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Stock Market Latest Updates: Sensex gains over 800 points, Nifty above 9,800-mark; Bajaj Finance top gainer, jumps over 10%

Stock Market Latest Updates: Sensex gains over 800 points, Nifty above 9,800-mark; Bajaj Finance top gainer, jumps over 10%

FP Staff June 01, 2020 16:07:50 IST
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Stock Market Latest Updates: Sensex gains over 800 points, Nifty above 9,800-mark; Bajaj Finance top gainer, jumps over 10%

Highlights

10:33 (ist)

Tata Group retain most valuable brand in India, LIC grabs second spot: Brand Finance report

Tata Group continues to be the top brand in the country and achieved $20 billion brand value mark for the first time after a 2.3 percent growth. Tata’s luxury hotel chain Taj was adjudged the strongest brank in the country, said a news report citing.

According to the report, state-run Life Insurance Corporation of India (LIC) is the second most valuable brand in the country with a valuation of $8.1 billion clocking 10.7 percent growth. Reliance Industries rose to the third spot with a 25.2 percent growth in brand value at $7.9 billion, said a report in Moneycontrol citing Brand Finance report.

The country’s 100 most valuable companies are expected to lose $25 billion of brand value in the wake of COVID-19 outbreak, the report said.

08:29 (ist)

Markets likely to open high

Deepak Jasani, Head Retail Research, HDFC securities, said, "The markets could open higher following cues from Asian markets as Trump’s action against China was more bark than bite. The Indian markets could open higher today in line with most other Asian markets today and following mixed US indices on Friday.

"US stock indexes ended mostly higher Friday and booked sharp gains for the week and month, after a news conference from President Donald Trump on China turned out to be not as disruptive to trade and finance as had been feared. I think the market anticipating something more stringent than what was announced. WTI crude for July delivery rose $1.78, or 5.3%, to settle at $35.49 a barrel on the NYME. Front-month U.S. benchmark WTI futures rose 88.4% for May, for its best month on record, based on data going back to 1983, according to Dow Jones Market Data. August gold rose $23.40, or about 1.4%, to end the week at $1,751.70 an ounce. Gold tacked on 3.4% for the month.

"The US trade deficit in goods increased by 7.2% in April, according to the Commerce Department’s advanced estimate. The May Chicago Purchasing Managers Index fell to 32.3 in May from 35.4 in April. A final May reading on the University of Michigan’s consumer confidence index rose to 72.3 from an April level of 71.8. April consumer spending slumped 13.6% but personal income soared by 10.5%,

"The final Japan Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 38.4 from 41.9 in March, its lowest since March 2009 while South Korea’s IHS Markit purchasing managers’ index (PMI) edged down to 41.3 in May, the lowest since January 2009 and below 41.6 in April. The Chinese Caixin/Markit manufacturing PMI for May came in at 50.7.

"India's fiscal deficit for FY20 widened to 4.59 percent of the gross domestic product (GDP) overshooting government target of 3.8 percent by nearly 80 basis points. This is an area of concern as the deficit in FY21 will be even more given the poor revenue collections and extra spend to revive the economic growth.   Lockdown in India has been extended to June 30 albeit with a lot of relaxations in non-containment zones. This could bring in some positivity in markets.

"Stocks in Asia Pacific were higher in Monday morning trade as a Chinese data release over the weekend showed the country’s factory activity expanding in May. With specific and verifiable measures against China appearing to be weak, markets may draw hollow consolation that the US is treading carefully. China’s factory activity rose for a third straight month in May as companies got back to business after strict measures to contain the coronavirus, but worldwide lockdowns and weak demand are likely to weigh on the economy’s recovery. The official manufacturing Purchasing Manager’s Index (PMI) eased to 50.6 in May from 50.8 in April

"The benchmark indices ended higher for the third consecutive day on the first day of June F&O series with Nifty closing 90.2 points or 0.95% higher at 9580.30 on Friday. For the week, the Sensex posted gains of 5.7 percent while the Nifty advanced 5.9%. Technically Nifty has closed at the highest ion almost a month. Following the week-on-week gains, Nifty could rise further towards 9753, while 9440-9511 could provide support," Jasani said..

LIVE NEWS and UPDATES

June 01, 2020 - 16:03 (IST)

Sensex gains over 800 points, Nifty above 9,800-mark on lockdown relaxations

Indices extended the gains for the fourth session in a row after government relaxed some of the lockdown norms in a bid to revive the economy.

Sensex zoomed 879.42 points or 2.71 percent at 33,303.52, while Nifty was up 245.85 points or 2.57 percent at 9826.15 at close. 

On the BSE, Bajaj Finance was the top gainer jumping over 10 percent. Other gainers included Titan, Tata Steel, SBI, M&M, HDFC, IndusInd Bank, Reliance and HDFC Bank.

Bajaj Finance, Bajaj Finserv, Titan Company, Tata Steel and M&M were among major gainers on the Nifty, while losers were Dr Reddy’s Labs, UltraTech Cement, Bharti Infratel, Nestle and Sun Pharma.

All the sectoral indices ended in the green, while BSE Smallcap and Midcap indices rose up to 3 percent.

June 01, 2020 - 16:01 (IST)

No data breach in BHIM App, says NPCI

NPCI said in a statement: "We have come across some news reports which suggest data breach at BHIM App. We would like to clarify that there has been no data compromise at BHIM App and request everyone to not fall prey to such speculations. NPCI follows high level of security and an integrated approach to protect its infrastructure and continue to provide a robust payments ecosystem”.

June 01, 2020 - 15:58 (IST)

Aadhar Housing Finance launches Covid Warriors Griha Loans

Aadhar Housing Finance, housing finance company, has announced the launch of Covid Warriors Griha Loans – a home loan scheme dedicated to the housing loan requirements of those who are on the frontline of the country’s battle against the COVID-19 pandemic.

Lower rate of interest, complimentary health insurance for one year, are some of the hallmarks of this scheme, according to a press statement.

Covid frontline workers can now look forward to buy a home, to construct, to renovate or take a loan against property withAadhar Housing Finance’s Covid Warriors Griha Loans.

Deo Shankar Tripathi, MD & CEO, Aadhar Housing Finance said, “ The COVID-19 pandemic has deeply impacted livelihoods and income, through this product, we intend to provide a financial cushion that will enable them to own their dream home”

June 01, 2020 - 15:34 (IST)

BMW India resumes operations post-temporary suspension due to lockdown

German luxury carmaker BMW on Monday said it has resumed operations in accordance with the government guidelines.

Consumers can once again safely explore and experience the complete range of BMW, MINI and BMW Motorrad products at company dealerships, BMW Group India said in a statement.

Production at Chennai plant has resumed with less than 50 percent of the regular workforce catering to the production demand in the country, it added.

June 01, 2020 - 15:33 (IST)

Jindal Global launches online LLM in corporate, financial law

Jindal Global Law School (JGLS) on Monday introduced Online LLM (Master of Laws) degree in Corporate & Financial Law in partnership in collaboration with upGrad.

The course is "tailor-made" for corporate lawyers interested in pursuing higher studies to specialise in one of the many areas of corporate and financial law, said C Raj Kumar, Founding Vice Chancellor of the O P Jindal Global University & Founding Dean, JGLS.

The programme will foster teaching and research to meet the challenges of the global economy, and to familiarise learners with the practice and procedures of the corporate legal world, Kumar said.

June 01, 2020 - 15:33 (IST)

JK Tyre establishes marketing arm in US

JK Tyre & Industries on Monday said it has come up with a marketing arm in the US to focus on sales, service and network expansion.

The company has set up a new entity -Western Tires INC – based at Houston, Texas, thereby, embarking upon an aggressive plan to take the global business to the next level, JK Tyre & Industries said in a statement.

The company has been exporting to the US for over two decades through a network of local partners and with the acquisition of JK Tornel and enhancement of capacity at JK Tyre India, there has been a steady growth in the global markets including the US, it said.

With the formation of the Western Tires INC, the company now has its own marketing arm for the US that will focus on sales, service and network expansion, it added.

June 01, 2020 - 15:25 (IST)

Air India to give full refund to passengers 

June 01, 2020 - 15:20 (IST)

Biocon partner Mylan wins favourable ruling from US patent authority

Biotechnology major Biocon on Monday said the US patent authority has ruled in favour of its partner Mylan for four device patents of Sanofi's Lantus SoloSTAR.

The favourable ruling in inter-parts review proceedings by the Patent and Trademark Appeal Board (PTAB) would pave the way for launch of insulin product Glargine in the US, Biocon said in a filing to BSE.

"We are extremely pleased with the US PTAB's ruling in favour of our partner Mylan for four device patents of Sanofi''s Lantus SoloSTAR. This strengthens our resolve to provide a high quality affordable Insulin Glargine to diabetic patients in the US and generate savings for their healthcare system," Biocon Biologics CEO and MD Christiane Hamacher said.

June 01, 2020 - 15:17 (IST)

M&M tractor sales fall 1% in May, exports slump 72%

Mahindra & Mahindra on Monday reported 1 percent decline in total tractor sales at 24,341 units in May.

The company had sold 24,704 units of tractor in the same month last year, Mahindra & Mahindra said in a statement.

Domestic tractor sales stood at 24,017 units last month as compared to 23,539 units in May 2019, it added.

Exports, however, were down 72 percent at 324 units as against 1,165 units in May last year.

June 01, 2020 - 15:15 (IST)

Kia Motors drives in modified SUV Seltos; prices start at Rs 9.89 lakh

Kia Motors India on Monday launched a refreshed version of its popular SUV Seltos with price starting at Rs 9.89 lakh (ex-showroom, Delhi).

The refreshed Seltos now comes equipped with ten new features related to safety, convenience, connectivity and design, over and above other key enhancements, the company said in a statement.

Moreover, many existing features in higher variants such as sunroof are now available in lower variants too, the statement added.

Stock Market Latest Updates: Sensex gains over 800 points, Nifty above 9,800-mark; Bajaj Finance top gainer, jumps over 10%

Sydney: Asian share markets started on a cautious note and gold gained on Monday as images of riots in burning US cities unnerved investors already tense over Washington’s power struggle with Beijing.

E-Mini futures for the S&P 500 ESc1 retreated 0.5 percent in early action, while gold rose 0.77 percent to $1,739 an ounce. Oil prices also slipped, while sovereign bonds picked up the usual safe-haven bid.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent, as did Japan's Nikkei.

“If American consumers were reluctant to come out of their COVID-19 lockdown cocoon, fearing a secondary spreader with police cars ablaze, freeways blocked, and videos of mass looting shared through social media like wildfire, they’re not going to feel any safer,’ said Stephen Innes, chief global markets strategist at AxiCorp.

Major US cities were cleaning up streets strewn with broken glass and burned out cars as curfews failed to stop confrontations between activists and law enforcement.

Protesters have flooded streets after weeks of lockdowns during the coronavirus pandemic that threw millions out of work and hit minority communities especially hard.

The turmoil was a fresh setback for the economy which was only just emerging from a downturn akin to the Great Depression. Following poor data on spending and trade out on Friday, the Atlanta Federal Reserve estimated economic output could drop a staggering 51 percent annualised in the second quarter.

The May jobs report due out on Friday is forecast to show the unemployment rate surged to 19.8 percent, smashing April’s record 14.7 percent. Payrolls are expected to drop by 7.4 million, on top of the 20.5 million jobs lost the previous month.

“Current unemployment numbers go far beyond what has been experienced in any post-war recession,” wrote Barclays economist Christian Keller in a note.

“To the extent that some sectors may never return to pre-pandemic business-as-usual, labour faces a substantial challenge to reallocate workers,” he added. “Such a process could be a matter of years rather than months or quarters and in the meantime it would weigh on consumer demand.”

In Asia, an official business survey from China over the weekend showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened, pointing to an uneven recovery.

Bond investors suspect economies will need massive amounts of central bank support long after they reopen and that is keeping yields super low even as governments borrow much more.

Yields on US 10-year notes were trading at 0.66 percent having recovered from a blip up to 0.74 percent last month when the market absorbed a tidal wave of new issuance.

The decline in US yields has been a burden for the dollar, but the world’s reserve currency also tends to benefit from safe-haven status to limit the losses.

Early Monday, the dollar was a fraction softer on a basket of peers at 98.223 having touched an 11-week low of 97.944 on Friday. It was steady on the yen at 107.76.

Much of the dollar's recent decline has come against the euro which has been broadly boosted by plans for an EU stimulus package. The single currency was last at $1.1114 after climbing 1.8 percent last week.

Markets are awaiting a meeting of the European Central Bank on Thursday where it is widely expected to raise its asset buying by around 500 billion euros to 1.25 trillion.

In commodity markets, oil prices started soft on worries about US. demand, but found some support from reports Russia had no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to 4 June from the following week. Brent crude LCOc1 futures were off 8 cents at $37.76 a barrel, while US crude CLc1 dipped 13 cents to $35.36.

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