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Stock Market Latest Updates: Sensex plummets 886 points, Nifty below 9,150-mark; Tech Mahindra, Infosys among top losers

Stock Market Latest Updates: Sensex plummets 886 points, Nifty below 9,150-mark; Tech Mahindra, Infosys among top losers

FP Staff May 14, 2020 16:01:40 IST
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Stock Market Latest Updates: Sensex plummets 886 points, Nifty below 9,150-mark; Tech Mahindra, Infosys among top losers

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May 14, 2020 - 15:58 (IST)

Sensex plummets 886 points, Nifty below 9,150-mark 

The indices erased all the gains made in the previous session with Nifty ended below 9,150-mark on Thursday amid weak global cues.

Sensex plummeted 885.72 points or 2.77 percent to 31,122.89 while the Nifty was down 240.80 points or 2.57 percent at 9,142.75. 

Tech Mahindra was the top loser in the Sensex pack dipping over 5 percent. Other losers included Infosys, HDFC, IndusInd Bank, Reliance and NTPC.

The top gainers were Hero MotoCorp, Ultra Cement and Maruti.

May 14, 2020 - 15:57 (IST)

BMS announces protests against suspension of labour laws

May 14, 2020 - 15:55 (IST)

Major setback for Vijay Mallya

 

May 14, 2020 - 15:36 (IST)

UN experts hail India's 'impressive' stimulus package to revive economy

Top UN experts have hailed as 'impressive' India's Rs 20 lakh crore stimulus package, the largest so far among the developing countries, to revive its economy, which has been severely hit by the coronavirus-triggered lockdown.

Prime Minister Narendra Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore ($260 billion).

While launching the World Economic Situation and Prospect (WESP) report update on Wednesday, chief of the Global Economic Monitoring Branch Hamid Rashid told reporters in response to a question that the stimulus package announced by the Indian government on Tuesday “is a very welcome development.”

He said the Rs 20 lakh crore package, which is 10 percent of India’s GDP is the “largest so far in the developing countries” because most developing countries have been rolling out stimulus packages that are between 0.5 percent and 1 percent of the GDP.

May 14, 2020 - 15:33 (IST)

Stimulus package to ease pain of MSMEs

The government’s announcements are significant steps in easing the economic pain of MSMEs, said Ram Iyer, founder and CEO, Vayana Network.

As the economy comes back to life over coming weeks, arranging liquidity and meeting expenses will be key challenges for every MSME. The package announced on Wednesday is unprecedented in both magnitude and the mechanism, he said.

"The Rs 3 lakh crore package will enable immediate access to additional lines from banks to MSMEs. The 1-year moratorium will ensure that SMEs can focus on immediate exigencies and bring their business back to life and not worry about interest and repayments," Iyer said

May 14, 2020 - 15:30 (IST)

Hero Electric announces 3-day return offer on its products

Hero Electric announced a first-of-its kind 3-day return offer (T&C apply) on all its products (excluding Flash lead-acid low speed model) purchased during the online scheme only. Customers will be refunded the complete amount if they return the product within three days of purchasing. 

In a statement, the company said, it has introduced the second phase of its online offer on its products till 31 May.

All customers who book any Hero Electric scooter (excluding Flash lead-acid low speed model) can avail an instant cash discount of Rs 4,000 while customers of Glyde would get a cash discount of Rs 3,000.

The booking amount is fixed at Rs 2,999, irrespective of the model. Since a substantial part of Hero Electric’s sale comes from referrals, the customers will be offered a token of appreciation in the form of Rs 1,000 voucher for referral sales.

May 14, 2020 - 15:27 (IST)

Our responsibility to define ‘re-invent India’ strategy: Tech Mahindra

The Rs 20 lakh crore economic package will definitely give the impetus to the economy, industry and society, said CP Gurnani, MD & CEO, Tech Mahindra.

However, as every business is thinking of re-inventing itself to be future-ready, it is our responsibility as a country to define that ‘re-invent India’ strategy, define the role of each of the pillars (economy, infrastructure, technology-driven system, vibrant demography and demand) laid down by the government, break down old policies and re-write collaboration between the private and public sector, he said.

The government is playing the role of an investor to create physical and digital infrastructure, create global standard academic institutions in Artificial Intelligence and data science, nurture local firms to create telecom infrastructure, cyber security global leaders, Gurnani added.

"There was an independence in 1947; now that the fuel has been provided, let’s make 2020 the year when we get independence from a non-digital world to make India truly a global digital leader in every aspect, so that both, the common man and businesses from India come out resilient and self-sufficient,” he said.

May 14, 2020 - 15:13 (IST)

L&T stock rises

May 14, 2020 - 15:13 (IST)

Sensex nosedives 858 points, Nifty slips below 9,150 

Sensex plunged 858 points or 2.68 percent to 31,150.61 while Nifty was down 235.45 points or 2.51 percent at 9,148.10 at around 3.10 pm.

May 14, 2020 - 15:08 (IST)

Dubai airport CEO: Global travel still up in air over virus

The CEO of the world''s busiest airport for international travel wants to get the globe flying again, but even he acknowledges everything remains up in the air during the coronavirus pandemic.

Paul Griffiths oversees what now is a much quieter Dubai International Airport, home to the long-haul carrier Emirates and crucial to East-West travel. The millions that once poured through the airport''s concourses are no longer flying as countries around the world enforce lockdowns and travel bans to fight the virus and the COVID-19 illness it causes.

Though government-owned Emirates plans to restart some flights next week, Griffiths told The Associated Press that the airport has yet to find a workable coronavirus or antibody test to administer on a massive scale to passengers. Until a vaccine or a permanent solution to the virus exists, there could be “quite a low level of activity for quite some time,” he said.

“I think the thing is there are a lot of people that are offering conjecture, whether it''s 18 months or two years or less or more," Griffiths said in an interview Wednesday.

Stock Market Latest Updates: Sensex plummets 886 points, Nifty below 9,150-mark; Tech Mahindra, Infosys among top losers

Asian equities were set to slump on Thursday after the head of the Federal Reserve warned of a “significantly worse” US recession than any downturn since World War Two because of coronavirus pandemic fallout, sentiments that drove bonds higher on a safety bid.

Fed Chair Jerome Powell on Wednesday issued his sober review of an economy slammed by a record pace of job losses and bracing for worse ahead as most US states moved toward reopening following lockdowns aimed at curbing the spread of the virus.

Stock Market Latest Updates Sensex plummets 886 points Nifty below 9150mark Tech Mahindra Infosys among top losers

Representational image. Reuters

Hong Kong's Hang Seng index futures slipped 0.92 percent, Australian S&P/ASX 200 futures fell 1.07 percent, while Japan's Nikkei 225 futures rose 0.05 percent.

“We’re picking up from what was a negative session in offshore markets-New York in particular,” said Ray Attrill, head of foreign exchange strategy for National Australia Bank in Sydney.

A pushback against Powell’s 'downbeat assessments' about US economic risks and his rejection of the idea of using negative interest rates as a tool for economic recovery 'will spill into the Asia session,' Attrill said.

Wall Street's three major indexes closed lower for the second day in a row, the Dow Jones Industrial Average fell 2.17 percent, the S&P 500 lost 1.75 percent, and the Nasdaq Composite dropped or 1.55.

Still, Powell downplayed the idea of using negative interest rates pushed the US dollar higher against a basket of currencies.

The US Dollar Currency Index, which measures the greenback’s strength against six major currencies, was up 0.23 percent on the day at 100.26. The index fell as low as 99.57 earlier in the session.

Powell’s comments followed a sharp selloff in equities on Tuesday after a warning from leading US infectious disease expert Anthony Fauci that the virus was not yet under control. Fauci’s comments prompted concerns about how the economy would emerge from weeks of virus-related lockdowns.

Authorities in Wuhan, the Chinese city where the novel coronavirus emerged, has launched an ambitious campaign to test all of its 11 million residents, after a cluster of new cases raised fears of a second wave of infections.

But a decision by an independent board overseeing billions in US federal retirement dollars that it would indefinitely delay plans to invest in some Chinese companies also helped to fuel Wednesday’s decline.

The administrators froze the plan days after the Trump administration told it to 'halt all steps' tied to shifting its $40 billion international fund to track the MSCI All Country World ex-USA Investable Market Index

In commodity markets, oil prices fell about 2 percent despite the first decline in US crude inventories since January, following Powell’s remarks that a rebound may take awhile.

The slide followed an earlier rally on optimism that slumping fuel demand would recover, while producers have slashed production to cut the mounting supply glut during the pandemic.

Global benchmark Brent crude settled down 79 cents, or 2.6 percent at $29.19 a barrel. West Texas Intermediate crude futures, the US benchmark, settled down 49 cents, or 1.9 percent at $25.29 a barrel.

Yields on benchmark US Treasury 10-year notes last fell 1/32 in price to yield 0.6525 percent, from 0.651 percent..

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.09 points or 0.23 percent, to 471.99.

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