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Stock Market Latest Updates: Sensex soars over 1,400 points, Nifty above 8,600-mark at close; IndusInd Bank zooms over 45%

Stock Market LIVE Updates: Sensex up 300 points, Nifty opens above 8,400-level in opening trade; Rupee opens flat

FP Staff March 26, 2020 15:52:44 IST
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Stock Market Latest Updates: Sensex soars over 1,400 points, Nifty above 8,600-mark at close; IndusInd Bank zooms over 45%

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LIVE NEWS and UPDATES

Mar 26, 2020 - 15:51 (IST)

Sensex soars over 1,400 points, Nifty above 8,600-mark at close

Market closed in the green for the third straight session on Thursday as the Nifty ended the March series above 8,600 level.

The Sensex surged 1,410.99 points or 4.94 percent to 29,946.77 while the broader Nifty was up 323.60 points or 3.89 percent at 8641.45 at close. 

IndusInd Bank was the top gainer in the Sensex pack soaring over 45 percent. The other major gainers included L&T, Bajaj Finance, Airtel, Bajaj Auto, Kotak Bank and HUL.

All the sectoral indices ended in the green. BSE Midcap and Smallcap indices rose over 3 percent each.

Mar 26, 2020 - 15:46 (IST)

FM's announcements 'need of hour'

The announcements made by Finance Minister Nirmala Sitharaman will bring much-needed relief to masses by ensuring that people can satisfy their basic needs, said Anuj Kakkar, partner Vriddhi Advisors.

"The relaxation in compliance combined with relief in EPF will reduce stress and financial burden on businesses. The government should also consider relaxations in NPAs and announcing relief packages to sectors which are worst hit like aviation, tourism etc. before the close of the financial year," said Kakkar.

The government must be lauded for prioritising the well-being of the health workers. Overall, the government announcements are a step in the right direction to ensure that people do not suffer,  Kakkar added.

Mar 26, 2020 - 15:42 (IST)

Govt uses existing programmes to address poor: Deloitte

The government has used the existing programs such as MGNREGA, Jan Dhan Yojna, Ujwala, Ayushman Bharat, DBT, PDS and other schemes to address the needs of the poor, migrant workers, healthcare workers, senior citizens, daily wagers and other vulnerable groups who are at risk on account of the current pandemic, said Anand Ramanathan, partner, Deloitte India.

"This will hopefully make implementation easier as there will be challenges on account of disruptions and lack of bandwidth caused by lockdown which will also need to be factored in," he said.

Mar 26, 2020 - 15:33 (IST)

SEBI to give further relaxations from compliance to listed companies

Mar 26, 2020 - 15:24 (IST)

Finance minister announces ‘holistic’ package for poor
 

The Centre has announced a holistic package for poor people in response to coronavirus outbreak, said Mitul Thapliyal, partner, MicroSave Consulting.

"An average poor household will receive an additional benefit of Rs 6,800 under PDS, Ujjwala and Jan-Dhan over the next three months. Advance payment of PM-KISAN instalment and ex-gratia on pension (old age, widow and disabled) can increase this to Rs 9,800 per household, assuming that a household is eligible for all these schemes," Thapliyal said. 

“Given the importance of social distancing, home delivery of ration (under PDS) and LPG is the best option but it will need significant ramp up of last mile delivery infrastructure. Local administration has to step up to face this challenge. Penetration of digital payments among poor households is very low so people may start flocking at the banks and business correspondents (BCs) to withdraw money, which will defeat the whole purpose. Home delivery of money though BCs and bank officials needs to be mandated," Thapliyal added.

Mar 26, 2020 - 15:19 (IST)

Announcement big relief for MSMEs, corporate sector

Finance Minister Nirmala Sitharaman's relief measures have come as a major relief to MSME and corporates, both in terms of compliance to MCA, Income Tax, GST, etc, as well as relaxation in criteria for bankruptcy in the shor- term, said Meghna Suryakumar, CEO and founder, Crediwatch. 

What has come as a surprise and significant step towards supporting both small businesses and banks alike, has been the extension of threshold from Rs 1 lakh to Rs 1 crore for reporting delinquency (broad industry expectation was extension to around Rs 5 lakhs), with a potential to actually suspend certain sections of the IBC for six months in case the COVID-19 situation worsens, Suryakumar said.

Mar 26, 2020 - 15:12 (IST)

Nirmala Sitharaman's announcement indicates lockdown may not be extended, says analyst

Finance Minister Nirmala Sitharaman’s announcements are focused mostly towards rural poor and it is positive for consumers as a theme, said Sujan Hajra, chief economist and executive director, Anand Rathi Shares and Stock Brokers.

“The package of Rs 1.7 lakh crore is about 0.8 percent of the GDP. The collapse of demand, as was being feared by many, looks unlikely. So the period of lockdown may not be extended. These measures, if effectively and quickly implemented, would make the total shutdown more complete. This is the biggest positive for listed companies,” Hajra said.

Mar 26, 2020 - 15:09 (IST)

Will industry-specific measures be announced next?

Terming the announcement by Union Finance Minister Nirmala Sitharaman as ‘comprehensive’ to help the poor and vulnerable, VK Vijayakumar, chief investment strategist at Geojit Financial Services, said that with the finance minister having said ‘will look into it’ regarding packages for the MSMEs, perhaps industry-specific measures are expected to be announced in the next package.

Thursday's announcement is a a package for lockdown impacted segments, he said.

“The govt is prioritising. This can go a long way in implementing the lockdown. A deficiency is that the states who have to implement lots of measures have not been given any significant transfer," Vijayakumar added.

Mar 26, 2020 - 15:04 (IST)

Stock markets buoyant in mid-session

Two days after Prime Minister Narendra Modi announced a 21-day nationwide lockdown in the wake of coronavirus outbreak, Finance Minister Nirmala Sitharaman announced Rs 1.7 lakh crore ‘PM Gareeb Kalyan’ scheme to cushion the impact of the lockdown.

After the announcement, Sensex was trading over 1,000 points higher in afternoon session on Wednesday.

Paring early gains, the 30-share BSE barometer was up 1,055.11 points or 3.70 percent at 29,590.89. It rallied over 1,500 points in the morning session.

Similarly, the NSE Nifty stood 284.20 points, or 3.42 percent, higher at 8,602.05 at 2.30 pm.

Mar 26, 2020 - 14:59 (IST)

Britannia seeks govt support to restore supply chains

Stock Market LIVE Updates: Market closed in the green for the third straight session on Thursday as the Nifty ended the March series above 8,600 level after the announcement of Rs 1.7 lakh crore relief package by Finance Minister Nirmala Sitharaman.

The Sensex surged 1,410.99 points or 4.94 percent to 29,946.77 while the broader Nifty was up 323.60 points or 3.89 percent at 8641.45 at close.

IndusInd Bank was the top gainer in the Sensex pack soaring over 45 percent. The other major gainers included L&T, Bajaj Finance, Airtel, Bajaj Auto, Kotak Bank and HUL.

All the sectoral indices ended in the green. BSE Midcap and Smallcap indices rose over 3 percent each.

Sitharaman has announced some very timely relief measures to help India’s poor with the cash transfers, construction workers fund and free rice/wheat distribution, said Akhil Shahani, managing director, The Shahani Group.

"It is also good that she is supporting the true hero's of this coronavirus fight by giving Rs 50 lakh medical insurance cover to health workers. However it would have been good to see additional relief offered to the SME sector beyond 3 month support for the EPF. Many SMEs are struggling to pay salaries and debt interest with no income, an announcement on a moratorium on loan interest payments for a couple of months or a reduction in the loan interest rates charged by banks could have been beneficial," he said.

Also, there could have been a 3 month moratorium on GST collections. A concern also arises as to how the Centre will support this additional burden on its annual Budget, he added.

Market lost its sheen as Union Finance Minister Nirmala Sitharaman unveiled Rs 1.7 lakh crore relief package for the country.

Sensex slipped below 30,000-mark while the Nifty was trading above 8,600-level.

Sensex jumped 1258.04 points or 4.41 percent to 29,793.82 and Nifty jumped 284.85 points or 3.42 percent to 8,602.70.

Market staged a comeback after reports of Union Finance Minister Nirmala Sitharaman’s press conference at 1 pm today.

It is expected that the Centre would announce a much-needed stimulus package in the wake of coronavirus outbreak and subsequent national lockdown for 21 days.

Sensex zoomed 1231.51 points or 4.32 percent to 29,767.29 while Nifty was up 326.45 points or 3.92 percent to 8,644.30 at around 11.50 AM.

The market failed to retain its early morning rally and slipped from the day’s high.

Sensex surged 999.21 points or 3.50 percent to 29,534.99 while Nifty was up 283.60 points or 3.41 percent to 8,601.45 at around 11.30 AM.

The bull run continued on Dalal Street in the morning trade on Thursday as Sensex surged 1528.81 points or 5.36 percent to 30,064.59 while Nifty was up 425.40 points or 5.11 percent to 8,743.25 at around 10.20 AM.

IndusInd Bank was the top gainer in the Sensex pack zooming over 30 percent while Axis Bank surged over 13 percent.

The Sensex jumped 683.06 points or 2.39 percent to 29,218.84 while Nifty was up 195.05 points or 2.34 percent to 8,512.90 at around 9.30 AM.

IndusInd Bank was the top gainer in the Sensex pack zooming nearly 15 percent. Other gainers included Axis Bank, Infosys, HDFC, Tech Mahindra, HCL Tech, Bajaj Finance, Bajaj Auto and ICICI Bank.

Sensex up 300 points, Nifty opens above 8,400-level in opening trade; Rupee opens flat

Benchmark indices are trading higher in the pre-opening session with Nifty above 8400.

At 09:01 hrs IST, the Sensex is up 754.68 points or 2.64% at 29290.46, and the Nifty up 84.30 points or 1.01% at 8402.15.

Singapore: Asian stock markets made a cautious start on Thursday following two days of rallies, as investors await the passage and details of a $2 trillion stimulus package in the United States to combat the economic fallout from the coronavirus .

 

Senate leaders hope to vote on the plan later on Wednesday in Washington, but it still faces criticism. The bill includes a $500 billion fund to help hard-hit industries and a comparable amount for payments up to $3,000 to millions of US families.

It cannot come soon enough, with potentially enormous weekly US initial jobless claims to appear in data due at 1230 GMT.

Australia’s S&P/ASX 200 index rose 1.5 percent in early trade—its third positive start in as many sessions, but also its most muted. Japan’s Nikkei fell 2.2%.

Hong Kong futures were 1 percent higher and China A50 futures were up 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent.

“There has been so much stimulus thrown at this,” said Jun Bei Liu, portfolio manager at Tribeca Investment Partners in Sydney. “But the positivity related to it is really just sentiment,” she said, adding that investors were largely flying blind with so many companies withdrawing earnings guidance. Jobless figures may offer a “reality check,” she said.

In perhaps an early sign of the fragile mood, the risk-sensitive Australian dollar dropped 1 percent and the safe-haven Japanese yen rose in morning trade.

US stock futures rose 1 percent, following the first back-to-back session rises on Wall Street in over a month.

The Dow Jones Industrial Average rose 2.4 percent and the S&P 500 1.2 percent, while the Nasdaq Composite dropped half a percent following a Nikkei report that Apple was weighing a delay in the launch of its 5G iPhone.

Jobless claims to test bounce

The money at stake in the stimulus bill amounts to nearly half of the $4.7 trillion the US government spends annually.

But it also comes against a backdrop of bad news as the coronavirus spreads and as jobless claims are set to soar, with both expected to test the nascent bounce in markets this week.

California Governor Gavin Newsom told reporters on Wednesday that a million Californians had already applied for jobless benefits this month - a number that knocked stocks from session highs and has analysts bracing for worse to come.

RBC Capital Markets economists had expected a national figure over 1 million in Thursday’s data, but say “it is now poised to be many multiples of that,” as reduced hours across the country drive deep layoffs.

“Something in the 5-10 million range for initial jobless claims is quite likely,” they wrote in a note.

That compares to a 695,000 peak in 1982. Forecasts in a Reuters poll range from a minimum of 250,000 initial claims, all the way up to 4 million.

Trepidation seemed to put a halt on the US dollar’s recent softness in currency markets, with the dollar ahead 1 percent against the Antipodean currencies and up 0.6% against the pound.

It slipped 0.3 percent to 110.85 yen.

US crude slipped 1.5 percent to $24.11 per barrel and gold steadied at $1,608.14 per ounce.

Updated Date:

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