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Stock Market Latest Updates: Indices nearly 3-month high, Sensex jumps over 500 points, Nifty close to 10,000-mark; Bajaj Finance, HDFC among gainers

Stock Market Latest Updates: Indices nearly 3-month high, Sensex jumps over 500 points, Nifty close to 10,000-mark; Bajaj Finance, HDFC among gainers

FP Staff June 02, 2020 16:03:00 IST
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Stock Market Latest Updates: Indices nearly 3-month high, Sensex jumps over 500 points, Nifty close to 10,000-mark; Bajaj Finance, HDFC among gainers

Highlights

08:57 (ist)

Markets may open flat

Deepak Jasani, Head Retail Research, HDFC securities, said, "The markets could open flat following a great run over the last four days. The Indian markets could open flat today despite higher Asian markets today and mildly higher US indices on Monday. US stocks posted gains on Monday as signs of economic recovery helped offset jitters over increasingly violent social unrest amid an ongoing pandemic and rising U.S.-China tensions. Investors also monitored Sino-American trade tensions and efforts in the US, and much of the world, to overcome the COVID-19 pandemic.The Institute for Supply Management said its manufacturing index climbed to 43.1 last month from an 11-year low of 41.5 in April.

"On the international front, Chinese government officials told major state-run agricultural companies to pause purchases of some American farm goods, including pork and soybeans, Reuters and Bloomberg News reported on Monday, citing people familiar with the matter.

"Moody’s Investors Service downgraded India’s credit rating to a notch above junk on Monday, citing a prolonged period of slow growth in Asia’s third-largest economy, rising debt and persistent stress in parts of the financial system. The change brings Moody’s rating into line with Fitch and Standard and Poor’s, both of which rate India BBB-, although they assign stable rather than negative outlooks.

"Stocks in Asia Pacific were mixed in Tuesday morning trade as tensions between the US and China continue to linger.

"Technically, Nifty has filled the downgap of 9731 made on May 04 and in the process has formed a bullish island reversal. 9889-9932 could be the resistance for the Nifty while 9584-9598 could be the support in the near term," Jasani said.

LIVE NEWS and UPDATES

June 02, 2020 - 15:55 (IST)

Indices nearly 3-month high; Sensex jumps over 500 points, Nifty close to 10,000-mark

Market rally continued for the fifth day in a row and closed in the green nearly three months high after Prime Minister Narendra Modi said that the country would return to growth path soon at the CII’s annual meeting on Tuesday.

The Nifty also ended close to 10,000-mark.

The Sensex surged 522.01 points or 1.57 percent at 33,825.53, while Nifty was up 152.95 points or 1.56 percent at 9,979.10 at close. 
 

Bajaj Finance was the top gainer in the Sensex pack soaring over 8 percent. Other gainers included Kotak Mahindra Bank, IndusInd Bank, HDFC, PowerGrid and Axis Bank.

On the NSE, Bajaj Finserv, Zee Entertainment, Bajaj Finance, Kotak Mahindra Bank and Tata Motors were among major gainers, while losers were Coal India, Maruti Suzuki, ITC, BPCL and Dr Reddys Labs.

On the sectoral front, except FMCG other indices ended in the green, while BSE Midcap and Smallcap indices rose between 1-2 percent.

June 02, 2020 - 15:43 (IST)

IIT Roorkee develops anti-microbial nanocoating system for facemasks

A team of researchers at IIT Roorkee has developed a nano-coating system to be used for facemasks and personal protective equipment (PPE) for reducing the transmission risk of COVID-19.

This coating has been tested to effectively kill pathogens within 10-15 minutes. This formulation will be beneficial to frontline medical personnel for coating their existing facemasks and can be scaled up further for coating on their gowns, it said in a press release

“Facemask is a core component of the PPE along with gown, gloves, and eye protection for frontline healthcare personnel. This nano-coating provides an additional layer of protection against pathogens in existing masks and can curb the transmission risk of the disease,” said Naveen K Navani of Department of Biotechnology and Centre of Nanotechnology who led the research.

It was developed by a four-member team including Pardeep Kumar, Arun Beniwal, and Ajmal Hussain.

June 02, 2020 - 15:41 (IST)

Hummingbird Resources joins World Gold Council

Hummingbird Resources, in the exploration, evaluation and development of mineral properties in West Africa with a primary focus on gold, has joined World Gold Council.

Founded in 2005, Hummingbird listed on the London Stock Exchange in 2010. The company currently has two operations, Yanfolila, a high grade, producing mine in south west Mali; and Dugbe, a large undeveloped gold deposit in Liberia.

June 02, 2020 - 15:40 (IST)

Ramco Cements jumps over 5%

June 02, 2020 - 15:33 (IST)

Sensex jumps over 550 points, Nifty at 9,981-mark

Indices extended gains as Sensex was trading 551.39 points or 1.66 percent higher at 33,854.91 while the broader Nifty was up 168.55 points or 1.72 percent at 9,994.70 at around 3.20 pm.

On the BSE, Bajaj Finance Kotak Mahindra Bank, IndusInd Bank, PowerGrid, HDFC, ICICI Bank and Titan were among the top gainers.

The losers included Maruti, ITC, NTPC and Hero MotoCorp

June 02, 2020 - 15:17 (IST)

Moody's downgrades HDFC Bank, SBI

June 02, 2020 - 15:16 (IST)

Motherson Sumi Systems net profit falls 68.4% to Rs 136 cr in March quarter

Automobile components major Motherson Sumi Systems Ltd on Tuesday reported a 68.4 percent decline in consolidated net profit to Rs 135.66 crore for the fourth quarter ended 31 March, mainly affected by the coronavirus pandemic.

The company had posted a consolidated net profit of Rs 429.31 crore in the corresponding period of the previous financial year, Motherson Sumi Systems Ltd (MSSL) said in a regulatory filing.

Its total revenue from operations in the fourth quarter stood at Rs 15,159.05 crore as against Rs 17,169.47 a year ago.

June 02, 2020 - 15:14 (IST)

CAIT urges Amit Shah to revise working hours of shops

Confederation of All India Traders (CAIT) on Tuesday urged Union Home Minister Amit Shah to revise the working hours of the shops from current 10 am to 7 pm to 9 am to 4 pm and also revise the banking hours to 11 am to 5 pm. 

"This change will bring an end to 'peak hours' concept in traffic whereas it will also be beneficial for the environment and on the other side, the risk of untoward incidents by anti-social elements could also be curtailed to a great extent," CAIT said.

The CAIT is holding daily video conferences with trade leaders of different states from 25 March on a regular basis and this suggestion of revising the working hours has erupted on the basis of conversations with trade leaders of the country, it said. 
 

June 02, 2020 - 15:03 (IST)

Sensex jumps 528 points, Nifty at 9,981-mark

 

Indices remained in the green zone as Sensex surged 528.52 points or 1.59 percent higher at 33,832.04 while the broader Nifty was up 155.05 points or 1.58 percent at 9,981.20 at around 2.50 pm.

Bajaj Finance was the top gainer in the Sensex pack zooming nearly 9 percent. Other gainers included Kotak Mahindra Bank, IndusInd Bank, PowerGrid, HDFC, ICICI Bank and Titan.

The losers included Maruti, ITC, NTPC and Hero MotoCorp.

June 02, 2020 - 14:56 (IST)

Tata Motors resumes operations across all manufacturing plants

Tata Motors on Tuesday said it has resumed operations across all its manufacturing plants in the country.

The company has restarted operations at all plants with Jamshedpur facility also getting approval on 27 May, Tata Motors said in a regulatory filing.

Around 59 percent of company''s passenger vehicle showrooms, covering 69 percent of the retail market, have commenced operations, it added.

"From supply side, 90 percent of suppliers in commercial vehicle segment have received permissions to commence," Tata Motors said.

Stock Market Latest Updates: Indices nearly 3-month high, Sensex jumps over 500 points, Nifty close to 10,000-mark; Bajaj Finance, HDFC among gainers

New York: Asian stocks were set to come under pressure on Tuesday following a dip in Wall Street futures as US President Donald Trump vowed to use force to end violent protests in American cities, souring a previously upbeat market mood.

E-mini futures for the S&P 500 fell 0.38 percent and Japan’s Nikkei 225 futures lost 0.34 percent. Australian S&P/ASX 200 futures rose 0.15 percent in early trading.

The early indications came after major US stock indexes closed with gains of about 0.5 percent and continued to hover near three-month highs.

As Trump spoke in the Rose Garden of the White House on Monday, live television images showed police firing tear gas to dispel demonstrators in Lafayette Park, across the street.

“If American consumers were reluctant to come out of their COVID-19 lockdown cocoon fearing a secondary spreader, it’s unlikely they will feel any safer with military Humvees rolling down Pennsylvania Avenue,” Stephen Innes, Chief Global Markets Strategist at AxiCorp, wrote in a note to clients.

As Asian markets prepared to open, dozens of cities across the United States were under curfews with the National Guard deployed in 23 states and Washington, D.C.

The curfews followed protests over the death of George Floyd, a 46-year-old African American who died in Minneapolis after being pinned beneath a white police officer’s knee for nearly nine minutes.

The dollar index fell 0.4 percent, as risk appetite had increased on optimism that the worst of the global economic downturn caused by the coronavirus may be in the past.

The biggest concern for bond markets was growing US government debt with the benchmark 10-year Treasury notes yield rising to 0.677 percent from 0.644 percent on Friday.

“Most investors are saying (the protests) aren’t going to destroy the economy,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “It’s a roadblock, but it’s not as big as a pandemic.”

The protests were largely peaceful on Sunday but turned violent in the evening. On Monday, US President Donald Trump urged state governors to crack down on protests over racial inequality that have engulfed the nation’s major cities, as officials extended curfews to prevent a seventh night of looting and vandalism.

Markets were cheered by US manufacturing activity turning up slightly from an 11-year low in May. The report was the strongest sign yet that the worst of the economic downturn had passed as businesses reopened, though the recovery from the COVID-19 crisis could take years because of high unemployment.

Similarly, in the euro zone, the IHS Markit’s Manufacturing Purchasing Managers’ Index recovered slightly in May from April’s record low, although factory activity still contracted heavily.

Oil futures steadied on Monday despite US-China trade tensions with Brent up 1.3 percent to settle at $38.32 a barrel and US crude slipping 5 cents to $35.44 a barrel.

Spot gold added 0.8 percent to $1,739.75 an ounce. US gold futures gained 0.03 percent to $1,737.40 an ounce.

In the trade dispute, sources in China said the government had told them to halt purchases of US soybeans after Trump moved to eliminate special treatment for Hong Kong to punish Beijing over its new security laws for the city.

Though investors are closely watching for news on medical advances against the pandemic, the markets took in stride mixed news from Gilead Sciences Inc, whose shares fell about 4 percent . Gilead said that its antiviral drug remdesivir provided a modest benefit in patients with moderate COVID-19 given a five-day course of the treatment, while those who received the medicine for 10 days in the study did not fare as well.

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