live

Stock Market Latest Updates: RBI rate cut fails to cheer market; Sensex falls 131 points, Nifty holds 8,600-level after three-session rally

Stock Market LIVE Updates: Sensex jumps over 1,100 points, Nifty above 9,000-level; Rupee surges ahead of RBI governor's presser at 10 AM

FP Staff March 27, 2020 15:46:20 IST
Auto refresh feeds
Stock Market Latest Updates: RBI rate cut fails to cheer market; Sensex falls 131 points, Nifty holds 8,600-level after three-session rally

Highlights

LIVE NEWS and UPDATES

Mar 27, 2020 - 15:47 (IST)

RBI rate cut fails to cheer market; Sensex falls 131 points, Nifty holds 8,600-level 

Market failed to retain the early gains and ended in red on Thursday despite Reserve Bank of India (RBI) governor Shaktikanta Das announced several relief measures including sharp cut in repo rate by 75 basis points to 4.4 percent.

The Sensex fell 131.18 points or 0.44 percent at 29815.59 while the broader Nifty was up 18.80 points or 0.22 percent at 8660.25 at close. 

Bajaj Finance was the top loser in the Sensex pack plunging nearly 9 percent. Other losers included Hero MotoCorp, IndusInd Bank, Bharti Airtel, Maruti, HCL Tech, HUL, Tata Steel, Ultra Cement and Bajaj Auto.

Mar 27, 2020 - 15:36 (IST)

Yes Bank founder Rana Kapoor seeks bail, says in risk of contracting COVID-19 in jail 

Yes Bank founder Rana Kapoor, currently in judicial custody after arrest on money laundering charges, moved a bail application on Thursday claiming his prevailing medical condition puts him at the risk of contracting coronavirus in jail.

In the plea filed through his lawyer Subash Jadhav, Kapoor claimed he was sufferinga chronic immunodeficiency syndrome, which causes recurrent lung, sinus and skin infections.

The 62-year-old banker also claimed to be suffering from severe hypertension, anxiety and depression for the last 18 months, which is in large part being treated in his presence of his family. This, combined with bronchial asthma since childhood, which still requires inhalers, puts him at high risk of a severe lung infection which can lead to death, the bail plea said.

Mar 27, 2020 - 15:27 (IST)

Asia tourists troubled by cancelled flights, borders closing

From the sun-soaked beaches of Thailand to the foothills of Mount Everest in Nepal, tourists across Asia are finding their dream vacations have turned into travel nightmares as airlines cancel flights and countries close their borders in the fight against the coronavirus pandemic.
 
 
Hundreds of tourists escaping cold weather in Europe were scrambling this week to find alternative ways to return home from the Thai island of Phuket in the Adaman Sea.
 
 
Ksenia Vostriakova and her friends were scheduled to fly back to Moscow on an April 3 Singapore Airlines flight, but it was among those cancelled when the airline slashed its operations. They have booked a flight on Qatar Airways for April 6 and are hoping nothing else changes.
 
 
“Now we're really worried that this flight also might be canceled,” Vostriakova said, adding that their Thai visas run out in mid-April. “We might still stay here because everything changes.” 

Mar 27, 2020 - 15:09 (IST)

Coronavirus to disrupt global construction sectors, but activity resuming in China: Moody's

Moody's Investors Service said in a new report on Friday that business conditions and revenue growth potential are deteriorating rapidly for construction companies globally.

"The spread of the coronavirus and the associated quarantines, social-distancing measures, travel restrictions and logistics disruptions have led to suspensions and delays in construction activity," said Moody's vice president and senior analyst Sue Su.

"US, European and Australian construction companies are starting to feel the pain but China, which was hit first and hard by the coronavirus outbreak, is showing signs of recovery," added Su.

Mar 27, 2020 - 14:52 (IST)

Yes Bank board clears Rs 5,000 cr capital raising plan

Private sector lender Yes Bank will raise up to Rs 5,000 crore as equity capital in the second round to meet regulatory requirements and support business.

Early this month, the bank received an equity infusion of Rs 10,000 crore from eight domestic banks led by State Bank of India.

The bank's board of directors approved raising of funds for an additional amount aggregating up to Rs 5,000 crore in one or more tranches by issuing securities.

The bank has kept options open to use routes like qualified institutional placement, public issue, rights issue, global depository receipts, American depository receipts, and foreign currency convertible bonds or any other permissible mode, it said in a statement.

Mar 27, 2020 - 14:34 (IST)

Don't believe rumours on bank branch closures: Department of Financial Services 

The Department of Financial Services denied the rumours on bank branch closure and said customer service bank branches will remain operational and will continue to provide services.

However, almost all the bank branches will be open for limited hours only. In order to reduce public gathering, the banks have urged their customers to avail net-banking or mobile banking services in case of non-essential activities during this period.

"Sufficient cash across branches and ATMs. Don't trust rumours of branch closures. Customers are requested to stagger arrival at Branches etc," said Debasish Panda, Secretary, Department of Financial Services.

Mar 27, 2020 - 14:23 (IST)

Sensex soars over 300 points, Nifty above 8,700-mark

Market returned to green zone after staying in the red for a while in the afternoon trade.
 

Sensex jumped 314.04 points or 1.05 percent to 30,260.81 while Nifty was also up 153.35 points or 1.77 percent at 8,794.80 at around 2.15 pm.

Mar 27, 2020 - 14:03 (IST)

India's electricity use falls to lowest in five months due to lockdown

India’s electricity use fell to the lowest in nearly five months on the first day of a nationwide lockdown to prevent the spread of the coronavirus, government data showed, with monthly power consumption likely to fall for the first time in four months.

National electricity demand fell to 2.78 billion units on 25 March, the first day of the three-week total shutdown called by Prime Minister Narendra Modi late on Tuesday.

That was nearly 20 percent below the average of 3.45 billion units per day in the first three weeks of March, a Reuters analysis of government data showed.

If demand continues at these reduced levels, India’s electricity consumption for March is set to decline at the fastest pace year-on-year since October, when power use fell at its steepest in over 12 years due to a broad economic slowdown.

While electricity usage contracted nationally, consumption actually rose slightly in some states, raising concerns that the shutdown may not have been fully observed in all areas, although officials said higher temperatures may have contributed.

Mar 27, 2020 - 13:56 (IST)

DGCA extends validity of pilots' licences nearing expiry by 90 days

India''s aviation regulator DGCA on Friday extended the validity of pilots'' licences that were nearing expiry by 90 days, noting that they were facing issues in completing various requirements due to the restrictions imposed to curb the COVID-19 outbreak.

Similarly, the regulator has also extended the validity of medical assessment certificates, aircraft rating certificates, skill test certificates, etc, for a period of 90 days.

"DGCA is aware that operators and individual license holders are facing issues in completing their requirements towards renewal, issuance of various pilot licenses and ratings and to exercise the privileges of their respective licenses and ratings including temporary authorizations (FATA)," the regulator stated in a public notice on Friday.

FATA stands for foreign aircrew temporary authorization, which is issued to foreign pilots that are working for Indian airlines.

Mar 27, 2020 - 13:50 (IST)

RBI takes giant steps to safeguard economy: Narendra Modi

Stock Market LIVE Updates: Market failed to retain the early gains and ended in red on Thursday despite Reserve Bank of India (RBI) governor Shaktikanta Das announced several relief measures including sharp cut in repo rate by 75 basis points to 4.4 percent.

The market gave up the previous sessions' gains after rallying for three straight session.

The Sensex fell 131.18 points or 0.44 percent at 29815.59 while the broader Nifty was up 18.80 points or 0.22 percent at 8660.25 at close.

Bajaj Finance was the top loser in the Sensex pack plunging nearly 9 percent. Other losers included Hero MotoCorp, IndusInd Bank, Bharti Airtel, Maruti, HCL Tech, HUL, Tata Steel, Ultra Cement and Bajaj Auto.

Market returned to green zone after staying in the red for a while in the afternoon trade.

Sensex jumped 314.04 points or 1.05 percent to 30,260.81 while Nifty was also up 153.35 points or 1.77 percent at 8,794.80 at around 2.15 pm.

Equity benchmark indices was trading in the red in the afternoon trade and Nifty slipped below 8,600-mark.

Sensex plunged 569.87 points or 1.90 percent to 29,376.90 while Nifty was down 75.70 points or 0.88 percent at 8,565.75 at around 1.30 PM.

Among the sectors, Nifty Bank declined over 8 percent from the day's high.

The market slipped into red zone erasing the opening gains soon after RBI governor Shaktikanta Das announced massive repo rate cut of 75 basis points to 4.4 percent on Friday.

Sensex plunged 491.66 points or 1.64 percent to 29,455.11 and the broader Nifty was down 43.90 points or -0.51 percent to 8,597.55 at around 11.15 AM.

The market gave up the opening gains and Nifty slipped below 8,900-mark as Reserve Bank of India (RBI) governor Shaktikanta Das announced repo rate cut by 75 basis points to 4.4 percent on Friday.

Sensex was trading 497.54 points or 1.66 percent higher at 30,444.31 and Nifty was up 195 points or 2.26 percent at 8,836.45 at around 10.15 AM.

The RBI reduced the repo rate by 75 basis points to 4.4 percent on Friday in a bid to combat the impact of coronavirus pandemic.

Sensex jumped 1049.07 points or 3.50 percent to 30,995.84 while the broader Nifty was up 355.05 points or 4.11 percent at 8,996.50 at around 10.10 AM.

Sensex jumps over 1,100 points, Nifty above 9,000-level; Rupee surges ahead of RBI governor's presser at 10 AM

Asian stocks rose on Friday as investors wagered policymakers will roll out additional stimulus measures to combat the coronavirus pandemic after US unemployment filings surged to a record.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.0 percent. Australian shares were up 2.02 percent, while Japan’s Nikkei stock index rose 3.65 percent.

E-Mini futures for the S&P 500 rose 0.81 percent in Asia following three consecutive days of gains in the S&P 500 on Wall Street.

The dollar nursed losses against major currencies as central banks’ steps to solve a dollar shortage in funding markets started to gain traction.

Stock Market Latest Updates RBI rate cut fails to cheer market Sensex falls 131 points Nifty holds 8600level after threesession rally

Representative image. Reuters

The US House of Representatives is expected to pass a $2 trillion stimulus package later on Friday that will flood the world’s largest economy with money to stem the damage caused by the pandemic.

The US Federal Reserve has already slashed rates to zero and launched quantitative easing. The Fed will also take the unprecedented step of offering a direct backstop for corporate loans.

The United States is now the country with the most coronavirus cases, surpassing even China, where the flu-like illness first emerged late last year. Policymakers may need to offer more stimulus as the virus slams the brakes on economic activity and increases healthcare spending.

“I’m not sure what measures are left, but the reaction in stocks shows some people hoping for more stimulus thought the market was a little oversold,” said Yukio Ishizuki, FX strategist at Daiwa Securities in Tokyo. “Currencies tell a different story. The dollar is the lead actor. The mad rush to buy dollars due to liquidity concerns is starting to fade.”

The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, data showed on Thursday.

The jobless blowout was announced shortly after Federal Reserve Chairman Jerome Powell said that the United States “may well be in recession,” an unusual acknowledgement by a Fed chair that the economy may be contracting even before data confirms it.

Global equity markets took the data in their stride, partly because most central banks have already aggressively eased policy and governments are backing this up with big fiscal spending.

Leaders of the Group of 20 major economies pledged on Thursday to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and “do whatever it takes to overcome the pandemic.”

In the currency market, the greenback fell 0.25 percent to 109.34 yen in Asia on Friday, on pace for a 1.3 percent weekly decline.

The dollar was also headed for weekly declines against the Swiss franc, the pound, and the euro.

The US currency’s fall after two weeks of gains suggests that the Fed’s efforts to relieve a crunch in the dollar funding market are working, some analysts said.

The yield on benchmark 10-year Treasury notes rose slightly in Asia to 0.8383 percent, while the two-year yield edged up to 0.2946 percent.

Yields were still headed for a weekly decline, taking cues from the Fed’s extraordinary steps to bolster markets and the $2 trillion stimulus package.

US crude ticked up 1.77 percent to $23 a barrel in Asia. Energy markets have been caught in a tug-of-war between hopes for stimulus spending and worries about excess supplies of crude.

Gold, normally bought as a safe haven, was slightly lower. Spot gold fell 0.30 percent to $1,626.58 per ounce.

Gold market participants remained concerned about a supply squeeze following a sharp divergence between prices in London and in New York. The coronavirus has grounded planes normally used to transport gold and closed precious metals refineries.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Market roundup: Sensex falls to 49,099.99, Nifty settles at 14,529.15 amid sell-off before release of Dec GDP data
Business

Market roundup: Sensex falls to 49,099.99, Nifty settles at 14,529.15 amid sell-off before release of Dec GDP data

All the shares in the BSE Sensex closed in red on Friday with ONGC being the top loser, shedding 6.6 percent, followed by Mahindra & Mahindra, Bajaj Finserv, and Axis Bank

SEBI asks NSE for report as connectivity issue halts trading on NSE for nearly five hours
India

SEBI asks NSE for report as connectivity issue halts trading on NSE for nearly five hours

Even though the NSE, as well as the BSE, extended trading hours till 5 pm Wednesday, the overall volumes could not touch the usual averages

Stock Market roundup: Sensex surges 750 points, Nifty above 14,750; key stocks that moved most today
Business

Stock Market roundup: Sensex surges 750 points, Nifty above 14,750; key stocks that moved most today

The market began on a good note, gaining around 1.5 percent on the back of positive domestic data and auto sales number on the first day of March