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

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.

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

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.

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.

ICICI Bank stock falls

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.

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.

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. 

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.

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.

DPIIT asks telecom dept, BSNL to hold Rs 9,000-cr tender

The Department for Promotion of Industry and and Internal Trade (DPIIT) has asked the telecom department and state-owned BSNL to put on hold the tender for setting up 4G network, valued at Rs 9,000 crore, after allegations emerged that the tender favoured foreign companies, according to a communication.

The move comes following a complaint filed by TEPC, the government body for promotion of domestic telecom products, equipment and services.

The tender was floated by BSNL in March under the new management for setting up 4G network. This was the first tender issued by the telecom PSU after the government announced Rs 68,751 crore relief package for BSNL and MTNL in October 2019.

Varun Beverages March quarter profit up 50% to Rs 60 cr

Varun Beverages Ltd, PepsiCo's largest franchise bottler, on Tuesday reported 50 percent jump in consolidated net profit at Rs 60.06 crore for the March quarter 2020, helped by volume growth across its domestic and international markets.

The company, which follows calendar year as its financial year, posted a net profit of Rs 40.04 crore in January-March 2019.

Total income during the latest quarter stood at Rs 1,724.51 crore, up 24.78 percent from Rs 1,382 crore in the year-ago period, Varun Beverages said in a regulatory filing.

Rupee ends slightly higher at Rs 75.62

Indices trim gains as Sensex up 149 points, Nifty holds 9,300

Market remained volatile as Sensex was trading 148.70 points 0.47 percent higher at 31,864.05 while the Nifty was up 37.60 points or 0.4 percent at 9,331.10 at around 2.15 pm.

Spain unemployment highest in nearly 4 years

The Spanish government says that the halting of most economic activity during April's strict confinement shot up unemployment to a total of 3.8 million, the highest figure in nearly four years.

Altogether 282,891 people registered as jobless in April, or 8 percent more than a month earlier, data published on Tuesday by Spain's labour ministry shows.

More than 300,000 people had already gone jobless the previous month, after authorities enacted a state of emergency on 14 March that provided the legal framework to confine Spaniards at home and deal with a pandemic that has killed at least 25,000.

The jobless statistics don't include the millions of workers in Spain that have been furloughed or seen a temporary reduction in the number of hours that they are working.

Gold futures slip on weak demand

Gold futures on Tuesday fell 0.88 percent to Rs 45,405 per 10 gram as participants offloaded their holdings following weak trend overseas.

On the Multi Commodity Exchange, gold prices for June delivery fell by Rs 402, or 0.88 percent, to Rs 45,405 per 10 gram in a business turnover of 13,574 lots.

The yellow metal for August delivery declined by Rs 378, or 0.82 percent, to Rs 45,640 per 10 gram in 2,233 lots.

US treasury plans to borrow record $3 trillion

The US plans to borrow a record $2.9 trillion during the April-June quarter to deal with the raging coronavirus pandemic that has wreaked the world's largest economy and claimed the lives of over 69,000 people in the country.

According to The Wall Street Journal, the sum is more than five times the previous quarterly record, set at the height of the 2008 financial crisis.

During the April-June quarter, the US treasury expects to borrow $2.9 trillion in privately-held net marketable debt, assuming an end-of-June cash balance of $800 billion, an official statement said on Monday.

Madhya Pradesh constitutes committee to revive industries

The Madhya Pradesh government has constituted a committee of industrialists to attract investments and revive industries from the impact of the COVID-19 outbreak in the state, an official said on Tuesday.

The industrial policy and investment promotion department has constituted a committee, which will advise the state government about ways to attract investments in the aftermath of the pandemic, an official from the public relations department said.

The principal secretary of the department will be convenor of the committee, while the principal secretary of micro small and medium enterprises (MSME) department will be co-convenor, he said.

Silver futures ease on low demand

Silver futures on Tuesday plunged Rs 165 to Rs 41,079 per kg as participants cut down their bets on low demand.

On the Multi Commodity Exchange, silver contracts for July delivery tumbled by Rs 165, or 0.4 percent, to Rs 41,079 per kg in a business turnover of 3,292 lots.

However, in the international market, silver prices traded 0.91 percent up at $14.93 an ounce in New York.

Analysts said weak trends in overseas markets mainly kept pressure on silver prices.

Nifty Bank recovers

State-run banks' NPAs likely to rise 2-4 percentage points: Report

State-owned banks'' non-performing loans are likely to rise by 2-4 percentage points, which will put up to $15 billion recapitalisation pressure on the government in FY21, a foreign brokerage firm said on Tuesday.

The consolidated fiscal deficit target is likely to overrun by 2 percentage points due to stimulus spends, lower tax receipts and dip in divestments, and will have to look for different ways of raising resources for recapitalisation, analysts at Bank of America said.

The government can issue recapitalisation bonds, or the RBI''s huge reserves of over $127 can also be dipped into to help the state-owned bank''s recapitalisation needs, it said.

Kalpataru completes sale of 100% stake in Kalpataru Satpura Transco to CLP India

Kalpataru Power Transmission Limited (KPTL) on Tuesday said it has successfully completed sale of its entire stake in Kalpataru Satpura Transco Private Limited (KSTPL) to CLP India Private Limited.

CLP India is owned by CLP Group, one of the largest investor-owned power businesses in Asia, and Caisse de dpt et placement du Qubec (CDPQ), one of Canada''s leading institutional fund managers.

The company, however, did not disclose the financial details of the transaction.

In a filing to the BSE on Tuesday, the company said "the company has successfully completed sale of its entire 100 percent stake in KSTPL to CLP.

Consequently, KSTPL ceased to be a subsidiary of the company with effect from 20 November 2019.

Markets partially in green during mid-session

The Indian markets at half-time are still trading partially in the green though it has given up part of its opening gains as bears are strongly protecting the 9,450 level, said Aditya Agarwala, senior technical analyst, YES Securities.

"IT, Auto, Metal and select private banks are leading the rally. On the flip side PSU Bank, Pharma and FMCG stocks are dragging the Index lower. It will important for the bulls to protect the 9,300 support zone on a closing basis below which sell-off could extend to levels of 9,100 levels as well. European markets have opened with strong gains, if these opening gains are held short covering could be witnessed in the latter half of the session,” he said.

Rupee at day's low

Sensex jumps 250 points, Nifty above 9,350-mark
 

Sensex jumped 250.08 points 0.79 percent to 31,965.43 while the Nifty was up 72.45 points or 0.78 percent at 9,365.95 at around 1.20 pm.

Vistara's senior employees to go on leave without pay up to 4 days

Vistara CEO says senior employees to go on leave without pay for up to 4 days per month in May and June, reports PTI.

NBFCs ask RBI for one-time restructuring of all loans till Mar 2021

Force Motors reports total sales of 66 units in April

A few NBFCs recover

US financial body gives $15 mn loan to Indian startup

An American financial organisation has agreed to sanction $15 million loan to an Indian education startup to expand the access to quality education by providing critical financing to schools that serve low-income students in India.

The financing will help Bengaluru-based Varthana to reach more schools by meeting its need for long-term capital that is unavailable in the Indian market, US International Development Finance Corporation (DFC) said in a statement.

The DFC, America’s Development Bank, said that the financing will be especially critical as schools work to adapt to and recover from disruptions caused by the coronavirus pandemic.

In addition to providing timely loans, Varthana has been helping schools implement digital learning tools and teaching methods so that students can continue their education remotely through the pandemic, it said.

Sensex up 199 points, Nifty above 9,300-mark

Sensex was trading 198.84 points or 0.63 percent higher at 31,914.19 while the Nifty was up 53.30 points or 0.57 percent at 9,346.80 at around 12.50 pm.

Retail sector suffers Rs 5.50 lakh cr loss in last 40 days: Traders' body

The Confederation of All India Traders (CAIT) said that, ever since the lockdown was imposed on 24 March, the  retail sector has lost a gigantic sum of approximately Rs 5.50 lakh crore in this period.

It is likely to witness at least 20 percent  of collapse with retailers winding up their businesses in the next few months. The CAIT has urged Prime Minister Narendra Modi and finance minister Nirmala Sitharaman to handhold the trading community and award a substantial package to the traders to ensure their survival.

CAIT national president  BC Bhartia and secretary general Praveen Khandelwal said that COVID-19 has caused a huge irreparable dent in the retail trade.

Indian retailers do a daily business of around Rs 15,000 crore and the country is in a lockdown for over 40 days now. This would mean there is a massive loss of over 5.50 lakh crore of business done by 7 crore traders of India. 

Online entrepreneurial courses launched

EdTech platform Bada Business has launched their lifetime membership for everyone to access a series of training courses and lessons with strategic tools to help them re-strategize businesses.

Bada Business is an initiative of motivational speaker and business coach Vivek Bindra to offer businesses particularly small and medium ones, extensive knowledge into strategies to help them scale up and grow.

The new lifetime membership plan is a combination of business coaching courses designed to improve the execution capability of businesses. It gives them access to case studies, checklists and knowledge about technological adaptation.

India may operate 64 flights to repatriate 14,800 of its nationals from 12 countries

The Central government is likely to operate 64 flights from 7 to 13 May bring home around 14,800 Indian nationals stranded abroad because of the coronavirus lockdown, said senior government officials on Tuesday.

These special flights would be operated by Air India and its subsidiary Air India Express to repatriate Indians from 12 countries -- the UAE, the UK, the US, Qatar, Saudi Arabia, Singapore, Malaysia, Philippines, Bangladesh, Bahrain, Kuwait and Oman, said the officials.

India has been under a lockdown since 25 March to curb the spread of the coronavirus and it will continue till 17 May. All commercial passenger flights have been suspended for this period.

Therefore, the Ministry of Home Affairs announced on Monday it will facilitate the return of asymptomatic Indian nationals stranded abroad from 7 May onwards, in a phased manner, through aircraft and naval ships on a payment basis.

Govt recommends continuation of anti-dumping duty on Chinese chemical

The commerce ministry has recommended for continuation of anti-dumping duty on a Chinese chemical used in food and pharma industry with a view to guard domestic players from cheap imports.

In a notification, the ministry''s investigation arm Directorate General of Trade Remedies (DGTR) has said there is a "positive" evidence of likelihood of dumping of Sodium Citrate and injury to the domestic industry if the existing anti-dumping duty would be removed.

"The designated authority considers it appropriate to recommend continuation of definitive anti-dumping duty" on the chemical, it has said.

The directorate has recommended two duties $96.05 per tonne and $152.78 per tonne. The finance ministry takes the final decision to impose this duty.

Asian Paints partially resumes operations at some facilities

Bharat Forge partially resumes operations at Baramati plant

United Airlines to cut 30% of management in October

United Airlines Holdings Inc plans to cut at least 3,400 management and administrative positions in October as the coronavirus pandemic crushes air travel demand, and has told pilots to brace for changes as well, according to two memos seen by Reuters.

Chicago-based United is among the US airlines that have accepted US government payroll aid that bans job or pay cuts before 30 September. However, United and other carriers have warned that demand is unlikely to recover to pre-crisis levels by that date, forcing them to shrink in the fall.

The United memos are the first indication of just how much major airlines might downsize due to the health crisis.

Tata Motors gets nod to raise Rs 1,000 cr via NCDs

Tata Motors on Tuesday said a board constituted committee has approved raising up to Rs 1,000 crore via issue of non-convertible debentures on a private placement basis.

A meeting of the duly authorised committee held on Tuesday approved the offer for subscription, on a private placement basis, up to 10,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of face value Rs 10,00,000 each at par aggregating up to Rs 1,000 crore, Tata Motors said in a regulatory filing.

These will be issued in three tranches of Rs 500 crore, Rs 300 crore and Rs 200 crores with redemptions due on 30 September 2022, 28 November 2022 and 29 December 2022 respectively, it added.

Abhijit Banerjee talks to Rahul Gandhi: Highlights of conversation

Standard Chartered appoints Kusal Roy as retail banking head 

Standard Chartered Bank, India, has appointed Kusal Roy as its new head of retail banking with effect from Tuesday (5 May).

Prior to joining Standard Chartered, he was the Managing Director and Chief Executive Officer at Tata Capital Financial Services Ltd. 

In his new role, Kusal will report to Zarin Daruwala, India, CEO and Sebastian Arcuri, regional head, retail banking, ASEAN & South Asia.

Andhra Pradesh govt hikes liquor prices by another 50%

The Andhra Pradesh government has enhanced prices of liquor by another 50 percent on Tuesday, only a day after imposing a 25 percent hike as shops were reopened in relaxation of the ongoing lockdown.

Special chief secretary (revenue) Rajat Bhargava said the abnormal increase in liquor rates was to 'discourage' people from consumption and safeguard health.

The enhanced rates would come into force with immediate effect, he said.

The state government also decided to open liquor outlets from noon, instead of 11 am, till 7 pm.

Sources said the fresh hike (50 per cent) in rates could fetch an additional revenue of Rs 9,000 crore per annum to the cash-starved state government.

Darjeeling planters seek ban on retail sale of Nepal tea

Classplus raises $9 mn funding led by RTP Global

Sensex above 31,000, Nifty holds 9,300-mark

The market continued to remain in the green zone as the Sensex was trading 207.56 points or 0.65 percent higher at 31,922.91 while the Nifty was up 55.85 points or 0.6 percent at 9,349.35 at around 11.45 am.

Ashok Leyland reports zero production, sale in April

CONCOR to surrender 15 terminals with Rs 278 cr turnover to railway

Centre working on agro MSME policy: Nitin Gadkari

RBI may extend moratorium on loans by another 3 months

Hyundai to begin preparations to re-start production on 6 May

Godrej Consumer falls over 2%

For restaurant industry, technology to help overcome challenges

Marico Q4 net profit down 50.6% to Rs 199 cr

CEWRL signs pact with SBI-led consortium

SIDBI to launch digital platform for SMEs

COVID-19 boosts frozen food segment in India: Experts

Kerala showcases itself 'safest destination', woos investors

After successfully  bringing down the number of COVID-19 cases, Kerala on Monday showcased itself as the 'safest investment destination' with the Left government announcing a slew of measures, including granting licenses within a week, to attract entrepreneurs.

Chief minister Pinarayi Vijayan said, "Even though the state has suffered a lot in various fields, it has opened a new window of various opportunities".

"We are getting a lot of enquries. Our strength is our human resource", he told reporters in Thiruvananthapuram.

The manner in which Kerala has been fighting COVID-19 has made it desirable and a safe place for investment, Vijayan said and assured that the state government would grant licences for setting up new ventures within a week.

ICICI Bank's board to meet on 9 May

Vijay Mallya files appeal against extradition order to India

Health ministry notifies new, enhanced health warnings for tobacco products

Chaos as liquor shops open after 40 days

Impatient to end a nearly 40-day dry spell, a multitude of tipplers descended on liquor shops that reopened Monday in many parts of India, jostling and pulling at each other in total defiance of social distancing norms, forcing authorities to shut the stores in some places to prevent near-riot situations.

Extraordinary scenes of chaos were witnessed outside the government-run shops in New Delhi, Mumbai, Bengaluru, Lucknow and other cities.

While in one shop the first customer was welcomed with a garland of marigolds, in another a customer broke a coconut to herald the end of the coronavirus-enforced lockdown dry spell.

Several manufacturing firms resume operations; retailers open shops

IndiGo up 3% from day's low

Liquor makers pitch for crowd management

Haryana to woo companies intending to shift from China

Centre takes stock of lockdown impact on cold chain projects in Maharashtra

Air Canada CEO sees 'darkest period' in aviation history

Indices trim early gains; Sensex up 318 points, Nifty above 9,350-mark 

Equity indices trimmed gains as the BSE Sensex was trading 317.75 points or 1 percent higher at 32,033.10 while the Nifty was up 85 points or 0.91 percent at 9,378.50 at around 10.45 am.

ONGC, Mahindra & Mahindra, PowerGrid and Reliance were the top gainers in the Sensex pack.

Karnataka sees liquor sales worth Rs 45 cr on Day 1

Liquor sale of Rs 45 crore was recorded on the first day of the opening of liquor shops in the state under relaxations during extended lockdown, Karnataka Excise Department informed.

As per the orders of the Karnataka government, liquor shops started operating today across the state from 9 am to 7 pm with some restrictions.

The government has taken the decision to open liquor shops in order to mobilise revenue. However, bars, pubs, restaurants remained closed.

Wine store, MRP store and MSIL stores were allowed to sell liquor in Karnataka. Only five people were allowed at a time and they have to maintain a distance of six feet.

Domestic flight services may resume post-lockdown

Rupee rises 15 paise to Rs 75.58 in early trade

The rupee appreciated by 15 paise to 75.58 against the US dollar in early trade on Tuesday tracking positive opening of domestic equities and weakness in the American currency.

Forex traders said a positive start of domestic stocks supported the local unit, while sustained foreign fund outflows and concerns over coronavirus outbreak weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.62, then gained ground to touch 75.58, registering a rise of 15 paise over its previous close.

On Monday, the rupee had settled at 75.73 against the US dollar.

First consignment of 5 mn hydroxychloroquine tablets from India arrives in Toronto

Rupee opens high

Fuel price hiked in Delhi

Petrol price hiked by Rs 1.67 per litre, diesel by Rs 7.10 a litre in Delhi after state govt raises VAT on auto fuel. 

Market erases early gains

Delhi govt imposes 70% 'special corona fee' on liquor bottle MRP

Tata Steel CEO TV  Narendran resigns as ISA President

Flipkart appoints news CFO

ITC faces union backlash over coronavirus work warnings

ITC  has warned some workers of disciplinary action and pay cuts for missing work during the coronavirus crisis, prompting a showdown with at least two unions, letters from both parties show.

The problems at ITC food plants in Pune in the western state of Maharashtra and in the southern state of Karnataka underscore labour issues facing firms in India, where a lockdown forced thousands of workers to return to their villages.

ITC is one of India’s top consumer goods companies with annual sales of $11 billion, producing staples such as flour, noodles and biscuits as well as being the country’s biggest cigarette manufacturer.

In notices to employees of at least two food factories dated 29 April, which were seen by Reuters, ITC said the attendance of some workers in April was irregular while some had not reported at all, even though factories were open.

Shoppers log to e-commerce platforms to buy everything from laptops to apparels

Asian stocks, oil higher as economies emerge from lockdown

Asian stocks rose on Tuesday, tracking a late Wall Street rally as governments eased coronavirus lockdowns while oil extended gains on expectations fuel demand would begin to pick up.

Brent crude rose 4.3% to $28.37 a barrel, up for a sixth straight day, and U.S. crude rose 1.38% to $21.77 a barrel, as countries began loosening coronavirus restrictions and crude supply cuts took effect.

“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.

In reduced trade, with China, Japan and South Korea on holiday, Australia’s ASX 200 rose 1.26% and Hong Kong’s Hang Seng climbed 0.66%.

US stock futures rose 0.75%.

Average daily Aadhaar-enabled transactions double: FinMin

Markets in green

After a huge sell-off in the previous session the Indian indices on Tuesday opened on positive note with Nifty above 9,400 level.

At 09:16 hrs IST, the Sensex is up 441.39 points or 1.39% at 32156.74, and the Nifty up 129.60 points or 1.39% at 9423.10. About 541 shares have advanced, 122 shares declined, and 30 shares are unchanged.

Adani Ports to announce Q4 results today

Demand shortfall, bankruptcies major concerns: Abhijit Banerjee

Need for large stimulus package to tackle COVID-19, says Abhijit Banerjee to Rahul Gandhi

Nobel Laureate Abhijit Banerjee during a conversation with Congress leader Rahul Gandhi today insisted on a "large enough stimulus package." He cited the example of US setting aside 10 percent of GDP to tackle COVID-19 crisis.

During his conversation with Rahul Gandhi regarding economic impact of COVID-19 in India, Nobel Laureate Abhijit Banerjee called for a faster lockdown exit even though the fast spreading novel coronavirus needed to be taken into consideration. 

Handing out temporary ration cards to anybody who requires one at the current moment would be a good idea to tackle the food crisis during the COVID-19 pandemic, he said.

UPL, ONGC gainers at this hour

Marico up

Airline stocks under pressure

April gold imports plunge 99.9% to three-decade low

India’s gold imports plunged 99.9% year-on-year in April to their lowest in nearly three decades as air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said.

The world’s second biggest consumer of the precious metal imported around 50 kilograms of gold in April, down from 110.18 tonnes a year ago, the source said on Monday, who is not authorised to speak to the media.

In value terms, April imports dropped to $2.84 million from to $3.97 billion a year ago, he added.

Oil prices rise on demand prospects as lockdowns start to ease

Oil prices climbed in early trade on Tuesday, adding to gains in the previous session, on expectations that fuel demand will begin to pick up as some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures. West Texas Intermediate (WTI) crude futures rose as much as 8.2% to a three-week high of $22.06 and were up 7.6%, or $1.55, at $21.94 at 0108 GMT. The U.S. benchmark is on a five-day win streak that started on April 29.

Brent crude futures hit a high of $28.37 a barrel in early trade and were up 4.1%, or $1.12 cents, at $28.32. Brent is up for a sixth straight day.Both benchmark contracts rose about 3% on Monday.

Prospects improved for fuel demand as some U.S. states and several countries, including Italy, Spain, Portugal, India and Thailand, began allowing some people to go back to work and opened up construction sites, parks and libraries.

Asian indices high

Markets to open positive

Aditya Agarwala, Senior Technical Analyst, YES Securities said: "The Indian markets are slated for a positive start following a massive sell off in the previous trading session. SGX Nifty is currently trading with gains of 1.50% or 145 points suggesting a relief rally in today’s session.

"Early risers in Asia are also trading in the green and gains are led by JAKARTA, STRAIT and HANGSENG markets which are trading higher by 0.80%-0.50%. 

"Coming back to Indian markets, if bulls successfully defend the 9300 support level in today’s trading session a short covering rally can materialise taking the Index higher to levels of 9450-9560. On the flip side if bears keep the pressure on by maintaining the Index below 9400 then a renewed corrective wave could be witnessed in the later half of the trading session. Traders should also keep a close watch on the VIX which had spiked 27% in yesterday’s session, continued rise in VIX can keep markets under pressure," Agarwala said.

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.