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Stock Market Latest Updates: Indices gain for 3rd straight day, Sensex zooms 223 points, Nifty at 9,580-level; ONGC, Bajaj Auto among top gainers

Stock Market Latest Updates: Indices gain for 3rd straight day, Sensex zooms 223 points, Nifty at 9,580-level; ONGC, Bajaj Auto among top gainers

FP Staff May 29, 2020 16:05:20 IST
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Stock Market Latest Updates: Indices gain for 3rd straight day, Sensex zooms 223 points, Nifty at 9,580-level; ONGC, Bajaj Auto among top gainers

Highlights

10:11 (ist)

Paytm Malls plans to invest in e-grocer Grofers

Online retailer Paytm Mall is reportedly planning to make a major investment in online grocery delivery service Grofers, said a news report.

Paytm Malll reportedly discussed the matter with Grofers and the ongoing talks may even lead to a merger, reported The Economic Times

SoftBank, Japanese multinational conglomerate holding company and a common investor in Paytm Mall and Grofers, initiated the deal talks, the report said quoting sources in the knowledge of the matter. 

“SoftBank does not have any fresh capital, so it is looking to push consolidation and an investment or a merger between Grofers and Paytm Mall is something that will work,” a person aware of the development was quoted as saying in the report.

08:41 (ist)

Market may open flat

Deepak Jasani, Head Retail Research, HDFC securities said, "The markets could open flat to mildly lower in line with most other Asian markets as US indices corrected from highs on Thursday to end in the negative ahead of Trump’s conference on China later today. The Indian markets could open flat to mildly lower in line with most other Asian markets today and following negative US indices on Thursday.

"US stocks closed lower Thursday, skidding into negative territory in the final hour of trade, after President Donald Trump said he would hold a news conference on China on Friday, rattling investors who had been enjoying a rally on optimism about an economic recovery from the coronavirus pandemic. U.S., Australia, Canada and the U.K. governments issued a joint statement Thursday reiterating their “deep concern regarding Beijing’s decision to impose a national security law on Hong Kong. New York Federal Reserve Bank President John Williams, speaking at an online event, said that the central bank has “more powerful” tools than negative interest rates.

"Japan’s retail sales fell 13.7% year-on-year in April. India is set to release its gross domestic product for the January to March period at 5:30 p.m. IST on Friday, where the country is expected to report a sharp slowdown. Estimates vary between 0.5% by CRISIL to 1.2% by SBI to 1.9% by ICRA.

"Indian equity markets ended the May F&O series on a firm note on Thursday. It clocked its second straight day of gains. The NSE Nifty 50 index ended just below the 9,500 mark at 9,490, up by 1.9%. Technically the Nifty has filled the downgap made on May 14. Now the next resistance is at 9533-9584 band, while 9334-9383 could be a support in the near-term, Jasani said.

LIVE NEWS and UPDATES

May 29, 2020 - 15:57 (IST)

Sensex zooms over 200 points, Nifty at 9,580-level 

Benchmark indices rebounded from the losses in early session and ended higher for the third straight day driven by gains in auto, energy and FMCG stocks. 

The Sensex zoomed 223.51 points or 0.69 percent to 32,424.10 while the broader Nifty was up 90.20 points or 0.95 percent at 9,580.30 at close. 

On the BSE, ONGC was the top gainer jumping over 5 percent. Other gainers included Bajaj Auto, ITC, Sun Pharma, Nestle India, L&T and Hero MotoCorp. Infosys, Axis Bank, Bharti Airtel, TCS and Titan were among the top losers.

On the NSE, IOC, Coal India, Wipro, ONGC and Gail were among major gainers, while losers included Infosys, Adani Ports, TCS, Axis Bank and Bharti Airtel.

Among sectors, except IT other indices ended in the green. BSE Midcap and Smallcap indices rose between 1-2 percent.

May 29, 2020 - 15:42 (IST)

NABARD sanctions Rs 1,050 cr credit support to West Bengal

The National Bank for Agriculture and Rural Development (NABARD) has sanctioned credit of Rs 1,050 crore in the current fiscal so far to West Bengal for benefit of farmers and poor people in rural areas, an official said on Friday.

The credit support under special liquidity facility (SLF) will be extended to state cooperative banks, regional rural banks and micro-finance institutions (MFIs), he said.

The NABARD has already disbursed an amount of Rs 720 crore to state coperative and regional rural banks, he said, adding that disbursements to MFIs will commence shortly.

May 29, 2020 - 15:36 (IST)

Yes Bank launches overdraft facility against FDs via digital channels

Yes Bank announced the launch of overdraft facility (OD) against fixed deposits (FDs) through the bank’s digital channels – Yes Mobile and Yes Robot to support customers during the ongoing lockdown.

The bank said its customers can now avail instant OD facility on FDs from the safety and comfort of their homes in three simple steps. 

Resident individual customers with single holding savings account are eligible to avail this facility for an FD of a minimum value of Rs 50,000 and maximum value of not less than Rs 1 crore for a minimum tenure of 181 days.

Applicable interest rate of 2 percent per annum for individual and 1 percent for senior citizen customers will be charged to customers while they continue to earn on their FDs for applicable rates.

There would be no EMIs and the repayment can be done in lump sum. Further, the Bank will not charge any processing fee and no additional documentation would be required, it said. 

May 29, 2020 - 15:28 (IST)

Symphony Q4 revenue up

May 29, 2020 - 15:14 (IST)

Sensex jumps over 250 points, Nifty close to 9,600-mark 

Indices staged a sharp recovery as Sensex jumped 265.78 points or 0.83 percent to 32,466.37 while the Nifty was up 106.45 points or 1.12 percent at 9,596.55 at around 3 pm.

Energy, auto, FMCG and banking shares helped the rally on BSE.

On the BSE, ONGC, Bajaj Auto, ITC, Hero MotoCorp, Nestle India, Maruti and L&T were among the top gainers.

May 29, 2020 - 15:04 (IST)

Nifty Auto up over 1%

May 29, 2020 - 15:01 (IST)

Two-wheelers, passenger vehicles witness resurgence in inquiries: Motilal Oswal

Leading automobile industry channel partners say that two-wheelers and passenger vehicles are seeing a resurgence in inquiries but commercial vehicles are seeing negligible demand amid the COVID-19 led lockdown, according to interactions done by Motilal Oswal Financial Services.

While the demand for two-wheelers and passenger vehicles is seeing some recovery from semi-urban and rural markets, commercial vehicles have minimal demand due to low economic activity and cautious financiers as many operators have already opted for the moratorium.

Also, financiers currently are stringent and highly risk-averse in lending to commercial vehicles and three-wheelers, said Motilal Oswal Financial Services on Friday.

May 29, 2020 - 14:57 (IST)

KPIT Technologies expects 15% dip in June quarter revenues

Automobile industry-focused software exporter KPIT Technologies expects a 15 percent shrinkage in revenues in the June quarter and a difficult first half of the current financial year, a top official has said.

The business should stabilise in the second half of 2020-21 as the world comes out of the COVID-19 pandemic, its co-founder, Managing Director and Chief Executive Kishor Patil told PTI.

He said the automobile industry has been among the worst hit by the pandemic and some players have been left without any revenues for the first quarter.

"We were looking for a high growth in 2020-21 after delivering a 14.5 percent revenue growth in constant currency terms to $303 million in 2019-20. There will be impact to our business, but our long-term strategies are correct," Patil said.

May 29, 2020 - 14:53 (IST)

Bharti Airtel trims losses after Vodafone Idea clarification 

May 29, 2020 - 14:48 (IST)

Indices rebound, Sensex rises 100 points, Nifty at 9,543

Indices staged a sharp recovery as Sensex rose 100.13 points or 0.31 percent to 32,300.72 while the Nifty was up 52.90 points or 0.56 percent at 9,543 at around 2.35 pm.
 

ONGC was the top gainer in the Sensex pack rising nearly 4 percnet followed by Bajaj Auto (3.80 percent), ITC (3.33 percent), Nestle India (2.89 percent) and L&T (2.54percent).

The major losers were Bharti Airtel, Infosys, TCS and Tata Steel.

Stock Market Latest Updates: Indices gain for 3rd straight day, Sensex zooms 223 points, Nifty at 9,580-level; ONGC, Bajaj Auto among top gainers

New York: Asian shares were set to dip in choppy trade on Friday as worries about worsening US-China ties offset the fillip from hopes massive government stimulus can jump-start the world economy.

E-Mini futures for the S&P 500 ESc1 edged down 0.12 percent in early Asian trade, while Nikkei futures pointed to a loss of 10 points. Weaker Australian stock futures also indicated a softer open.

Underscoring the ambivalence in markets, US stocks slid from a near three-month high in a late sell-off overnight, after US President Donald Trump signed an executive order that would weaken laws protecting social media companies, and said he’d hold a news conference about China on Friday.

In the latest dispute between the world’s two biggest economies, the US government has signaled plans to punish Beijing for proceeding with a national security law for Hong Kong that critics fear would erode the city’s freedoms.

All eyes are now on Friday’s press conference hosted by Trump where he will address his response to China over its treatment of Hong Kong.

It is not clear if Trump will rescind some, none, or all of the US economic privileges that Hong Kong enjoys under US law. Larry Kudlow, Trump’s top economic adviser, said on Thursday Hong Kong may now need to be treated like China on trade and other financial matters, which could have implications for tariffs and stock market listings.

“Risk appetite quickly disappeared after President Trump announced he would address China tomorrow at a press conference. It didn’t take much to help traders rush to exits,” Edward Moya, a senior market analyst at currency trader Oanda, wrote in a note.

If tensions between China and the United States intensify, a build-up of short positions in the S&P 500 index, or bets that the index will fall, could spark a sell-off in shares, Moya added.

Stock markets have rebounded from lows hit in mid-March on hopes that enormous government stimulus could help the world economy recover more quickly than expected from the coronavirus shutdown. Some analysts have warned, however, that such optimism is misplaced given the extent of economic devastation.

Indeed, the latest US data showed the economy may be stabilising, but at a much lower level.

Figures released overnight showed the number of Americans seeking jobless benefits fell for an eighth straight week last week, but claims remained astonishingly high.

In a sign investors are undecided about how much risk to take on, prices for safe-haven gold rose, even as the US dollar and Japanese yen — in demand when investors shy from risk — softened.

Spot gold was slightly firmer at $1,718.87 per ounce from $1,712.35 seen overnight.

The dollar index slipped 0.4 percent to 98.51, held back in part by a stronger euro, as the common currency continued to bask in the glow of a 750-billion-euro coronavirus recovery fund for the European Union.

The euro was firm at $1.1073 against the dollar, near a two-month high of $1.1087, while the yen edged down 0.07 percent to 107.07 on the dollar.

US Treasury yields were steady after inching higher overnight as gains in stocks softened demand for bonds. Benchmark 10-year yields held at 0.7050 percent.

Oil prices gave up some of their gains overnight, as concerns that Trump could impose sanctions on China over Hong Kong and a surprise build in inventories overshadowed a steady improvement in US refining activity.

In early Friday trade, US West Texas Intermediate crude CLc1 had slipped 0.18 percent to $33.65.

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