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Stock Market Latest Updates: Sensex surges 637 points, Nifty above 9,350; Axis Bank zooms over 7%, Ultra Cement among top gainers

Stock Market Latest Updates: Sensex surges 637 points, Nifty above 9,350; Axis Bank zooms over 7%, Ultra Cement among top gainers

FP Staff May 13, 2020 16:09:03 IST
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Stock Market Latest Updates: Sensex surges 637 points, Nifty above 9,350; Axis Bank zooms over 7%, Ultra Cement among top gainers

Highlights

09:20 (ist)

Markets could open gap-up on big bang stimulus announcement

Deepak Jasani, Head Of Research, HDFC Securities, said: "The Indian markets could open sharply higher today following the big bang stimulus announcement by PM Modi last evening and despite mildly negative Asian markets today and US markets that closed down on Tuesday.

US stocks ended sharply lower on Tuesday, erasing the previous day’s gains, as investors monitored tentative efforts to reopen the economy and weighed tensions between Washington and Beijing. Nasdaq broke a six-day win streak.

New clusters of COVID-19 cases have emerged in countries (China, South Korea, Germany) that have begun to lift restrictions on business activity imposed to contain the spread of the disease, a development that may be giving investors pause as U.S. states begin loosening lockdowns in a bid to reopen the economy.

Bloomberg News reported Republican senators were moving towards a vote to sanction Chinese officials over Beijing’s mistreatment of Uighur minorities in Xinjiang, China. This comes on the heels of reports that the Trump administration was ordering the Federal Retirement Thrift Board to halt its investments in Chinese stocks. 

India’s Industrial output contracted by 16.7% in March from a year earlier (vs fall of 8.7% as per poll forecast), fanning hopes that the central bank will ease rates further to kick-start the economy amid the coronavirus outbreak.

The FM is expected to announce the details of stimulus package today. The street is wondering whether this includes the packages of ~Rs6.7 trillion already announced so far. India’s response has so far been tepid compared to other key nations and thus the catch-up is welcome and is also the need of the hour,

Given the government’s tight fiscal position, the remaining amount is likely to come through bank guarantees to small and medium enterprises, refinance facilities and long tax breaks for industries. If this turns out to be true, there is a possibility of disappointment from the market participants. Also rating agencies have been warning that India’s sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to tackle the coronavirus crisis. Bond investors will keenly watch how much the fiscal deficit will increase, whether the RBI will monetise part of the deficit (it appears inevitable) and whether the monetary policy committee will cut rates further.

09:00 (ist)

Markets to open positive

Aditya Agarwala, Senior Technical Analyst, YES Securities, said: "The markets are expected to open with a massive GAP up as indicated by the SGX Nifty which is currently trading higher by almost 3% or 270 points following PM Modi’s stimulus package announcement yesterday.

"The early risers in Asia are trading mixed at the moment; while Nikkei, Straits and Jakarta is trading lower in the red, HANGSENG, KOSPI and TAIWAN markets are up marginally in the green. Overnight the US markets ended trade deep in the red with cuts of 2% along with a spike in the volatility Index suggesting resumption of weakness in the US markets, which could cap gains back home. Currently, Dow Jones Futures is trading flat.   

"The Nifty ended the previous session marginally in the red after a late short covering surge recovering 150 points from the low point of the day. Further, bulls managed to protect the 9000 mark where huge Put writing is also visible making it an immediate support level. Following this massive 270 points GAP up opening it will be essential to notice if bulls manage to take Nifty beyond the next critical hurdle of 9450-9467 being confluence of the 50-DMA, 50% Fibonacci retracement level and upper end of the trading range.

"The failure to push the Index beyond 9467 could trigger profit booking dragging the Index lower to levels of 9350-9300-9250. On the flip side if bulls push the Index beyond 9467 it could test levels of 9530-9760 to cover the GAP area formed on 4th May," Agarwala said.

LIVE NEWS and UPDATES

May 13, 2020 - 15:57 (IST)

Sensex surges 637 points, Nifty above 9,350 

The benchmark indices ended two weeks high while the Nifty closed above 9,350-level after Prime Minister Narendra Modi announced Rs 20 lakh crore stimulus package on Tuesday night.

Sensex surged 637.49 points or 2.03 percent at 32008.61 while the Nifty was up 187 points or 2.03 percent at 9,383.55. 

Axis Bank was the top gainer in the Sensex pack zooming over 7 percent. Other gainers included Ultra Cement, L&T, ICICI Bank, SBI, M&M, Bajaj Finance and Hero MotoCorp.

Except FMCG sector and pharma sectors, other indices ended positive with Bank Nifty rose over 4 percent followed by auto, metal, infra, energy and IT.

May 13, 2020 - 15:48 (IST)

Significant advantages exist in Reliance-Aramco deal: Report

Its recent capital raising decisions and weak oil prices may be raising doubts among investors on the conclusion of Reliance Industries'' $15 billion deal with Saudi Aramco but there still exist significant advantages for the Saudi firm to conclude its investments in the oil-to-chemical business of the Indian giant, an analyst said on Wednesday.

HSBC Global Research in a note said Aramco buying 20 percent in O2C business of Reliance would allow the Indian firm to build financial muscle as it carves out space for itself in highly competitive omni-channel retail.

Scepticism may be rising that Saudi Aramco''s proposed investment the O2C business, which RIL values at $75 billion, will not materialise.

May 13, 2020 - 15:47 (IST)

Udacity launches AI for Healthcare Nanodegree programme 

 
 
 
Udacity, the global online learning platform launched its AI for Healthcare Nanodegree program. 
 
 
The project-based courses are taught by industry-leading AI and healthcare experts and designed to provide learners with the practical experience and resources needed to work and advance in the healthcare field. 
 
 
“Artificial intelligence has the potential to bring about monumental improvements in any industry where data is collected, but few fields have as significant an impact on our quality of life as does healthcare,” said Gabriel Dalporto, CEO, Udacity. 

May 13, 2020 - 15:38 (IST)

Sensex holds 32,000-mark, Nifty jumps over 150 points 

Indices continued to stay in the green as Sensex was trading 637.49 points or 2.03 percent higher at 32,008.61 while the Nifty was up 187 points or 2.03 percent at 9,383.55 at around 3.30 pm.

May 13, 2020 - 15:34 (IST)

Stimulus package will give benefit to poor also: Uday Kotak 

May 13, 2020 - 15:27 (IST)

Maruti Suzuki Q4 net profit skids 28% at Rs 1,292 cr

Automaker Maruti Suzuki on Wednesday posted a net profit of Rs 1,292 crore for the quarter ended March, down 28 percent over the same period of previous year.

This was due to lower sales volume and higher sales promotion expenses which were partially offset by lower operating expenses, cost reduction efforts and reduction in corporate tax rate, the country's largest passenger car manufacturer said in a statement.

In Q4 FY20, Maruti Suzuki clocked net sales of Rs 17,186 crore, lower by 17 percent over the same period of previous year.

May 13, 2020 - 15:18 (IST)

Narendra Modi's emphasis on self-reliance gives opportunity for home-grown players

Detel - a home-grown brand which is into consumer electronics products, said it welcomed the move of  'Atma Nirbhar Bharat'  campaign by Prime Minister Narendra Modi for promoting the idea of ' Vocal for Local'.

Detel understood the opportunity this pandemic has brought with it and entered into PPE Space in order to make the country self-reliant, said the company's Founder, and CEO, Yogesh Bhatia.

With the government encouraging home-grown brands like us, we are sure that India in the coming time will be the hub of innovation and manufacturing, and will be the center of attraction for Investors, he said.

May 13, 2020 - 15:13 (IST)

Stimulus package to provide relief to small businesses

The special package of Rs 20 lakh crore, or 10 percent of India’s Gross Domestic Product (GDP) that Prime Minister Narendra Modi announced on Tuesday will provide the much-needed relief and empower different sectors of the economy, said JC Sharma, Vice Chairman & Managing Director, SOBHA Limited.

This package will focus on land, labour, liquidity and laws; and will help small businesses, migrant labour and farmers in particular. We welcome this initiative of making India a self-reliant economy by supporting local manufacturing and becoming vocal for local, he said.

May 13, 2020 - 15:12 (IST)

Cesar Cernuda joins NetApp as president

NetApp-cloud data services, on Wednesday announced the appointment of Cesar Cernuda as president of NetApp, reporting to CEO George Kurian, effective in July. 

Cernuda joins NetApp from Microsoft, where he was president of Microsoft Latin America and corporate vice president of Microsoft Corporation.

In his role as president, Cernuda will continue to evolve the NetApp go-to-market strategy and organization to accelerate growth by transforming how we approach the changing customer landscape and capture new growth opportunities, particularly in cloud.

May 13, 2020 - 15:10 (IST)

Adda247 ties up with Indic-AI to create learning content for visually challenged

Adda247, ed-tech company, has joined forces with Indic-AI to provide learning content to the differently-abled students of the country.

It will provide pedagogical content to the innovative and tech-driven foundation Indic-AI which will then be processed into usable content for visually impaired students by optimising AI and Deep Learning.

The initiative will commence and convene in distinct phases. This year, the edu-tech partners will concentrate on creating content specifically for the visually impaired with over 40 percent vision. 

The visually challenged students can readily access the content through a screen reader embedded on their laptop/mobile phones.

Stock Market Latest Updates: Sensex surges 637 points, Nifty above 9,350; Axis Bank zooms over 7%, Ultra Cement among top gainers

New York: Asian equities were set to pull back on Wednesday as heightened concerns about coronavirus infections and the timing for a vaccine outweighed the lift from rebounding oil prices and upbeat corporate earnings in Europe.

Leading US infectious disease expert Anthony Fauci on Tuesday warned lawmakers that a premature lifting of lockdown could lead to additional outbreaks of the deadly coronavirus, which has killed 80,000 Americans and brought the economy to its knees.

“It looks like we’re in for another negative day of trading here in the Asia Pacific region,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “It’s very clear that the containment has done economic damage and the recovery will take years and not weeks,” he said.

Hong Kong’s Hang Seng index futures were up 0.37 percent, Australian S&P/ASX 200 futures slipped 1.26 percent and Japan’s Nikkei 225 futures fell 0.05 percent to be 1.13 percent below Tuesday’s cash index close.​

US stocks dragged equity benchmarks lower after Fauci’s remarks, who also said that there was unlikely to be a treatment or vaccine in place by late August or early September.

Stock Market Latest Updates Sensex surges 637 points Nifty above 9350 Axis Bank zooms over 7 Ultra Cement among top gainers

An investor looks at an electronic screen showing stock information at a brokerage house in Nanjing, Jiangsu province. File photo. Reuters

On Wall Street, the Dow Jones Industrial Average fell 1.89 percent, the S&P 500 lost 2.05 percent and the Nasdaq Composite dropped 2.06 percent.

The cautious mood was not helped by proposed legislation by a leading US Republican senator that would authorise President Donald Trump to impose sanctions on China if it fails to give a full account of events leading to the outbreak of the novel coronavirus.

The bill would give the president authority to impose a range of sanctions, including freezing assets, travel bans and visa revocations, as well as restrictions on loans to Chinese businesses by US institutions and bans on US listings by Chinese firms.

Stock markets have rebounded sharply in recent weeks as the spread of the novel coronavirus slowed in some countries in Asia and Europe, while parts of the US economy began to reopen after weeks of lockdowns.

MSCI’s gauge of Asia-Pacific shares outside Japan closed 0.96 percent lower on Tuesday while its global stock index shed 1.23 percent.

In commodity markets, oil prices rose after OPEC’s de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want to extend the deep cuts reached in April for a longer period than originally agreed.

US West Texas Intermediate crude futures settled at $25.78 a barrel, up $1.64, or 6.8 percent. Brent crude futures settled at $29.98 a barrel, gaining 35 cents, or 1.2 percent.

The dollar fell on Tuesday as the mood turned cautious a day ahead of US Federal Reserve Chairman Jerome Powell’s speech on economic issues and as investors weighed the chances of negative US interest rates.

Safe-haven assets such as government bonds moved higher as investors edged away from riskier investments. Benchmark 10-year US Treasury notes last rose 15/32 in price to yield 0.6795.

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