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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. [caption id=“attachment_4632741” align=“alignleft” width=“380”]
Representational image. Reuters.[/caption] 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.
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%
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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.
SEBI relaxes buyback norms
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.
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.
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.
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.
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.’’
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.
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.
GoAir against keeping middle seats vacant in aircraft
Sensex soars 573 points, Nifty holds 9,300-mark
The market continued the rally as the Sensex surged 572.64 points or 1.82 percent to 31,952.19 while Nifty was up 151.85 points or 1.65 percent at 9,339.15 at 2.45 pm.
Kotak Mahindra Bank zoomed over 8 percent while TCS and ICICI Bank jumped over 6 percent in the afternoon trade.
Mukesh Ambani regains Asia’s richest person tag after Facebook-Jio deal
Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd (RIL) has regained the ‘richest person in Asia’ tag after Facebook’s $5.7 billion (Rs 43,574 crore) investment in Jio Platforms on 22 April.
According to the Bloomberg Billionaires Index, the $4.69 billion spurt in wealth has placed Ambani ahead of China’s Jack Ma.
The deal with Facebook also pushed RIL’s valuation higher to around $4.24 trillion in market capitalisation.
Renault seeks state-backed loan to build cash buffer
Renault is in talks with the French government to secure a state-backed loan worth several billion euros to shore up its liquidity during the coronavirus pandemic, the French carmaker said on Thursday.
Interim chief executive Clotilde Delbos said Renault had enough liquidity to see it through the turmoil but was lining up credit lines and aid when possible, including in France and emerging markets.
“It is our duty to be on the safe side and to cover even black, black, black scenarios,” Delbos said on a call with analysts, adding that it was unclear how long the crisis would last. She said the French loan should be in place by mid-May.
Coronavirus Outbreak: China looks to US crops for state reserves
China is preparing to buy more than 30 million tonnes of crops for state stockpiles to help protect itself from supply chain disruptions caused by the coronavirus pandemic and make good on pledges to buy more US crops, three sources told Reuters.
China plans to add about 10 million tonnes of soybeans, 20 million tonnes of corn and 1 million tonnes of cotton to its state reserves, said two of the sources, who were briefed on the government plan.
The bulk of the crops would be imports, and mainly from the United States, as China works to fulfil its commitment under the Phase 1 trade deal signed in January, the sources said, declining to be named because of the sensitivity of the matter.
World shares mixed after Wall St rally as oil prices recover
Shares were mixed in Europe and Asia on Thursday following a rally on Wall Street and a slight recovery in oil prices.
France’s CAC 40 rose 0.1 percent in early trading to 4,426.13 while Germany’s DAX fell 0.7 percent to 10,341.40. Britain’s FTSE 100 edged less than 0.1 percent lower to 5,767.32.
US shares were set to drift lower with Dow industrials and S&P 500 futures almost unchanged.
The US House was expected to vote on Thursday on a $483-billion proposal to deliver more loans to small businesses and aid to hospitals after the Senate approved it on Tuesday.
Rupee rises over 1-week high at close
Volkswagen making masks in China for its staff at European plants
Volkswagen AG is making masks in China for distribution to Volkswagen plant employees in Europe, the German automaker said on Thursday as it prepares to restart European production.
Volkswagen will be able to produce 1.6 million masks per month in the coastal city of Tianjin, where it has car plants with partner FAW Group.
It plans to send the first shipment of masks to Germany at the beginning of May, the company said in a statement.
Sensex zooms 480 points, Nifty regains 9,300-mark
The market rebounded as the Sensex jumped 480.59 points or 1.53 percent to 31,860.14 while Nifty was up 134.10 points or 1.46 percent at 9,321.40 at 2.15 pm.
Kotak Mahindra Bank, TCS, ICICI Bank, Infosys, ONGC and HCL Tech were the top gainers in the Sensex pack.
Narendra Modi to meet Nirmala Sitharaman, finance ministry officials tomorrow
Crude oil futures gain on spot demand
Crude oil futures on Thursday rose 25.19 percent to Rs 1,173 per barrel as participants widened their positions on firm spot demand.
On the Multi Commodity Exchange, crude oil for May delivery climbed by Rs 236, or 25.19 percent, to Rs 1,173 per barrel with a business volume of 13,699 lots.
Analysts said raising of bets by participants kept crude prices higher in futures trade in New Delhi.
Auto part firm Pricol reopens Uttarakhand plant
Auto components maker Pricol on Thursday reopened its Uttarakhand-based plant, and said it will restart all activities in a phased manner.
Based on the directives issued by the central and state government on the exemptions from lockdown, the operations of company’’s plant located at Pantnagar (Uttarakhand) will resume in phased manner, with effect from 23 April, Pricol said in a regulatory filing.
The plant has received necessary approval from the government for the same, it added.
Increment on DA, DR for Central govt employees, pensioners put on hold
The finance ministry on Thursday decided to put on hold increment in dearness allowance (DA) for 50 lakh Central government employees and 61 lakh pensioners till July 2021 due to the COVID-19 crisis.
“In view of the crisis arising out of COVID-19, it has been decided that additional instalment of dearness allowance payable to central government employees and dearness relief (DR) to central government pensioners due from 1 January 2020, shall not be paid.
“The additional instalment of DA and DR due from 1 July 2020, and 1 January 2021, shall also not be paid,” the department of expenditure said in an office memorandum.
Bajaj Allianz in tie-up with GOQii launches BAGIC GOQii Co-pay Option
Bajaj Allianz General Insurance, private general insurer along with GOQii, smart tech enabled preventive healthcare platform, on Thursday announced the launch of its innovative offering ‘BAGIC GOQii Co-pay Option’ under the Regulatory Sandbox approval received from IRDAI.
This option will be an add-on cover which can be opted by the holders of company’s existing health insurance policy – Health Ensure. The objective behind this innovative offering is to reward customers who are adopting healthy lifestyle in the form of co-pay deduction in their health insurance policy.
BAGIC GOQii Co-pay Option can be availed by individual policyholder with a policy tenure of one year. Policyholder can opt for sum Insured of Rs 3 lakh, Rs 4 lakhor Rs 5 lakh.
IndiGo to pay full salaries to most employees for April
Gold futures surge on domestic demand
Gold prices on Thursday rose Rs 173 to Rs 46,340 per 10 gram in futures trade as speculators indulged in creating fresh positions on firm spot demand.
On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 173, or 0.37 percent, to Rs 46,340 per 10 gram in a business turnover of 16,187 lots.
The yellow metal for August delivery edged up by Rs 196, or 0.42 percent, to Rs 46,496 per 10 gram in a business turnover of 3,446 lots.
Fresh positions built up by participants on spot demand mainly led to rise in gold prices, analysts said.
India’s crude steel output declines 14% to 8.65 MT in March
The country’s crude steel output decline 14 percent to 8.65 million tonne (MT) during March, according to a report by the World Steel Association.
India has been observing a nationwide lockdown since 25 March, which has impacted production, demand and supplies of steel in the country.
The country had produced 10.04 MT of crude steel during the same month a year ago, the World Steel Association (worldsteel) said in its latest report.
In March 2020, the global steel output was also down by 6 percent to 147.05 MT as compared with 156.51 MT in March 2019.
Govt reconstitutes National Shipping Board
The government has approved reconstitution of the National Shipping Board to be headed by former Director General of Shipping Malini Shankar, an official said.
The National Shipping Board (NSB) is the highest advisory body on matters related to Indian shipping including the development there of and on such other matters arising out of the Merchant Shipping Act.
The shipping ministry has approved reconstitution of the 16-member NSB, which will ne headed by former Director General of Shipping Malini Shankar, as per a communication from the ministry to the DG Shipping.
The members of the board include DG Shipping Amitabh Kumar, joint secretary Shipping Satinder Pal Singh, one representative each of the Indian Navy and Indian Coast Guard, not below the rank of directors, National Union of Seafarers of India representative Abdulgani Serang, Maritime Union of India representative Amar Singh Thakur and National Ship Owners’ Association representative Anil Devli.
Indices erase gains; Sensex up 220 points, Nifty below 9,200
The market gave up gains as the Sensex was trading 220.04 points or 0.70 percent higher at 31,599.59 while Nifty was up 59.65 points or 0.65 percent at 9,246.95 at 1.30 pm.
Chhattisgarh seeks Centre’s nod to pay MGNREGS wages in form of food grains
Chhattisgarh Chief Minister Bhupesh Baghel has sought the Centre’s approval for payment of wages to workers under the Mahatma Gandhi Employment Guarantee Scheme (MGNREGS) in the form of food grains.
In a letter to Union Agriculture Minister Narendra Singh Tomar, he said five lakh workers are being employed every day under the scheme.
Baghel said 62.52 lakh people of over 31.5 lakh families in the state depend on MGNREGS for livelihood.
The chief minister said payment of the wages under the scheme is sent to the workers’’ bank accounts directly through the National Electronic Fund Management System (NEFMS).
Silver futures rise on spot demand
Silver prices on Thursday rose 1.78 percent to Rs 42,430 per kg in futures trade as participants widened their bets on firm spot demand.
On the Multi Commodity Exchange, silver contracts for May delivery gained Rs 744, or 1.78 percent, to Rs 42,430 per kg in 3,330 lots.
Similarly, the white metal for July delivery was trading higher by Rs 769, or 1.81 percent, at Rs 43,172 per kg in 1,957 lots.
Govt says 33 crore poor people receive financial aid of Rs 31,235 cr till 22 April
French retailers should be able to reopen from May 11: Finance minister
The French government wants all retail outlets other than restaurants and bars to be able to reopen once a nationwide lockdown is lifted on 11 May, Finance Minister Bruno Le Maire said on Thursday.
The government has said that not all businesses will be able to go back to work immediately once the lockdown, in place since mid-March to rein in the coronavirus outbreak, ends.
“We want all retailers to be able to open on 11 May in the same way out of fairness,” Le Maire told France Info radio, adding that it remained to be seen whether that would be possible nationwide or only region by region.
Setco Automotive gets permission to re-start manufacturing operations at 2 plants
Auto component maker Setco Automotive on Thursday said it has received permission to resume operations at its two plants located in Gujarat and Uttarakhand.
The company would like to inform that its plants situated at Kalol (Gujarat) and Sitarganj (Uttarakhand), have been permitted to re-start manufacturing operations by the respective state governments, Setco Automotive said in a regulatory filing.
The plants have been permitted to operate subject to compliance with the conditions and directions as mentioned in the guidelines of respective state government as well as the order of ministry of home affairs, dated 15 April 2020, it added.
Britannia falls from day’s high
Sodium-ion battery maker Faradion mulling over manufacturing in India
Sodium-ion battery maker Faradion Ltd on Thursday said it is actively exploring having a manufacturing presence in India for its batteries for diversified applications.
The company, which had won its first order from ICM Australia, is seeking to push its Sodium-ion batteries over Lithium-ion batteries citing “exceptional superiority” and play a significant part in revolutionising automobile/mobility, storage and mobile sectors across the world.
“India is one of the largest markets for mobile devices across the world. Recently, the country has also demonstrated significant progress in the adoption of EV (Electric Vehicle) technology, making it a priority market for Faradion,” the company said in a statement.
Sterlite Power commissions 765-kV Khandwa substation in Madhya Pradesh
Sterlite Power on Thursday announced commissioning of the 765-kilovolts (kV) Khandwa substation in Madhya Pradesh.
“Sterlite Power, a leading global power transmission player, commissions the 765-kV Khandwa substation in Madhya Pradesh, which is part of the Khargone Transmission Ltd (KTL) project,” according to a statement by the company.
This will help in stepping down high-voltage 1,320 MW power from the Khargone Power Plant to further distribute it downstream to 50 million households across the states of Madhya Pradesh, Maharashtra and Gujarat, it said.
Housing sales falls 26% in January-March in 9 top cities, new supply plunges 51%: Report
Real estate developers sold 26 percent less apartments during January-March period across nine major cities as economic slowdown and coronavirus outbreak affected demand, News Corp-backed PropTiger said.
In its report ‘Real Insight: Q4 FY20’, the housing brokerage firm said “a total of 69,235 units were sold during the quarter ending March as against 93,936 units sold during the same quarter last fiscal.”
New launches too fell by more than a half to 35,668 units from 72,932 flats during the period under review.
Reports by other brokerages and consultants too pointed out that sales have been hit by 30-40 per cent in the first three months of 2020.
Sensex surges 459 points in mid-session, Nifty above 9,300
Market benchmark is trading at day’s high at 1.4 percent led by buying in banking stocks.
Global markets are trading in positive as US crude prices surge after two days fall.
Sensex surged 459.14 points or 1.46 percent to 31,838.69 while Nifty was up 134.05 points or 1.46 percent at 9,321.35 at around 12.40 pm.
All sectoral indices are trading in green with media, metal and banking as the top indices gainers. On stock specific, Zee Entertainment, Kotak Bank and TCS are the top gainers.
Rupee extends gains in afternoon trade
Credit Suisse sees first-quarter profit rise 75% as it warns of uncertainty
Credit Suisse Group AG posted a 75 percent rise in first-quarter net profit on Thursday, even as it cautioned the global coronavirus pandemic could impact performance in coming quarters.
“The scale of the adverse economic impact of the COVID-19 crisis is still difficult to assess and we would caution that we may also see further reserve build and impairments in the coming quarters,” the Swiss bank said in a statement.
“We are well prepared to continue to serve our clients and we believe we can maintain a resilient financial performance through this crisis.”
Credit Suisse saw profit rise to 1.314 billion Swiss francs ($1.35 billion). Fourteen analysts polled by the bank had on average expected to see net profit of 997 million francs for the quarter.