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
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.
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.