rai

    With Indian banks now showing signs of weak financial health, urgent steps are needed to prepare a roadmap for sustainable reforms, Vinod Rai, former Comptroller and Auditor General (CAG) of India, said in a paper.
     
     
    "Earlier these reforms are implemented, the faster the economy will be able to regenerate," said Rai, a Distinguished Visiting Research Fellow at the Institute of South Asian Studies (ISAS).
     
     
    Any lack of confidence of a depositor in a bank is bound to erode the trust that the depositor would have in placing his savings in the bank, he said.

  • 15:27 (IST)

    Oil, gas bid deadline extended; bid rounds merged

    The government has extended the last date of bidding for the 11 oil and gas blocks on offer in the fifth bid round, and decided to merge the next two rounds into one in view of the COVID-19 lockdown in the country.
     
     
    The fifth bid round under Open Acreage Licensing Policy (OALP) opened in January and was to initially close on 18 March. However, the bid date was earlier this month extended to April 16. Now it has been further extended.
     
     
    "In view of the lockdown due to the COVID-19 pandemic, the OALP bid Round-V last date for bid submission will be extended. The revised date shall be notified soon," the directorate general of hydrocarbons (DGH) said in a tweet.

Stock Market Lates Updates: The market rebounded on Tuesday as Sensex zoomed 1,028.17 points or 3.62 percent at 29468.49 while the Nifty was up 316.65 points or 3.82 percent at 8597.75 at close.

As many as 1495 shares have advanced, 767 shares declined, and 150 shares are unchanged.

ITC, Reliance Industries and ONGC which all jumped over 7 percent at close in the Sensex pack.

Sensex zoomed 1089.94 points or 3.83 percent to 29,530.26 while Nifty also soared 322.90 points or 3.9 percent to 8,604.00 at around 2.30 pm.

ONGC and Reliance Industries were the top gainers in the Sensex pack.

The market continued its opening rally in the afternoon trade and Sensex 1007.59 points or 3.54 percent 29,447.91 and Nifty was up 308.45 points or 3.72 percent at 8,589.55 at around 12.45 pm.

In the Sensex pack, ONGC and HDFC zoomed over 6 percent.

The market continued to rally in the afternoon trade and Sensex soared 883.67 points or 3.11 percent to 29,323.99 and Nifty was up 265.60 points or 3.21 percent at 8,546.70 at around 12.05 pm.

India may slash or even cancel its planned borrowings from the market for April amid a nationwide lockdown prompted by the coronavirus outbreak, two finance ministry sources told Reuters.

The travel curbs have disrupted routine bond market trading and volumes and prompted primary dealers, who underwrite the bond issuances, to seek finance ministry intervention.

“We are looking at various options. Market borrowing is challenging in the current environment,” a senior finance ministry official said.

Meanwhile, the Sensex was trading 678.84 points or 2.39 percent higher at 29,119.16 while Nifty was up 206.50 points or 2.49 percent at 8,487.60 at around 11.20 am.

The market continued its opening rally as Sensex soared 715.64 points or 2.52 percent to 29,155.96 while the broader Nifty was up 218 2.63 percent at 8,499.10 at around 10.30 am.

Embattled liquor baron Vijay Mallya, on Tuesday asked Finance Minister Nirmala Sitharaman to consider his repeated "offer to repay 100 per cent" of the amount borrowed by now defunct Kingfisher Airlines, in this time of coronavirus pandemic.

Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore, also said all his companies have effectively ceased operations and manufacturing following the lockdown in India.

"I have made repeated offers to pay 100 per cent of the amount borrowed by KFA to the Banks. Neither are Banks willing to take money and neither is the ED willing to release their attachments which they did at the behest of the Banks. I wish the FM would listen in this time of crisis," Mallya said in a series of tweets.

The Sensex zoomed 650.73 points or 2.29 percent to 29,091.05 while the broader Nifty was up 203.15 points or 2.45 percent to 8,484.25 at around 10.20 am.

The Sensex rebounded from the early losses and was trading 451.68 points or 1.59 percent higher at 28,892 while the broader Nifty was up 151.35 points or 1.83 percent at 8,432.45 at around 9.40 am.

Axis Bank and Tata Steel were the top gainers in the Sensex pack.

Markets open on positive note; Sensex up 800 points, Nifty above 8,500-level

Sydney: Asian share markets managed a tentative rally on Tuesday after European and U.S. equities stabilised, though buying for month and quarter-end book balancing likely flattered the gains.

There were also hopes a survey of Chinese manufacturing due later would show a sizable improvement for March as factories began to re-open.

Forecasts are that the China’s official purchasing manufacturers’ index (PMI) will bounce to 45.0, from a record-low 35.7 in February.

Analysts cautioned the result could even be higher given that the index measures the net balance of firms reporting an expansion or contraction in activity.

If a company merely resumed working after a forced stoppage, it would read as an expansion without saying much about the overall level of activity.

 Stock Market Latest Updates: Market rebounds as Sensex soars over 1,000 points, Nifty above 8,500-level; ITC, Reliance Industries among top gainers

Investors look at computer screens showing stock information at a brokerage house in Shanghai, China. File Photo. Reuters

In any case, calmer markets globally helped MSCI's broadest index of Asia-Pacific shares outside Japan rise 0.7 percent. Japan's Nikkei edged up 0.2 percent and South Korea 1.4 percent.

E-Mini futures for the S&P 500 ESc1 added another 0.3 percent, supported by talk of book-keeping demand.

“It’s month-end rebalancing, whereby balanced funds now underweight equities versus fixed income given this month’s valuation destruction, need to buy stocks to get back into balance,” analysts at NAB said.

Healthcare had led Wall Street higher, with the Dow ending Monday up 3.19 percent, while the S&P 500 gained 3.35 percent and the Nasdaq 3.62 percent.

News on the coronavirus remained grim but radical stimulus steps by governments and central banks have at least provided some comfort to economies.

Infections in hard-hit Italy slowed a little, but the government still extended its lockdown to mid-April. California reported a steep rise in people being hospitalised, while Washington state told people to stay at home.

Trade ministers from the Group of 20 major economies agreed on Monday to keep their markets open and ensure the flow of vital medical supplies.

Oil prices overwhelmed

Portfolio management also played a part in the forex market where many fund managers found themselves over-hedged on their US equity holdings given the sharp fall in values seen this month, leading them to buy back dollars.

That saw the euro ease back to $1.1030, from a top of $1.143 on Monday, while the dollar index bounced to 99.207, from a trough of 98.330.

The Japanese yen continued to attract safe-haven demand of its own, which left the dollar at 108.08 and off last week's peak at 111.71.

Oil prices plunged to the lowest in almost 18 years on Monday as lockdowns for the virus squeezed demand even as Saudi Arabia and Russia vied to pump more product.

In a new twist, US President Donald Trump and Russian President Vladimir Putin agreed during a phone call on Monday to have their top energy officials meet to discuss slumping prices.

“However, the reality is that the level damage to demand is likely to overwhelm any production cut agreement between major producers,” wrote analysts at ANZ in a note.

“The lockdown of cities around the world and the shutdown of the aviation industry will cause a fall in demand the industry has never seen before.”

Prices did at least try and steady early Tuesday, with US crude CLc1 up 56 cents to $20.64. Brent crude LCOc1 futures gained 25 cents to $23.01 a barrel.

In the gold market all the talk has been of a rush of demand for the physical product amid shortages in coins and small bars. Flows into gold-backed ETFs have ballooned by $13 billion so far this year, the most since 2004.

The metal was holding at $1,616 an ounce, well up from a low of $1,450 touched early in the month.

Updated Date: Mar 31, 2020 16:10:14 IST



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