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Stock Market Latest Updates: Sensex surges 484 points, Nifty above 9,300-mark; Kotak Mahindra Bank, TCS among top gainers

Stock Market Today LIVE Updates: Sensex up over 120 points, Nifty above 9,200-mark; Zee Entertainment jumps 10%

FP Staff April 23, 2020 15:56:02 IST
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Stock Market Latest Updates: Sensex surges 484 points, Nifty above 9,300-mark; Kotak Mahindra Bank, TCS among top gainers

Highlights

09:33 (ist)

Trump signs executive order temporarily suspending immigration into US

 
 
 
 
US President Donald Trump has signed an executive order pausing immigration for 60 days to protect the jobs of Americans laid off due to the COVID-19 pandemic. The temporary suspension of immigration will affect those who are legally seeking entry into the United States for employment purposes but not the ones who are already living in the country, the order said.
 
 
Describing it as “a very powerful order” Trump told reporters during his daily news briefing at the White House on Wednesday that he signed the order before coming for the press briefing. “By pausing immigration, we'll help put unemployed Americans first in line for jobs as America reopens. It would be wrong and unjust for Americans laid off by the virus to be replaced with new immigrant labour flown in from abroad,” he said.
 
 
The executive order, a copy of which was released by the White House, said the new provisions apply to foreign nationals outside the US who do not have an immigrant visa that is valid on the effective date of proclamation. It also applies to those foreign nationals who do not have an official travel document other than a visa that is valid on the effective date of proclamation or issued on any date thereafter that permits him or her to travel to the US and seek entry or admission.
 
 
The suspension, the executive order said, does not apply to those foreign nationals already inside the country on a green card. It provides exemptions to healthcare workers, or seeking to enter the US as a legal permanent resident under investment category.
 
08:57 (ist)

Market could open flat

Deepak Jasani, Head Of Research, HDFC Securities, said: "Crude oil price recovery stabilizes sentiments for the moment and markets are modestly higher.

"Indian markets could open flat on Thursday following mildly positive Asian markets today and positive US markets on Wednesday.

"US stocks rebounded Wednesday, ending higher for the first time in three days, as investors gained confidence from stabilizing crude oil markets, some better-than-expected corporate earnings reports, and expectations for Congress to roll out another fiscal stimulus package.

"June crude futures for West Texas Intermediate oil gained 19.1% to settle at $13.78 a barrel, on the New York Mercantile Exchange. In precious metals, June futures for gold climbed $50.50, or 3 percent, to finish at $1,738.30 an ounce, after analysts at Bank of America raised their 18-month price target for an ounce of bullion to $3,000.

"Asian equity markets were mildly higher on Thursday after rebounding crude prices and the promise of more US government aid to ease the economic pain inflicted by the coronavirus crisis helped calm global equity markets.

"Indian markets rallied sharply on Wednesday after correcting in the last few sessions. The Nifty gained 205.85 points or 2.29 percent to close at 9,187.3.

"Technically, with the Nifty bouncing back and respecting the crucial supports of 8821, the bulls seem to have an upper hand for the near term. Further upsides are likely once the immediate resistance of 9261 is taken out. Crucial supports to watch for resumption of weakness are at 9056," Jasani said.

LIVE NEWS and UPDATES

Apr 23, 2020 - 15:58 (IST)

Sensex surges 484 points, Nifty above 9,300

Benchmark indices extended the opening gains on Thursday backed by a rally in banks, financials and IT stocks. 

Sensex zoomed 483.53 points, or 1.54 percent to 31,863.08, while Nifty was up 126.60 points or 1.38 percent at 9,313.90  at close.

Kotak Mahindra Bank was the top gainer in the Sensex pack surging nearly 9 percent. Other major gainers included TCS, Infosys, ICICI Bank, HCL Tech and ONGC.

BSE Midcap and Smallcap indices underperformed the benchmark, closing 0.90 percent and 1.35 percent higher, respectively. 

Apr 23, 2020 - 15:46 (IST)

SEBI relaxes buyback norms

Apr 23, 2020 - 15:40 (IST)

Titch sees global economy shrinking 3.9% in 2020

   
 
Describing the coronavirus-induced recession as "unparalleled", Fitch Ratings has massively slashed its global growth forecast, saying the world economy is set to contract by a hefty 3.9 percent in 2020.
 
 
The sharp downward revision is driven by a massive decline in Asian economies, led by China and India which are slated to post sub-1 percent growth this year.
 
 
Several major economies have extended lockdowns of eight-nine weeks. This contrasts to the previous assumption of around five weeks. An extra month of lockdown will reduce the annual flow of income by around 200 basis points, Fitch said.

Apr 23, 2020 - 15:40 (IST)

Eurozone economy shrinking by quarterly rate of 7.5%: Survey

A closely watched survey of economic activity across the 19-country eurozone suggests that the single currency bloc is contracting at a quarterly rate of 7.5 percent as a result of the lockdowns put in place by governments to get a grip on the coronavirus pandemic.
 
 
Financial information firm IHS Markit said Thursday that its purchasing managers' index for the eurozone — a broad gauge of economic activity — plummeted to an all-time low of 13.5 points in April from the previous record low of 29.7 in March. The firm has been compiling data for more than 20 years.
 
 
Anything below 50 indicates a contraction in activity, with a lower number indicating a sharper drop. So the scale of the April decline suggests that the eurozone is heading for an unprecedented slump. At its lowest during the global financial crisis in 2009, the index only fell to 36.2.

Apr 23, 2020 - 15:36 (IST)

Sensex above 31,300-mark, Nifty jumps 113 points

The market continued to stay in the green territory as the Sensex was trading 483.53 points or 1.54 percent higher at 31,863.08 while Nifty was up 112.85 points or 1.23 percent at 9,300.15 at 3.25 pm.

Apr 23, 2020 - 15:32 (IST)

AMNS India crude steel production up 5% at record 7.23 MT in FY20

Steel maker AMNS India on Thursday said it has produced a record 7.23 MT crude steel registering a jump of 5 percent during the financial year 2019-20.

India-based AMNS India, a JV between Luxembourg-based ArcelorMittal and Japan's Nippon Steel Corporation, had produced 6.92 MT crude steel in 2018-19, ArcelorMittal Nippon Steel India (AM/NS India) said in a statement.

"AMNS India attained record production volumes in FY 2019-20 despite challenging economic conditions, including the fallout of COVID-19 in the fourth quarter of the fiscal year. Crude steel production in FY2019-20 grew by 5 percent to 7.23 MT compared to 6.92 MT in FY2018-19," it said.

Apr 23, 2020 - 15:31 (IST)

Uber disburses grants to 55,000 drivers

Uber said it has disbursed grants to 55,000 drivers from the Uber Care Driver Fund, which it set up with an initial commitment of Rs 25 crore, to support drivers amidst the ongoing COVID-19 pandemic.

In response to Uber’s appeal to raise an additional Rs 25 crore for the fund, more than 23,000 Uber riders and employees contributed Rs 2.15 crore.

NGOs and corporations have donated an additional Rs 4.28 crores, which has already been deposited into the Driver Fund, for immediate distribution as grants to the next batch of drivers, the company said in a statement.
 

Uber Care Driver Fund, Pavan Vaish, head of central operations, Uber India and South Asia, said, “Over the coming few days, we will continue to report fresh contributions and disbursements from the Uber Care Driver Fund.’’

Apr 23, 2020 - 15:26 (IST)

SEBI again extends deadline to apply for 147 senior level executive vacancies

Markets regulator Sebi has again extended the deadline to apply for the post of 147 senior level executives by more than a month till May 31 amid the ongoing nationwide lockdown to tackle the coronavirus pandemic.

On 7 March, the regulator had invited applications for these positions as part of its plan to beef up its headcount for faster and more effective execution of its job.

The application window, which was opened from 7-23 March, was extended till 30 April 2020.

Now, it has been again extended till 31 May, the Securities and Exchange Board of India (SEBI) said in fresh notice.

Apr 23, 2020 - 15:19 (IST)

Coronavirus Outbreak: Pandemic brings UK economy to its knees in April

Coronavirus hit Britain’s economy in April with more force than even the most pessimistic forecasters had feared as businesses reported a historic collapse in demand during a nationwide lockdown, a survey showed on Thursday.

The IHS Markit/CIPS Flash UK Composite Purchasing Managers’ Index (PMI) fell to a new record low of 12.9 from 36.0 in March - not even close to the weakest forecast in a Reuters poll of economists that had pointed to a reading of 31.4.

It was a similar picture in France and Germany. 

The scale of the collapse in Britain’s PMI all but guarantees a huge contraction in the world’s fifth-largest economy and will add to doubts about whether financial help from the government has reached businesses quickly enough.

Apr 23, 2020 - 15:16 (IST)

GoAir against keeping middle seats vacant in aircraft 

Stock Market Latest Updates: Sensex up over 120 points, Nifty above 9,200-mark; Zee Entertainment jumps 10%

Washington: Asian equity markets were poised to edge higher on Thursday after rebounding crude prices and the promise of more US government aid to ease the economic pain inflicted by the coronavirus crisis helped calm global equity markets.

Better-than-expected US corporate earnings also lifted equities, analysts said, prompting investors to edge out of perceived safe-haven assets like US Treasuries on Wednesday.

Australian S&P/ASX 200 futures were up 0.94 pecent at 20:59 GMT, while Japan’s Nikkei 225 futures were down 0.18 percent.

The Nikkei 225 index closed down 1.97 percent at 19,280.78​​​ on Wednesday. The futures contract is up 0.15 percent from that close.​ Hong Kong’s Hang Seng index futures rose 0.13 percent.

On Wall Street, all 11 S&P 500 sector indexes traded higher as the US Senate unanimously approved the new relief package, adding to trillions of dollars in stimulus that have helped Wall Street rebound from its March lows.

The House of Representatives is expected on Thursday to clear the relief, which would be the fourth coronavirus measure passed by Congress, and would boost the overall federal financial response to almost $3 trillion.

In Europe, traders were buoyed after Italy breezed through a major debt sale on Tuesday and speculation continued that the European Central Bank would provide more support measures.

Stock Market Latest Updates Sensex surges 484 points Nifty above 9300mark Kotak Mahindra Bank TCS among top gainers

Representational image. Reuters.

Still, it may take European Union countries until the summer if not longer to agree on how to finance aid to help economies recover from the pandemic as major disagreements persist, a bloc official said on Wednesday.

Brent oil rose more than 7 percent, after earlier in the day touching its lowest level since 1999, on the prospects for further production cuts to reduce the glut in the oil market, sending the S&P 500 energy index up 3.6 percent.

US crude was trading up 4.72 percent to $14.43 per barrel.

Dozens of vessels have been booked in recent days to store at least 30 million barrels of jet fuel, gasoline and diesel at sea, as on-land tanks are full or already booked, according to traders and shipping data reviewed by Reuters.

US storage onshore is swiftly filling, with inventories now at 518.6 million barrels, not far from an all-time record.

On Wall Street, the Dow Jones Industrial Average rose 456.94 points, or 1.99 percent, to 23,475.82, the S&P 500 gained 62.75 points, or 2.29 percent, to 2,799.31 and the Nasdaq Composite added 232.15 points, or 2.81 percent, to 8,495.38.

Shares of US-listed Chinese companies may face headwinds after the head of the US securities regulator warned investors against putting money into Chinese companies due to ongoing governance issues with their disclosures.

MSCI’s gauge of stocks across the globe> gained 1.78 percent following a broad rally in Europe.

The dollar index rose 0.259 percent, with the euro down 0.13 percent to $1.0808.

The Canadian dollar fell 0.14 percent versus the greenback at 1.42 per dollar after the nation’s death toll from the coronavirus rose by less than 10 percent for the third day in a row, data showed on Wednesday, and some provinces prepared to start lifting shutdowns imposed to fight the outbreak.

Gains in the oil market helped draw investors into riskier assets, pulling government bond yields higher.

Benchmark 10-year notes last rose 4/32 in price to yield 0.6175 percent, from 0.619 percent.

Updated Date:

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