Stock Markets LATEST Updates: Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers

Stock Markets LATEST Updates: Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers

FP Staff March 24, 2020 16:01:02 IST
Auto refresh feeds
Stock Markets LATEST Updates: Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers



Mar 24, 2020 - 16:06 (IST)

Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers

Equity benchmark indices failed to retain the sharp recovery in the afternoon trade despite Finance Minister Nirmala Sitharaman announced several relief measures for the industry and ended in the green.

The Sensex ended 692.79 points or 2.67 percent higher at 26674.03, while Nifty was up 190.80 points or 2.51% at 7801.05.

Infosys, Adani Ports, Britannia Industries, Bajaj Finance and HUL were among major gainers on the Nifty, while losers were Yes Bank, M&M, Grasim, IndusInd Bank and Power Grid Corp.

Mar 24, 2020 - 15:54 (IST)

Nirmala Sitharaman's announcements 'positive'

Vinay Pandit, Head Institutional Equities, IndiaNivesh said:  Relaxation on TDS and GST for all companies is a positive development for the market. It is effective funding at 0.75% per month which will aid cash flows and give breathing space to MSME, small cap and mid cap companies to manage their cash flows better.

Relaxation of board meetings by 60 days for next two quarters is effectively giving relaxation to corporates to gradually work towards audited results. However, instead of this, would have preferred to allow online / web based participation of directors for board meetings rather than requiring the physical presence for all board meetings, said Pandit.                         

Mar 24, 2020 - 15:52 (IST)

'Reliefs for taxpayer need of the hour'

Kapil Rana, Chairman and founder, HostBooks Limited says: " Relaxation of Aadhaar-PAN linkage is the need of the hour and it’s a good decision by Finance Minister Nirmala Sitharam amidst pandemic Covid-19.  These reliefs to the taxpayer by extending various deadlines especially to link AADHAAR-PAN from 31.03.2020 to 30.06.2020 will creates a positive bonding between taxpayer and government."

Mar 24, 2020 - 15:44 (IST)

Extension of deadlines may not be enough if coronavirus cases continue

Abhishek Rastogi. Partner, Khaitan & Co, said, though extension of various deadlines and reduced interest in few cases both for the direct and indirect taxes is a very welcome move for industry as of now, it may not be enough in case the situation worsens in the days ahead.

"The government will have to proactively think about other measures as well so that appropriate timely benefit is passed on to businesses”, said Rastogi.

Mar 24, 2020 - 15:39 (IST)

'Tax-filing extension a relief in difficult circumstances'

Archit Gupta, Founder and CEO, ClearTax said the various filing extensions and relief in compliance is essential for businesses to tide over these difficult circumstances.

Businesses must also use this time to explore ways to become more and more tech focussed. They must now move compliance completely digitally, use cloud based services, and build strong controls and systems so teams can work digitally and remotely, Gupta said.

"The situation may not improve in the near future. Hopefully, the economic package in the works will help businesses recoup from fall in revenues, which is very much likely in the coming quarter", Gupta said.

Mar 24, 2020 - 15:34 (IST)

Customs clearance to operate 24x7 up to 30 June 30: Finance minister

Mar 24, 2020 - 15:34 (IST)

'Extension of Vivad se Vishwas scheme welcome'

Daksha Baxi, Partner, Cyril Amarchand Mangaldas said the extension of date for availing of vivad se vishwas scheme without additional payment of 10 percent is a 'welcome and opportune step'.

"This will make it possible for taxpayers to assess their litigation position better and take advantage of this scheme where appropriate. It would have helped if the dates for TDS payment and compliances were also postponed," Baxi said.

Mar 24, 2020 - 15:22 (IST)

Closely monitoring volatility in stock market, in contact with regulators: Sitharaman

Mar 24, 2020 - 15:20 (IST)

Waiver for minimum balance is only 3 months, reiterates FM

At moment it is only 3 months for minimum balance required for account holders.

Regarding monthly EMIs, the banks will give you details, says Sitharaman.

Mar 24, 2020 - 15:19 (IST)

Nirmala Sitharaman's announcements fail to cheer market

Sensex gave up the gains and lost about 700 points and was trading 529.28 points or 2.04 percent higher at 26,510.52 as Finance Minister Nirmala Sitharaman announced various relaxation measures for the industry.

The broader Nifty also lost about 200 points and was trading 142.15 points or 1.87 percent up at 7,752.40.




Stock Markets LIVE Updates: Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers

Union Finance Minister Nirmala Sitharaman has said that the government is preparing an economic package to tide over the crisis created by coronavirus pandemic.

"We are readying an economic package to help us through the corona lockdown and will be announced soon," Sitharaman said in a tweet.

Sitharaman to address media at 2 pm

The finance minister will address a press conference at 2 pm on Tuesday

Sensex zoomed 877.65 points or 3.38 percent to 26,858.89 while Nifty jumped
248.10 points or 3.26 percent to 7,858.35  in the afternoon trade on Tuesday.

Infosys rallied 10 percent after the US Securities and Exchanges Commission (SEC) gave a clean chit to the Indian company in the whistleblower case.

Prime Minister Narendra Modi reportedly asked Finance Minister Nirmala Sitharaman and NITI Aayog to work out an economic relief plan in the wake of the rise in coronavirus cases in the country.

Economic package may be made for daily wagers, corporates and empolyees, reported CNBC TV18 quoting government sources.

Equity benchmark indices staged a major recover in the late morning trade. Sensex soared over 600 points while the broader Nifty jumped above 7,800-level.

Sensex was trading 672.70 points or 2.59 percent higher at 26,653.94 and the Nifty surged 191.15 points or 2.51 percent to 7,801.40 at around 11.45 AM.

Infosys is the top gainer in the Sensex pack at 7.85 percent. Other gainers included HUL, Tech Mahindra, Sun Pharma, Asian Paints, Reliance Industries, TCS, ONGC, HCL Tech and NTPC.

Investors said other central banks can be expected to follow suit with bold measures to ease the strained financial and credit markets.

Earlier, the BSE Sensex opened in the red and was down by 40 points to 25,941 while the Nifty 50 edged lower by 20 points to 7,591.

Sectoral indices at the National Stock Exchange (NSE) were mixed with Nifty IT ticking up by 4.1 percent, pharma by 2.8 percent, and FMCG by 1.5 percent. But Nifty private bank was down by 1.4 percent and realty by 1.3 percent.

Among stocks, IT major Infosys was the top gainer, moving up 7.9 percent to Rs 568.40 per share. Tech Mahindra edged up by 3.8 percent, HCL Technologies by 3.5 percent and Wipro by 3.4 percent.

Index heavyweight Reliance Industries was up by 3.1 percent to Rs 911.65 while FMCG majors Hindustan Lever and Britannia gained by 6.1 percent and 2.8 percent respectively.

The other prominent gainers were Adani Ports, Cipla and Sun Pharma.

However, IndusInd Bank plunged by nearly 15 percent to Rs 286 per share. Titan, Bharti Infratel, Hero MotoCorp and Bharat Petroleum Corporation traded with a negative bias.

Meanwhile, the Asian stocks rallied on Tuesday as the US Federal Reserve’s sweeping pledge to spend whatever it took to stabilize the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.

While Wall Street seemed unimpressed, investors in Asia were encouraged enough to lift E-Mini futures for the S&P 500 by 1.9 percent and Japan's Nikkei by 4.9 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan added 1.2 percent, though that followed a drop of almost 6% on Monday. South Korea and Australia also recouped a little of their recent losses.

In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds.

The numbers were certainly large, with analysts estimating the package could make $4 trillion or more in loans to non-financial firms.

“This open-ended and massively stepped-up program of QE is a very clear signal that the Fed will do all that is needed to maintain the integrity and liquidity of the Treasury market, key asset-backed markets and other core markets,” said David de Garis, a director of economics at NAB.

“COVID-19 developments remain the wild card, as is the development of government policies to support cash flow and the economy.”

The Fed’s package helped calm nerves in bond markets where yields on two-year Treasuries hit their lowest sine 2013, while 10-year yields dropped back sharply to 0.77 percent.

Yet analysts fear it will do little to offset the near-term economic damage done by mass lockdowns and layoffs.

Speculation is mounting data due on Thursday will show U.S. jobless claims rose an eye-watering 1 million last week, with forecasts ranging as high as 4 million.

Goldman Sachs warned the US economic growth could contract by 24% in the second quarter, two-and-a-half times as large as the previous postwar record.

A range of flash surveys on European and US manufacturing for March are due later on Tuesday and are expected to show deep declines into recessionary territory.

While governments around the globe are launching ever-larger fiscal stimulus packages, the latest US effort remains stalled in the Senate as Democrats said it contained too little money for hospitals and not enough limits on funds for big business.

The logjam combined with the stimulus splash from the Fed to take a little of the shine off the US dollar, though it remains in demand as a global store of liquidity.

“The special role of the USD in the world’s financial system – it is used globally in a range of transactions such as commodity pricing, bond issuance and international bank lending—means USD liquidity is at a premium,” said CBA economist Joseph Capurso.

“While liquidity is an issue, the USD will remain strong.”

The dollar eased just a touch on the yen to 110.90 after hitting a one-month top at 111.59 on Monday, while the euro inched up to $1.0754 EUR= from a three-year trough of $1.0635.

The dollar index stood at 102.120, off a three-year peak of 102.99.

Gold surged in the wake of the Fed’s promise of yet more cheap money, and was last at $1,564.51 per ounce having rallied from a low of $1,484.65 on Monday.

Oil prices also bounced after recent savage losses, with US crude up 64 cents at $24.00 barrel. Brent crude firmed 53 cents to $27.56.

Updated Date:

also read

Wimbledon 2022: Positive COVID-19 cases create chaos at the All England Club

Wimbledon 2022: Positive COVID-19 cases create chaos at the All England Club

At Wimbledon, All England Club is following British government guidance that requires neither shots nor testing, three of the top-20 seeded men have withdrawn.

India logs 17,336 new COVID-19 cases in last 24 hours, up 30% from yesterday; positivity rate jumps to 4.32%

India logs 17,336 new COVID-19 cases in last 24 hours, up 30% from yesterday; positivity rate jumps to 4.32%

Delhi and Maharashtra reported the maximum number of COVID-19 cases in the last 24 hours. As many as 13 people died of COVID-19, increasing the cumulative casualty due to the virus in the country to 5,24,954

India logs 13,216 new COVID-19 cases in past 24 hours, active caseload rise to 68,108

India logs 13,216 new COVID-19 cases in past 24 hours, active caseload rise to 68,108

The active cases comprise 0.16 per cent of the total infections. The national COVID-19 recovery rate was recorded at 98.63 per cent, the healthy ministry said