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Stock Market Latest Updates: Sensex ends in green, Nifty holds 9,200-mark; HDFC Bank, Infosys among major gainers

Stock Market Today LIVE Updates: Sensex up, Nifty reclaims 9,300-mark; Infosys, Tata Motors among major gainers

FP Staff April 20, 2020 15:58:42 IST
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Stock Market Latest Updates: Sensex ends in green, Nifty holds 9,200-mark; HDFC Bank, Infosys among major gainers

Highlights

08:03 (ist)

China rate cut does little to offset gloominess

China cut its benchmark lending rate as expected on Monday to reduce borrowing costs for companies and prop up the coronavirus-hit economy, after it contracted for the first time in decades. But the rate cut did little to offset gloominess over new coronavirus cases, fear of economic impact thereof and plunging oil prices.

Deepak Jasani, Head Of Research, HDFC Securities, said the Indian markets could open flat to mildly lower on Monday following mildly weak Asian markets and despite positive US markets on Friday.

US stocks rallied into the close Friday to notch their second-straight weekly gain after investor sentiment was buoyed by news of a possible treatment for the COVID-19 disease and after the Trump administration announced guidelines for reopening the economy late Thursday.

Nearby US oil futures plunged to an 18-year low, while deferred contracts  rose, underscoring concerns about rapidly shrinking storage availability.  On Friday, West Texas Intermediate crude for May delivery fell $1.60, or 8.1 percent, to settle at $18.27 on the New York Mercantile Exchange. Gold for June delivery fell $32.90, or 1.9 percent, to settle at $1,698.80 an ounce on COMEX. On Monday, WTI May crude prices fell further 15% to $15.54 a barrel. 

"This week, Investors will keep looking for any clarity on how the pandemic has affected business and companies’ ability to keep operating in the months ahead," Jesani said.

The Reserve Bank of India unexpectedly cut its key deposit rate (reverse repo rate down 25 bps to 3.75 percent) on Friday, for the second time in three weeks, to discourage banks from parking idle funds with it and spur lending instead, to revive a flagging economy amid the coronavirus lockdown.   

Caution gripped Asian share markets on Monday on expectations a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdown, while U.S. crude prices took an early spill. China cut its benchmark lending rate (one-year loan prime rate (LPR) was lowered by 20 basis points (bps) to 3.85% and the five-year LPR was cut by 10 bps to 4.65 percent) as expected on Monday to reduce borrowing costs for companies and prop up the coronavirus-hit economy, after it contracted for the first time in decades.

India's benchmark indices ended higher for the second consecutive day on Friday after RBI made some key announcements to inject the much needed liquidity in the system. In the process the benchmark indices closed with back-to-back weekly gains.  At close, Nifty rose 273.95 points or 3.05 percent at 9266.75. For the week it gained 1.6 percent.

Technically markets have done well to breach the recent highs of 9261. The next resistance will be 9403-9508 band. On falls 9196 could be a support.

LIVE NEWS and UPDATES

Apr 20, 2020 - 16:01 (IST)

Indices erases early gains as Sensex ends in green, Nifty holds 9,200-mark

The benchmark indices gave the early gains as the Sensex ended 59.28 points or 0.19 percent higher at 31648.00 while the Nifty was down 4.90 points or 0.05 percent at 9261.85.

HDFC Bank was the top gainer in the Sensex pack jumping nearly 4 percent. Infosys, Sun Pharma, NTPC, HCL Tech and Tech Mahindra were the other major gainers.

As many as 1,447 shares advanced, 1,007 shares declined, and 179 shares remained unchanged.

On the sectoral front buying seen in the IT, PSU Bank and Energy space, while Auto, FMCG and Metal remained under pressure.

Apr 20, 2020 - 15:42 (IST)

Sensex up 59 points, Nifty holds 9,200-mark

The Sensex was trading 59.28 points or 0.19 percent higher at 31,648.00 while the Nifty was down 0.20 points or 0.04 percent at 9,266.55 at around 3.15 pm.

Apr 20, 2020 - 15:35 (IST)

Fuel supply by Coal India to power sector rises 6% in February

The supply of fuel by state-owned CIL to the power sector registered an increase of 6.2 percent to 42.58 million tonnes in February.

The development assumes significance as Coal India Ltd (CIL), which accounts for over 80 percent of domestic coal output, has ample availability of dry stock.

In February 2019, CIL supplied 40.10 million tonnes (MT) to the power sector, according to the recent government data.

However, the dispatch of coal by CIL to the power sector in the April-February period of 2019-20 registered a decline of 5.8 percent to 419.70 MT, against 445.71 MT in the year-ago period, the data said.

Apr 20, 2020 - 15:33 (IST)

Spot gold markets remain shut due to lockdown: HDFC Securities

   
 
 
Spot gold markets remained shut on Monday due to lockdown in the country to prevent spreading of COVID-19 virus infections, according to HDFC Securities.
 
 
In the international market, gold was trading lower at $1,677 per ounce, while silver was flat at $15.18 per ounce.
 
 
"Gold prices traded lower with international gold prices falling below to $1,677 on Monday," it said. 

Apr 20, 2020 - 15:31 (IST)

Vijay Mallya loses appeal against extradition in UK high court

Apr 20, 2020 - 15:28 (IST)

BMW India CEO Rudratej Singh dies following cardiac arrest

BMW Group President and CEO Rudratej Singh passed away on Monday morning following a cardiac arrest.

"BMW Group India, with profound sorrow, announces the demise of Rudratej Singh (46), President and Chief Executive Officer on April 20, 2020," the automaker said in a statement.

The cause behind the sudden and unexpected demise is yet to be ascertained, the company said, but sources confirmed that Singh suffered a massive cardiac arrest.

"Our prayers are with his family and loved ones during this difficult period. He will always be remembered as an inspiring and compassionate human being," BMW Group India said in the statement.

Apr 20, 2020 - 15:22 (IST)

Auto components industry in preparatory mode to resume operations: ACMA

The auto components industry is in preparatory mode and resumption of production will depend on whether the factories are in green zones or permissible areas or not, and if their customers resume operations, ACMA said on Monday.

Under the new guidelines issued by the ministry of home affairs (MHA) for the extended lockdown period up to 3 May, the government, private industries and industrial establishments operating in rural areas, outside the limits of municipal corporations and municipalities, have been allowed to operate from 20 April.

Moreover, manufacturing, industrial units with access control in special economic zones (SEZs), export oriented units, industrial estates, industrial townships have also been allowed.

Apr 20, 2020 - 15:14 (IST)

Indices erase gains as Nifty slips below 9,300-mark

The benchmark indices erased the gains sharply as the Sensex was trading 22.97 points or 0.07 percent higher at 31,611.69 while the Nifty was down 9.85 points or 0.11 percent at 9,256.90 at around 3 pm.

Apr 20, 2020 - 15:05 (IST)

Kotak Bank lowers interest rates on savings deposits 2nd time in April

Kotak Mahindra Bank, the fourth-largest private sector lender, has slashed the interest rates on savings deposits for the second time this month.
         

The bank had lowered the savings rates from 1 April and the new lower rates are effective Monday and comes even after reporting a healthy jump in its deposit base in the March quarter earlier this month.

The largest lender SBI that controls almost a quarter of the banking system had also slashed the pricing on its savings account deposits earlier this month to just 2.75 percent flat.

Apr 20, 2020 - 15:03 (IST)

Bank loan fraud: ED attaches over hundred assets worth Rs 175 cr

 
 
 
The Enforcement Directorate (ED) has attached 124 immovable properties worth more than Rs 175 crore of a West Bengal-based company in connection with a money laundering probe linked to an alleged bank fraud case, the agency said on Monday.
 
 
It said a provisional order for attachment of the assets of Prakash Vanijya Private Limited has been issued under the Prevention of Money Laundering Act (PMLA), its director Mannoj Kumar Jain and others for allegedly cheating the Central Bank of India of Rs 234 crore loan amount.
 
 
Of the 124 properties attached by the ED, 11 are in Chhattisgarh, 10 in West Bengal's capital Kolkata and three in Jalpaiguri. The total value of the properties is Rs 175.29 crore, the ED said in a statement.

Stock Market Latest Updates: Sensex up, Nifty reclaims 9,300-mark; Infosys, Tata Motors among major gainers

Sydney: Caution gripped Asian share markets on Monday on expectations a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdown, while US crude prices took an early spill.

Japan reported its exports fell almost 12 percent in March from a year earlier, with shipments to the US down over 16 percent. Early readings on April manufacturing globally are due on Thursday and are expected to show recession-like readings.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 percent in slow early trade, with a pause needed after five straight weeks of gains. Japan's Nikkei fell 1.3 percent and South Korea 0.1 percent.

Stock Market Latest Updates Sensex ends in green Nifty holds 9200mark HDFC Bank Infosys among major gainers

Representational image. Getty

E-Mini futures for the S&P 500 ESc1 slipped 0.7 percent, having jumped last week on hopes some US states would soon start to re-open their economies.

US President Donald Trump said Sunday that Republicans were “close” to getting a deal with Democrats on a support package for small business.

But the US Centers for Disease Control and Prevention reported an increase of 29,916 in new infections and said the number of deaths had risen by 1,759 to 37,202.

The S&P 500 has still rallied 30 percent from its March low, thanks in part to the extreme easing steps taken by the Federal Reserve. The Fed has bought nearly $1.3 trillion of Treasuries alone, and many billions of non-sovereign debt it would historically have never gone near.

“The Fed will be a major buyer of risky assets in the coming months, and has displayed its willingness to backstop virtually any part of the domestic financial system in trouble,” said Oliver Jones, a senior markets economist at Capital Economics.

Yet the particular composition of the S&P 500 was also a major factor, he added, as three sectors relatively resilient to a virus-induced lockdown — IT, communications services and healthcare — make up around 50 percent of the index.

Indeed, Microsoft, Apple, Amazon, Alphabet and Facebook account for more than a fifth of the index.

“What’s more, the S&P 500 is skewed towards a few ultra-large firms, some of which are also in those sectors. Their sheer size might make them better able to weather a few months of dramatically-low revenues than most.”

The rebound in the S&P 500 therefore likely overstated optimism on the economy, Jones argued, noting European benchmark equities indices and US small cap indices were still in bear market territory.

Bond markets suggested investors expected tough economic times ahead with yields on US 10-year Treasuries steady at 0.65 percent, from 1.91 percent at the start of the year.

That decline has shrunk the US dollar’s yield advantage over its peers and left it range-bound in recent weeks. So far in April, the dollar index has wandered between 98.813 and 100.940 and was last at 99.791.

The dollar was a fraction firmer on the yen on Monday at 107.63 but again well within recent ranges, while the euro idled at $1.0868.

Gold had recoiled to $1,676 per ounce, having touched a 7-1/2 peak of $1,746.50 last week.

Oil prices remained under pressure as the global lockdown saw fuel demand evaporate, leaving so much extra supply countries were finding it hard to find space to store it.

So great was the near-term glut that the May futures contract for US crude was trading down 7 percent at $16.96 a barrel CLc1, while June was standing at $24.28 CLc2.

Brent crude LCOc1 futures have already rolled over into June and that contract was off 32 cents at $27.75 a barrel.

Updated Date:

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