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Stock Market Latest Updates: Sensex declines 242 points, Nifty slips below 9,200-mark; ONGC, NTPC among major losers

Stock Market Latest Updates: Sensex declines 242 points, Nifty slips below 9,200-mark; ONGC, NTPC among major losers

FP Staff May 07, 2020 15:57:52 IST
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Stock Market Latest Updates: Sensex declines 242 points, Nifty slips below 9,200-mark; ONGC, NTPC among major losers

Highlights

09:00 (ist)

Markets on track for weak start

Aditya Agarwala, Senior Technical Analyst, YES Securities, said: " The Indian markets are on track for another weak start to the weekly F&O expiry session with a 100 points GAP down opening as indicated by the SGX Nifty which is currently trading lower by 1.10%.

"Early risers in Asia are trading mixed. HANGSENG, NIKKEI and SHANGHAI markets are trading marginally in the red while TAIWAN and KOSPI are trading with modest gains. Overnight the European and the US markets ended in the red led by late sell off, baring the Nasdaq which had closed in the green. However, Dow Jones Futures is trading in the green at the moment suggesting a mild recovery may be in the offing. 

"Nifty ended its previous session with gains of 65 points after bulls managed to defend the 20-DMA support line which is currently placed at 9130. However, following a sharp GAP down opening of 100 points this 20-DMA support line is going to be retested and a breakdown today could lead to an extended sell off dragging the Index lower to  levels of 9040-8900. On the flip side, if bulls manage to successfully defend this support again a short covering rally could be triggered taking the Index higher to levels of 9400-9500.Key Index to watch out today will be the Bank Index which has been underperforming this week and is currently trading below the 20-DMA which is at 19770, bulls need to take the Bank Nifty beyond this resistance for any meaningful short covering rally to materialize,” Agarwala said.

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May 07, 2020 - 15:59 (IST)

Sensex declines 242 points, Nifty slips below 9,200-mark

The benchmark indices ended in the red on Thursday with Nifty closed below 9,200-mark.

The Sensex dropped 242.37 points or 0.76 percent to 31,443.38, while Nifty was down 71.85 points or 0.78 percent at 9,199.05 at close.

ONGC was the top loser in the Sensex pack falling 4.54 percent. Other losers included NTPC, Kotak Mahindra Bank, Bharti Airtel, Titan, PowerGrid, Bajaj Auto, HDFC Bank and Bajaj Finance.

All the sectoral indices ended lower. BSE Midcap index was down 0.5 percent, while BSE Smallcap index was ended flat.

May 07, 2020 - 15:58 (IST)

Udacity Partners, AWS to launch scholarships 

Udacity has recently announced its partnership with Amazon Web Services (AWS) to offer scholarships to help prepare the global workforce for the demand for machine learning capabilities.

With this scholarship, applicants will have an opportunity to take the foundational course titled AWS Machine Learning Foundations Course. 

The top 325 performers who successfully complete the course and score highly on the subsequent test will get a scholarship to Udacity’s Machine Learning Engineer Nanodegree programme. 

May 07, 2020 - 15:48 (IST)

SBI slashes lending rates

May 07, 2020 - 15:41 (IST)

Smart Pass to decongest cafeteria during peak hours

SmartQ, a B2B food-tech platforms, announced the launch of Smart Pass-an initiative to decongest the cafeteria during peak hours. 

SmartQ’s Smart Pass is a slot-based booking and allocation system, focusing on the safety and convenience of the user while providing the authority and flexibility of booking time slots based on their schedule.

The user can book the desired slot and also pre-order the food. The technology allows the user to view the seats booked and seats available for each slot on a real-time basis, said the company in a press release. 

May 07, 2020 - 15:29 (IST)

Sensex down 218 points, Nifty at 9,205 

Indices continued to stay in the red as Sensex was trading 218.48 points or 0.69 percent lower at 31,467.27 while the Nifty was down 65.80 points or 0.71 percent at 9,205.10 at around 3.15 pm.

May 07, 2020 - 15:18 (IST)

Air France-KLM report $1.9 bn in losses, outlook grim

Air France-KLM lost 1.8 billion euros ($1.9 billion) in the first quarter, mostly just in a few weeks in March as travel restrictions grounded planes worldwide, and said Thursday that it will take several years to recover.

The partner airlines, which have already won billions of euros of bailout loans from the French and Dutch governments, forecast that the second quarter will be far worse, with traffic down 95 percent.

Air France-KLM predicted a slow resumption of activity over the summer, but estimated it would still be down 80 percent in the third quarter compared to previous years.

In a statement, the company forecast a “prolonged negative impact on passenger demand, not expected to recover to pre-crisis levels before several years.”

May 07, 2020 - 15:12 (IST)

World food prices fall sharply in April: UN

World food prices fell for a third consecutive month in April, hit by the economic and logistical impact of the coronavirus pandemic, the United Nations food agency said on Thursday.

The Food and Agriculture Organization (FAO) food priceindex, which measures monthly changes for a basket of cereals,oilseeds, dairy products, meat and sugar, averaged 165.5 points last month, down 3.4 percent on March.

The FAO sugar price index fell to a 13-year low, plunging 14.6 percent from March, with the coronavirus crisis hitting demand and tumbling crude oil prices also reducing the need for sugarcane to produce ethanol, the Rome-based agency said.

May 07, 2020 - 15:06 (IST)

Lufthansa's Austrian unit mulls 15% job cut: Report

Lufthansa’s Austrian unit could cut 15 percent of its 7,000 jobs and reduce salaries by 13 percent as part of a package designed to convince the Austrian government of its future viability and persuade it to grant the group state aid, newswire APA reported.

Austrian Airlines (AUA) declined to comment on the APA report on Thursday. Its supervisory board met on Wednesday to discuss survival strategies as the coronavirus lockdown measures have brought the airline to a standstill with no income.

The group has applied for 767 million euros ($828 million) in state aid, but the Austrian government has demanded job guarantees and an assurance that the group will keep Vienna as a transfer hub before committing to any financial support.

May 07, 2020 - 15:01 (IST)

LG Chem share falls nearly 2% after gas leak in Andhra Pradesh facility

The share price of South Korean chemicals and battery maker LG Chem Ltd dropped almost 2 percent on Thursday after a gas leak at a factory operated by a unit in India killed at least nine people, and led to hundreds more being treated in hospital.

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May 07, 2020 - 14:55 (IST)

Uber to lay off 3,700 employees, 17% of workforce; CEO to forgo base salary

Uber Technologies Inc will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will forgo his base salary for the remainder of the year, the company said on Wednesday, as the COVID-19 pandemic decimates ride-hailing businesses.

Uber and rival Lyft Inc have been under investor pressure to show profits but the coronavirus-led lockdowns have forced them to cut costs and withdraw their full-year financial outlooks as demand for app-based rides have dropped sharply across the world.


Uber said the layoffs, affecting 17 percent of its employee count, included its customer support and recruiting teams, and expects to incur about $20 million in costs for severance and related charges.

Stock Market Latest Updates: Indices stay in red as Sensex down 218 points, Nifty at 9,205-level; NTPC, ONGC among top losers

New York: Asian stocks were set to come under pressure on Thursday as downbeat economic data pushed investors to safe havens and growing worries about falling demand sent oil prices lower.

Traders continue to be torn between signs that consumers and businesses are emerging from the economic paralysis caused by the coronavirus and the reality that the pandemic continues to choke global demand.

Also in focus are fresh hostilities between Beijing and Washington after US President Donald Trump said he was watching closely whether China would meet its commitments to increase US goods purchases under the Phase 1 trade deal.

E-mini futures for the S&P 500 fell 0.28 percent.

Japan's Nikkei 225 futures fell 0.23 percent while Hong Kong's Hang Seng index futures lost 0.76 percent.

Oil, which had rallied for a week as economies slowly reopened, dropped as much as 4 percent on Wednesday after US crude stockpiles ticked up and diesel inventories swelled, offsetting OPEC-led cuts in production.

Stock Market Latest Updates Sensex declines 242 points Nifty slips below 9200mark ONGC NTPC among major losers

Representational image. Reuters

Equities investors are expected on Thursday to face more of the kind of dismal economic data that chilled sentiment on Wednesday and stopped the oil rally.

Chinese trade data is expected to show double-digit percentage declines in exports and imports because of the damage from the pandemic to global demand and manufacturing supply chains.

Analysts at ANZ Bank have warned that Asian equity prices show excessive optimism about corporate performance that could be dashed by first-quarter earnings results.

Markets had been upbeat earlier in the week as governments slowly reopened their economies. But that faded on Wednesday in the face of a chilling euro zone GDP forecast and a report that US private employers laid off a record 20.2 million workers in April.

Wall Street was mostly lower on Wednesday. The S&P 500 index closed 0.7 percent weaker after a late-day selloff. The Nasdaq Composite added 0.51 percent as traders bet on tech and other so-called stay-at-home sectors, while the Dow Jones Industrial Average lost 0.91 percent.

“Looking across the markets as we close off the US session and hurtle in Asia trade, we see price action has been soggy, and the bears will probably just about take this one,” Chris Weston, Melbourne-based head of research at broker Pepperstone, said in a Thursday note to clients.

In currency trading, safe-havens rose on Wednesday. The yen hit a seven-week high against the dollar and a 3-1/2-peak versus the euro.

Against a basket of peers, the dollar rose for a third session.

“Safe havens are likely to hold the upper hand as many brace for the impact of the late week jobs data,” said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington.

The US government jobs report due on Friday is expected to show the unemployment rate jumped to 16 percent in April, which would shatter the post-World War Two record of 10.8 percent set November 1982.

A weekly US government jobs report due on Thursday is forecast to show another 3 million people filed claims for unemployment, adding to the 30.3 million claims of the previous few weeks.

The European Commission on Wednesday forecast the euro zone economy would contract by a record 7.7 percent this year, and warned that public debt and budget deficits will balloon on spending to offset the damage from the pandemic.

That undercut optimism, sending the pan-European STOXX 600 index down 0.4 percent.

MSCI’s gauge of stocks across the globe shed 0.42 percent on Wednesday.

Longer-dated US Treasury yields jumped to three-week highs on Wednesday after the government sharply increased the size of its long-dated debt auctions to finance its expanding deficit.

Benchmark 10-year note yields jumped as high as 0.743 percent on Wednesday, the most since 15 April.

Gold fell further on Wednesday under the pressure of a stronger dollar and expectations that supplies will grow as bullion refineries resume operations. Spot gold, which had dipped 1.1 percent in the New York afternoon,  added 0.1 percent to $1,686.54 an ounce.

Updated Date:

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