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Stock Market Latest Updates: Sensex surges over 500 points, Nifty at 9,490-level; Larsen & Toubro, HDFC Bank among major gainers

Stock Market Latest Updates: Sensex surges over 500 points, Nifty at 9,490-level; Larsen & Toubro, HDFC Bank among major gainers

FP Staff May 28, 2020 16:02:45 IST
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Stock Market Latest Updates: Sensex surges over 500 points, Nifty at 9,490-level; Larsen & Toubro, HDFC Bank among major gainers

Highlights

08:57 (ist)

Intain, IN-D, Vindhya Partner to launch Prarambh Platform for college admissions

Intain Technologies Ltd, (Intain), provider of blockchain-based technology for automating the management of capital markets transactions; IN-D, an artificial intelligence enabled operations platform built by Intain AI Pvt Ltd and Vindhya e-Infomedia Private Limited, a social impact venture, has announced they have collaborated to launch Prarambh, a digital platform for credible and convenient admissions process.

Prarambh aims to address this challenge through the use of artificial intelligence (AI) for automation and blockchain for ensuing integrity and privacy.  According to a press release, students will be able to submit their educational details on Prarambh which will authenticate their profile through an AI based KYC process. Students can, then, submit their educational certificates and marksheets, which will also be read by IN-D's AI engine. The applicants can select the colleges which can access their profile. The record of these documents will be immutable as it will be cryptographically hashed on the blockchain developed by Intain. All records will be reviewed first by the students themselves. In case there are any edits,then it will be reviewed by the staff at Vindhya which employs specially-abled people.The use of blockchain ensures that the privacy of data is maintained and colleges have access to records of only those students who have applied to them.

Prarambh will be available to students at a starting fee of Rs. 50.For Colleges,there will be a registration fee of Rs. 10,000, ten percent of which will be donated to PM-CARES and another ten percent to the respective state's CM Relief Fund.

08:37 (ist)

Markets expected to extend upward journey

Aditya Agarwala, Senior Technical Analyst, YES Securities, said, "The markets are expected to extend its upward journey following a strong close in the previous session as the trend in the SGX Nifty indicates a Gap up opening of 75 points. The entire Asian pack is trading in the green barring the Hang Seng which is in the red. Gains are led by the Nikkei which is trading up by 2%. Overnight, the US and the European markets continued its rising streak to shut shop on an extremely strong note. Currently, Dow Jones Futures are trading in the green with gains of 0.80%.   

"The Nifty ended the previous session with a bang as bulls took charge of the proceedings taking the Nifty higher by 3%  and BankNIfty higher by a mammoth 7%. Further, Nifty has broken out of a downward sloping channel resistance line suggesting a trend reversal favoring the bulls. Following a 75 points Gap up opening, the Index is expected to trade above the crucial hurdle of 9350-9360; a sustained trade beyond this resistance may force the bears to run for cover and take the Index higher to levels 9450-9600.

"On the flipside, if bulls fail to push the Index beyond the 9,350-9,360 resistance zone, minor profitbooking may be witnessed dragging the Nifty lower to levels of 9260-9200. RSI indicator has turned northwards after taking support at 40 level which is considered as the lower end of the bull zone clearly suggesting a range shift in the markets favoring the bulls in the offering. Broader markets are also expected to participate and pickup pace in today’s session,” Agarwala said.

08:26 (ist)

Markets may open mildly higher

Deepak Jasani, Head Retail Research, HDFC securities, said, "The markets could open mildly higher in line with most other Asian markets as Dow Jones index rose sharply for the second consecutive day and European Commission announced a Euro 750 bn stimulus program. 

"Major US stock benchmarks roared higher on Wednesday, despite the battered state of the American economy and rising tensions between Beijing and Washington as investors focused on efforts to reopen more states for business. US-China tensions flared up and fresh economic data showed how badly American businesses have been thrown off course by the coronavirus pandemic, but major stock indexes still marched higher.

"US Secretary of State Mike Pompeo on Wednesday officially determined that Hong Kong is no longer autonomous from China, a move that could revoke the city’s two decades of U.S. economic privileges and fray economic ties between the two superpowers. Lawmakers in Washington also are pushing ahead with legislation that would require all companies listed on U.S. stock exchanges to submit to audits reviewable by the U.S. Public Company Accounting Oversight Board — a move that could force a number of Chinese companies to delist.

"Indian indices ended strong on May 27 with Nifty closing 285.9 points or 3.17% higher at 9314.95 and Sensex closing above 31,000 mark at 31605.2. This was on the penultimate day of the May series F&O expiry. Technically the Nifty seems to have made an intermediate bottom at 8806 on May 18 going by the extent of rise on Wednesday. It could now face resistance at the downgap resistance of 9351 and later at 9553. On falls it could take support at 9179.," Jasani said.

LIVE NEWS and UPDATES

May 28, 2020 - 15:51 (IST)

Sensex surges over 500 points, Nifty at 9,490  

 

 

Benchmark indices continued the morning rally to end the session on a positive note for the second day in a row driven by banking and auto stocks. 

The Sensex zoomed 595.37 points or 1.88 percent at 32,200.59, and the Nifty was up 175.15 points or 1.88 percent at 9,490.10. 

On the BSE, L&T was the top gainer in the Sensex pack jumping over 6 percent. Other gainers included HDFC Bank, Hero MotoCorp, IndusInd Bank, Maruti, HDFC and HCL Tech. The losers included Bharti Airtel, SBI and ITC.

Zee Entertainment, Eicher Motors, L&T, Hero MotoCorp and IndusInd Bank were among major gainers on the Nifty, while losers included Wipro, Cipla, JSW Steel, BPCL and ITC.

All the sectoral indices ended in the green. BSE Midcap and Smallcap indices rose more than 1 percent each.

May 28, 2020 - 15:46 (IST)

Sterling and Wilson appoints Raghu Menon as CEO, CoGen Business

Sterling and Wilson Pvt Ltd, EPC company and part of Shapoorji Pallonji Group, announced the appointment of Raghu Menon as the chief executive officer of its CoGen Business.

He will be responsible for business development, market growth and the P&L for the business. Menon has been with the company as a COO since 2018.

SWCOGEN is a one-stop-shop solutions provider for Open Cycle, Combined Cycle, CHP, gas, liquid fuel, and waste-to-energy based power plants.

May 28, 2020 - 15:37 (IST)

Sun Pharma inks licensing pact with SPARC 

May 28, 2020 - 15:28 (IST)

Sensex soars over 600 points, Nifty close to 9,500-mark 

Indices staged a recovery as Sensex surged 615.32 points or 1.95 percent to 32,220.54 while Nifty was up 178.60 points or 1.92 percent at 9,493.55 at around 3.20 pm.

L&T was the top gainer in the Sensx pack jumping over 5 percent. Other gainers included HDFC Bank, Hero MotoCorp, IndusInd Bank, Maruti, HDFC and HCL Tech.

The losers included Bharti Airtel, SBI and ITC.

May 28, 2020 - 15:22 (IST)

IIFL Finance signs Rohit Sharma as first-ever brand ambassador

IIFL Finance, one of India’s leading non-banking finance companies (NBFCs), with over Rs 36,000 crore of assets under management, has signed up India’s superstar cricketer Rohit Sharma as its first-ever brand ambassador.

R Venkataraman, Managing Director and Co-Promoter, IIFL Group said, “We are glad to announce India's leading batsman, Rohit Sharma, as IIFL's brand ambassador who is renowned for his straight drives. We believe in 'Seedhi Baat' or doing business the straight way.  We do this by being customer centric, offering relevant and simple products and ensuring transparency in our processes.”

May 28, 2020 - 15:18 (IST)

Dr Reddy's gets inspection closure report from USFDA for Telangana facility

Dr Reddy's Laboratories on Thursday said the US health regulator has closed inspection of its Telangana-based facility.

The company has received the establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for Medchal-Malkajgiri-based integrated product development organisation (IPDO) indicating closure of the audit, Dr Reddy's Laboratories said in a regulatory filing.

The USFDA issues an EIR to a company when an inspection is satisfactorily closed. 

May 28, 2020 - 15:16 (IST)

SBI cuts interest rates on fixed deposits across tenors

The country's largest lender State Bank of India (SBI) has reduced interest rates on retail term deposits by up to 40 basis points (bps) across all tenors.    

This is the second reduction in fixed deposits interest rates by the lender in May. It had reduced its deposit rates on 12 May.

The new rates of interest, effective from Wednesday, shall be made applicable to fresh deposits and renewals of maturing deposits.

For deposits maturing in seven days to 45 days, the lender is offering an interest rate of 2.90 percent as against 3.30 percent earlier, according to the SBI website.

The revised rate for 180 days to 210 days bracket is 4.40 percent compared to 4.80 percent.

May 28, 2020 - 15:15 (IST)

Govt seeks $520 mn from Cairn Oil & Gas; firm slaps arbitration notice

The government has slapped a $520 million (around Rs 3,941 crore) demand notice on billionaire Anil Agarwal's oil and gas unit Cairn after an audit found alleged discrepancies in cost recovery in the Rajasthan oil and gas fields operated by the company, sources said adding the firm has disputed the demand and initiated arbitration proceedings.

The Directorate General of Hydrocarbons (DGH), the upstream technical arm of the Ministry of Petroleum and Natural Gas, sought $520 million in additional profit petroleum for the government after an audit of capital and operating expenses incurred on the Mangala and other oilfields in the Rajasthan block RJ-ON-90/1, sources with direct knowledge of the development said.

The audit alleged discrepancies in the way capital expenses made on setting up the infrastructure to produce oil were booked.

May 28, 2020 - 15:12 (IST)

Federal Bank Q4 profit falls 21%

May 28, 2020 - 15:07 (IST)

EasyJet to cut a third of workforce as pandemic hits travel

European budget airline eastJet said Thursday that it plans to cut up to a third of its workforce as it restructures amid the COVID-19 pandemic.

The airline did not specify how many jobs would go, but some 15,000 were employed at the start of 2020.

CEO Johan Lundgren, says the carrier remains focused on doing what is right for the company and its long-term 'health and success.'

EasyJet plans to resume limited service on 15 June, but estimates that it may take three years to get back to 2019 demand levels.

Stock Market Latest Updates: Sensex surges over 500 points, Nifty at 9,490-level; Larsen & Toubro, HDFC Bank among major gainers

New York: Asian shares are likely to dip on Thursday after remarks by US Secretary of State Mike Pompeo that Hong Kong no longer warranted special treatment under US law reignited worries about worsening relations with Beijing.

After posting early losses, E-Mini futures for the S&P 500 ESc1 edged up 0.03 percent, while Nikkei futures NKc1 pointed to a loss of 10 points.

Pompeo said overnight that China had undermined Hong Kong’s autonomy so fundamentally that the territory no longer warranted special treatment, a potentially big blow to the city’s status as a financial hub.

Some investors worry a punitive US response to China on the issue of Hong Kong could result in a tit-for-tat reaction from Beijing, further straining ties between the world’s two biggest economies and further hobbling global growth.

“All eyes remain on the US-China relationship,” said Chris Weston, the head of research at Pepperstone, a currency broker. “This is a risk for markets...one questions if the equity markets are too complacent here.”

The S&P 500 had closed above 3,000 for the first time in almost 12 weeks, bolstered by bank stocks, as investors hoped that the world economy can recover as it re-opens.

The S&P 500 has leapt about 36 percent since the global coronavirus pandemic dragged it to the year’s low on 23 March, but there are concerns the rally may be overdone and susceptible to a protracted pullback given the US economy is mired in its worst downturn since the Great Depression.

Bond investors seemed to agree more circumspection is needed. Ten-year US yields dipped to 0.6770 percent from 0.6802 percent overnight. Although 10-year yields are up from an all-time low of 0.4980 percent struck in March, they are still a whopping 120 basis points below highs seen in January.

President Donald Trump will now decide how many US economic privileges Hong Kong should still enjoy. Sources have said the US government may suspend Hong Kong’s preferential tariff rates for exports to the United States, a far less severe response than formally revoking Hong Kong’s special status under US law.

Trump said he’d announce a response to China’s policies towards Hong Kong later this week.

Oil futures took a beating as investors fretted about Trump’s response to China. US crude oil futures CLc1 fell more than 1 percent to $31.45 early Thursday.

Uncertainty over Hong Kong's future dragged the yuan in offshore trade to a record low of 7.1966 per dollar. It recouped some of its losses by early Thursday and was firmer at 7.1792.

The euro, however, was buoyed by a 750 bullion euro plan to shore up economies hammered by the coronavirus pandemic.

That pushed the euro to an eight-week high and by early Thursday, the common currency had nudged up 0.1 percent to 1.1014, while the US dollar index was down 0.09 percent at 98.927.

Gold investors, on the other hand, appeared to shrug off geopolitical risks and focused instead on optimism around the re-opening of the world economy, paring their holdings of the safe-haven metal. Prices extended overnight losses and spot gold traded at $1,708.60 per ounce.

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