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Stock Market Latest Updates: Sensex falls 262 points, Nifty holds 9,200-mark; SBI, Bajaj Finance among major losers

Stock market today LIVE Updates: Benchmark indices erase early gains; petrol price up Rs 1.67, diesel Rs 7.10 per litre in Delhi

FP Staff May 05, 2020 15:56:27 IST
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Stock Market Latest Updates: Sensex falls 262 points, Nifty holds 9,200-mark; SBI, Bajaj Finance among major losers

Highlights

09:06 (ist)

Markets could open high

Deepak Jasani, Head Of Research, HDFC Securities said: "A late recovery in US markets led by tech shares could result in higher opening for our markets.  Indian markets could open higher today following positive Asian markets today and US markets that reversed up to close up on Monday. US stocks staged a dramatic comeback late Monday to end higher, as U.S. crude oil settled above $20 a barrel and tensions simmered between China and the US over Beijing’s handling of the coronavirus outbreak. At session lows, the S&P 500 was down 1.2% and the Dow was 1.5% lower. Wall Street rebounded as the lifting of lockdowns in some U.S. states boosted optimism.

"West Texas Intermediate crude oil for June delivery scored a gain Monday, adding 61 cents, or 3.1%, to settle at $20.39 a barrel on the NYME​ In economic data, US. factory orders sank 10.3% in March, and orders for long-lasting goods slumped 14.7%.

Stocks in Asia Pacific rose in Tuesday morning trade, with major markets regionally closed for holidays. A late Wall Street rally has led Asian stocks higher on Tuesday after tech shares and oil rose on easing coronavirus restrictions and prospects of an economic recovery, overcoming concerns about renewed Sino-US trade tensions. 

"Indian equity indices broke a 4 day winning streak on Monday and recorded their biggest one-day fall in over a month reflecting the weakness in global markets over the last two trading sessions. Weak global cues, poor macro data locally, the latest US China spat and poor corporate earnings led to this fall. The NSE Nifty 50 index gave up half of the gains made during the previous week, ending at 9,293, down 5.7 percent.

"Technically the Nifty has given a bearish signal by forming a bearish island reversal pattern after a rise. The next support to look forward to is at 9132, while the resistances are at 9392 and 9533. The ultimate target of the bearish pattern is at 8909.

LIVE NEWS and UPDATES

May 05, 2020 - 15:54 (IST)

Sensex falls 262 points, Nifty holds 9,200-mark


Indices witnessed profit booking and closed in the red for the second day in a row on Tuesday even as the broader Nifty managed to hold above 9,200 level.

The Sensex fell 261.84 points or 0.83 percent at 31,453.51, while Nifty was down 87.90 points or 0.95 percent at 9,205.60 at close. 

SBI, Bajaj Finance, Asian Paints, Axis Bank and Kotak Bank were the major losers in the Sensex pack. The gainers included Mahindra & Mahindra, PowerGrid, ONGC and Reliance.

May 05, 2020 - 15:53 (IST)

Domestic, international passenger flights to remain suspended till 17 May: Govt

May 05, 2020 - 15:31 (IST)

Sensex drops 252 points, Nifty at 9,211

Market continued to extend the losses as Sensex dipped 251.73 points 0.79 percent to 31,463.62 while the Nifty was down 82.45 points or 0.89 percent at 9,211.05 at around 3.15 pm.

May 05, 2020 - 15:28 (IST)

PepsiCo India funded COVID-19 testing kits start reaching laboratories

PepsiCo India on Tuesday said the first batch of test kits for coronavirus funded by it has started reaching testing sites across India.

These kits are being procured and distributed by Foundation for Innovative New Diagnostics (FIND) with funding from PepsiCo India and have been approved by Indian Council of Medical Research (ICMR), the company said in a statement.

PepsiCo India had volunteered to support the scale up of India''s COVID-19 testing capacity through support provided to FIND.

May 05, 2020 - 15:16 (IST)

ICICI Bank stock falls

May 05, 2020 - 15:15 (IST)

JSPL's crude steel output remains flat in April 2020

Private steel player Jindal Steel and Power Ltd (JSPL) has said its consolidated crude steel production remained flat at 6.5 lakh tonne (LT) during April 2020.
The company had produced similar amount (6.5 LT) of crude steel during the same month in 2019.

In April this year, its consolidated sales also reduced by 29 percent to 4.55 LT from 6.42 MT in the corresponding period a year ago.

The company said the outbreak of pandemic began impacting economic activity by the third week of March, leading to the announcement of the nationwide lockdown.

May 05, 2020 - 15:10 (IST)

EPFO releases total Rs 764 cr to pensioners for April

Retirement fund body EPFO on Tuesday said it has disbursed a total of Rs 764 crore to 65 lakh pensioners for April under its pension scheme.

All 135 field offices of the Employees' Provident Fund Organisation (EPFO) processed pension payment for April 2020 in advance to avoid inconvenience to pensioners on account of nationwide COVID-19 lockdown, according to a labour ministry statement.

EPFO officers and staff battled all odds to send Rs 764 crore to all nodal branches of pension disbursing banks throughout India, it further said.

May 05, 2020 - 15:08 (IST)

Tourism hit hard by lockdown in Uttarakhand, says panel

A high-level committee in Uttarakhand set up to suggest measures to revive the economy has said the lockdown to fight COVID-19 has hit the tourism sector badly in the state and long and short term planning is needed to put it back on track.

Submitting the panel''s interim report to the government at a meeting convened by chief minister Trivendra Singh Rawat here on Monday, its head Indu Kumar Pandey said long, short and medium term planning is needed to offset the impact of the lockdown on the state's economy, especially tourism.  

He also underlined the need for a sector-wise analysis of industries especially in view of the circumstances arising out of the return of a large number of people from the state stranded in different parts of the country. 

May 05, 2020 - 15:05 (IST)

Samsung, LG bet on pre-booking offers to woo customers 

Consumer electronics giants like Samsung and LG have initiated pre-bookings of products via digital channels to help customers, who are at home during the lockdown, purchase items like smart TVs and home appliances that will be delivered later by local retailers.

Retail shops remained closed for more than a month due to the nationwide lockdown from 25 March which was imposed to contain the coronavirus pandemic.

With the government easing lockdown restrictions in the third phase starting from 4 May, consumer durables makers are expecting a revival in the demand.

Both LG and Samsung have opened bookings for various products on their websites for limited periods and are offering gifts of up to Rs 10,000 on pre-bookings made during the lockdown period. LG has opened pre-bookings till 15 May and Samsung by 8 May.

May 05, 2020 - 14:56 (IST)

Indices slip into red as Sensex falls 114 points, Nifty below 9,300-mark

Market slipped into the red zone as Sensex fell 114.23 points 0.36 percent to 31,601.12 while the Nifty was down 50.10 points or 0.54 percent at 9,243.40 at around 2.45 pm.

SBI, Bajaj Finance, Kotak Mahindra Bank, Asian Paints, and Axis Bank were the major losers in the Sensex pack.

Stock Market Latest Updates: Benchmark indices erase early gains; petrol price up Rs 1.67, diesel Rs 7.10 per litre in Delhi

New York: A late Wall Street rally is expected to lead Asian stocks higher on Tuesday after tech shares and oil rose on easing coronavirus restrictions and prospects of an economic recovery, overcoming concerns about renewed Sino-US trade tensions.

Futures on major US, Hong Kong and Australian indexes were up about 0.3 percent in early Asia trade after major Wall Street indexes ended up Monday. The tech-heavy Nasdaq Composite closed up 1.2 percent.

Oil rose as much as 5 percent as countries announced they would began easing coronavirus lockdowns and crude supply cuts took effect.

The upturn for stocks came on more optimistic statements from the governors of California and New York for reopening businesses. Andrew Cuomo of New York on Monday outlined a phased reopening in the US state hardest hit by the COVID-19 pandemic.

Stock Market Latest Updates Sensex falls 262 points Nifty holds 9200mark SBI Bajaj Finance among major losers

Representational image. Reuters.

“Can you lift restrictions and begin to phase in economic activity and yet keep the number of cases at bay? That is what the market is focused on right now,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

Early on Tuesday trading in Asia, futures for the S&P 500 were up 0.1 percent and the Australian S&P/ASX 200 futures were up 0.32 percent. Hong Kong’s Hang Seng index futures rose 0.24 percent. Japan and mainland China markets are closed for public holidays.

The Australian dollar fell 0.02 percent versus the greenback at $0.643.

The shift in sentiment came too late for European stocks with the pan-European STOXX 600 ending 2.7 percent lower. There were also concerns about declines in manufacturing in Europe and the US.

MSCI’s gauge of stocks across the globe shed 0.69 percent on Monday. Emerging market stocks lost 3.14 percent.

The Dow Jones Industrial Average rose 0.11 percent on Monday while the S&P 500 gained 0.42 percent.

The S&P 500 rise was powered by Microsoft, Apple and Amazon. Their strength overcame drops in airline shares of between 5 percent to 8 percent after legendary investor Warren Buffett said his Berkshire Hathaway had sold its carrier holdings.

US crude was up 3.87 percent at $21.18 per barrel and Brent was at $27.97, up 5.79 percent on the day. “The market continues to price in the idea that things are improving,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.

Still, an ambivalence about countervailing forces dominated in the US Treasury market. Heavy corporate debt issuance weighed on bond prices after an early round of safe-haven buying and left the yield on 10-year USTreasury notes barely changed at 0.63 percent compared with 0.64 percent late on Friday.

“To me that really speaks to...a deep lack of conviction over what comes next,” said Jon Hill, an interest rate strategist at BMO Capital Markets in New York.

The US dollar index rose 0.258 percent, and the euro was down 0.03 percent to $1.0903. Spot gold added 0.1% to $1,701.44 an ounce.

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