Stock Market Today LIVE Updates: Sensex down 581 points, Nifty dips 205 points at close; all sectoral indices in red

Stock Market Today LATEST Updates: Sensex was down 581.28 points or 2.01 pecent at 28288.23, while Nifty was down 205.35 points or 2.42 percent at 8263.45.

FP Staff March 19, 2020 11:18:23 IST
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Stock Market Today LIVE Updates: Sensex down 581 points, Nifty dips 205 points at close; all sectoral indices in red



Mar 19, 2020 - 16:01 (IST)

Sensex, Nifty down at close

Mar 19, 2020 - 15:43 (IST)

Yes Bank transfers Puri Jagannath Temple's Rs 389 cr FD account to SBI

Yes Bank on Thursday said it has transferred a Rs 389-crore fixed deposit account of Shree Jagannath Temple Administration, Puri, to State Bank of India. The fixed deposit (FD) account of the temple has accrued a total interest of Rs 8.23 crore.
"As per the term of condition of FD placed with us, Yes Bank Ltd has fully paid all the quarterly. The fixed deposit (FD) account of the temple has accrued a total interest of Rs 8.23 crore.
"As per the term of condition of FD placed with us, Yes Bank Ltd has fully paid all the quarterly interest on time up to December 31, 2019. The remaining interest that has accrued till March 19, 2020, has been remitted along with the principal amount of Rs 389 crore to SBI account of Jagannath Temple Corpus Fund," Yes Bank on Thursday said in a letter, accessed by PTI.
In the letter addressed to Chief Administrator Krishan Kumar of the famous temple shrine in eastern India, Yes Bank said it has two more FDs of Rs 156 crore which will be transferred by the end of this month.

Mar 19, 2020 - 15:30 (IST)

Govt transfers 8 executive directors of state-run banks

The Centre has transferred eight executive directors of state-run banks with effect from the financial year beginning 1 April, according to an official order. The Appointments Committee of the Cabinet (ACC), led by Prime Minister Narendra Modi, approved the proposals of the Department of Financial Services on Wednesday.
Sanjay Kumar, Executive Director (ED) of United Bank of India (UBI) has been appointed as ED, Punjab National Bank (PNB) until 19 September, 2021; and Vijay Dube, ED, Oriental Bank of Commerce (OBC) appointed as ED of PNB until 31 October, 2021, according to the order issued by the Department of Personnel and Training.
Ajit Kumar Das, ED, UBI was appointed as ED, Punjab and Sind Bank (PSB) until his superannuation on 31 March, 2021. Birupaksha Mishra, ED, Corporation Bank was appointed as ED, UBI until his superannuation on 31 January, 2021; and Krishnan S, ED, Syndicate Bank was appointed as ED, Canara Bank until 31 October, 2020, the order said.
Ajay K Khurana, ED, Syndicate Bank has been appointed as ED, Bank of Baroda until 19 September, 2021; and K Ramachandran, ED, Allahabad Bank was appointed as ED, Indian Bank until 30 June, 2021. P R Rajagopal, ED of Allahabad Bank has been appointed as ED of Bank of India with effect from the date of assumption of office until 28 February, 2022.

Mar 19, 2020 - 15:21 (IST)

Asia stocks dive, dollar soars as ECB bazooka fails to ease fears

Asian equities sank again Thursday while the dollar surged as a European Central Bank plan to spend more than $800 billion to buy bonds failed to instil optimism in traders who fear that the world is heading for a virus-fuelled economic catastrophe.
 In what one analyst said could be a "game-changer" for the coronavirus-wracked eurozone, the ECB's so-called 750-billion-euro ($ 820-billion Pandemic Emergency Purchase Programme aims to give financial markets some much-needed liquidity as investors pull the plug on markets.
Asian markets initially climbed on the news but soon tumbled as investors contemplate months of economic hardship with countries around the world in lockdown to prevent the spread of COVID-19, which has now infected more than 200,000 people and killed almost 9,000.

Mar 19, 2020 - 15:15 (IST)

Dow Jones gains

Mar 19, 2020 - 15:06 (IST)

Coronavirus impact may render 3.8 cr people jobless in tourism, hospitality sector

The coronavirus impact could render 3.8 crore people jobless, which is around 70 per cent of the total workforce in the tourism and hospitality sector, according to a grouping. The Federation of Associations in Indian Tourism & Hospitality (FAITH) also said there should be a support fund for twelve months to support basic salaries with "direct transfer" to the affected tourism employees.
"As a result of this pandemic, Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment," FAITH said in a letter to Prime Minister Narendra Modi.
It is believed that around 70 percent out of a total 5.5 crore workforce could get unemployed, which is around 3.8 crore people. This effect of job losses and layoffs has already begun throughout the country, it added. The figure is for direct as well as indirect jobs.

Mar 19, 2020 - 15:03 (IST)

Oil halts three-day slump but virus outbreak, oversupply still weigh

Oil prices rose nearly 10 percent on Thursday after a three-day selloff drove them to their lowest levels in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.

Benchmark Brent, which has lost half its value in less than two weeks, was offered some respite as investors across financial markets assessed the impact of massive central bank stimulus. Brent crude jumped $2.29, or 9.2 percent, at $27.16 a barrel by 0831 GMT, after plunging to $24.52 on Wednesday, its lowest level since 2003.

US crude gained $3.20, or 15.7 percent, to $23.52 after dropping nearly 25% in the previous session to an 18-year low. Analysts said gains were likely to be temporary, as tumbling demand due to the coronavirus outbreak was compounded by the collapse this month of a deal on supply curbs between OPEC and other producers.

Mar 19, 2020 - 14:43 (IST)

Indices nosedive after recovery

Mar 19, 2020 - 14:29 (IST)

Emami approves buyback

The board of Emami has approved the buyback of the company's fully paid-up equity shares for an aggregate amount not exceeding Rs 194.08 crore and at a price not exceeding Rs 300.

Mar 19, 2020 - 14:27 (IST)

World leaders rush in to shore up panic-hit global financial system

World leaders raced to shore up panic-stricken global markets on Thursday, pouring liquidity into the financial system as investors everywhere dumped assets, switching to dollars in cash amid the escalating coronavirus pandemic.

Policymakers in the United States, Europe and Asia resorted to emergency action as the pandemic left their economies virtually comatose, with quarantined consumers, broken supply chains, paralysed transportation and depleted shops.

There were almost 219,000 cases of coronavirus reported globally, including over 8,900 deaths linked to the virus. Over 20,000 of those cases were reported in the past 24 hours, a new daily record.

Stock Market Today LIVE Updates:  Sensex was down 581.28 points or 2.01 pecent at 28288.23, while Nifty was down 205.35 points or 2.42 percent at 8263.45. About 574 shares have advanced, 1791 shares declined, and 153 shares are unchanged at close of trading on Friday.

Benchmark indices ended lower for the fourth consecutive session on March 19 but recovered some lost ground from the intraday low point with Sensex closed over 1,500 points off day's low.

At 2.45 pm, the indices dipped after gaining markedly. Sensex slipped nearly 300 points while the Nifty was below 8,400. The rupee was trading lower but off record low of 75.15 per dollar, amid volatile trade seen in the domestic equity market. It is trading lower by 82 paise at 75.08 per dollar against previous close 74.26.

At 2.02 PM, indices made a sharp recovery erasing all the intraday losses. Sensex up over 2,000 points from the lows. Sensex was 29,098.59, up 229.08 points or 0.79 percent. The Nifty was up 7.30 points or 0.09 percent at 8476.10. About 566 shares have advanced, 1640 shares declined, and 109 shares are unchanged.

Indices make a sharp recovery at 11.15 AM. Sensex was trading 516.72 points or 1.79 percent down at 28,352.79 while the Nifty was above 8,300 level

Nifty was trading 119.80 points or 1.41 percent down at 8,349.00.

At 10.o5 AM, the Sensex and Nifty was at 3-year low. Rupee too was at record low. Sensex is down 1798.84 points or 6.23 percent at 27,070.67 and the Nifty  523.15 points or 6.18 percent at  7,945.65.

Earlier, the Nifty breached 8,000 for the first time since December 27, 2016.

US stocks deepened their selloff on Wednesday and the Dow erased virtually the last of its gains since President Donald Trump’s 2017 inauguration, as the widening repercussions of the coronavirus pandemic threatened to cripple economic activity.

The benchmark S&P 500 index ended down 5.2 percent, though it pared losses late in the day as the US Senate passed legislation to provide billions of dollars to limit the damage from the outbreak through free coronavirus testing, paid sick leave and expanded safety-net spending.

In a move likely to add to the anxiety, Intercontinental Exchange Inc, owner of the New York Stock Exchange, said after the bell that the NYSE will temporarily close its trading floors and move fully to electronic trading beginning Monday.

The NYSE said a floor trader and an NYSE employee had tested positive for the coronavirus, but that they had not entered the stock exchange building. Trading and regulatory oversight of all NYSE-listed securities will continue without interruption, the exchange said.

With airports and hotels emptying and airlines asking staff to take unpaid leave to stem losses, the S&P 1500 airlines index sank 20.8 percent on Wednesday. Shares in major hotel operators Hilton, Marriott and Hyatt fell by about 12 percent to 19 percent.

“The market’s really reacting to fear and uncertainty and we don’t think it’s over until it finds a floor on stock prices. The floor will have to be found in containment of the viral spread and limiting the economic toll of the virus,” said Nela Richardson, investment strategist at Edward Jones.

By Wednesday’s close, the Dow was up just 0.4 percent from where it was on 20 January, 2017, the day of Trump’s inauguration, although it remains up almost 9% from when Trump unexpectedly won the presidential election on 8 November, 2016, often referred to as the “Trump Bump.” The S&P 500 is now down about 29 percent from the record closing high it notched on 19 February, as the coronavirus-inspired selloff ended Wall Street’s longest-ever bull run. In one of the most dire forecasts yet issued for the potential hit from the epidemic, a JP Morgan economist said the US economy could shrink 4 percent this quarter and 14 percent next quarter, and for the year it is likely to shrink 1.5 percent. The Dow Jones Industrial Average fell 1,338.46 points, or 6.3 percent, to 19,898.92, the S&P 500 lost 131.09 points, or 5.18 percent, to 2,398.1, and the Nasdaq Composite dropped 344.94 points, or 4.7 percent, to 6,989.84. The dramatic stimulus measures have only provided short-lived bounces in equities, with investors factoring in a global recession and worrying about the duration of the damage extending into the summer. Wednesday’s selling at one point triggered another 15-minute trading cutout at a 7 percent decline in yet another day of volatile trading. The Cboe Volatility index ended up at 76.45. “This market went from a position of where we were fearless back at the beginning of February to some days like today where you feel hopeless about what’s going on in the market,” said Wayne Wicker, chief investment officer of Vantagepoint Investment Advisers.

The day’s worst-performing S&P sector was the S&P 500 energy sector, which closed at its lowest level since early 2003. US crude futures fell nearly 17% on Wednesday, having touched their lowest prices in 18 years.

Worries about mass debt defaults or writedowns pressured US lenders, sending the S&P 500 banking subsector down 7.9 percent.

Shares in planemaker Boeing Co, long a symbol of US tech and industrial power, sank another 17.9 percent.

Declining issues outnumbered advancing ones on the NYSE by a 12.71-to-1 ratio; on Nasdaq, a 8.79-to-1 ratio favored decliners.

The S&P 500 posted five new 52-week highs and 294 new lows; the Nasdaq Composite recorded 11 new highs and 1,214 new lows.

Volume on US exchanges was 18.51 billion shares, compared to the 14.6 billion average for the full session over the last 20 trading days.

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