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Stock Market Latest Updates: Sensex soars 371 points, Nifty close to 9,400; ADB approves $1.5-bn loan to India to fight COVID-19

Stock market today LIVE Updates: Nifty below 9,300-level; Narendra Modi asks states to woo firms exiting China

FP Staff April 28, 2020 15:52:27 IST
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Stock Market Latest Updates: Sensex soars 371 points, Nifty close to 9,400; ADB approves $1.5-bn loan to India to fight COVID-19

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10:20 (ist)

TradeIndia.com backs healthcare providers

TradeIndia,  B2B marketplace offering global buyers and sellers a platform to identify business partners, has rolled out a special web-page on its official website prioritizing and accelerating essential medical supplies to healthcare workforce engaged in fighting the pandemic. 

As part of this initiative, TradeIndia is regularly updating its web-page and thus adding transparency to the information and the communication channel between both the parties. Featuring first on TradeIndia website, the webpage exhibits a carefully curated list of trustworthy pan-India manufacturers and suppliers having essential medical equipment from personal protective equipment (PPE) to hospital beds in stocks.

Through the page, the company aims to directly connect administration, doctors, and staff of hospitals and healthcare facilities along with various paramedical groups and workforce to a host of nationwide manufacturers and suppliers who are rendering their services to COVID 19 patients.

Commenting on the initiative, Mr. Sandip Chhettri, COO, TradeIndia.com said, “COVID 19 has created a crisis in the healthcare ecosystem, where the demand for essentials has surpassed supply. Any shortage of required medical equipment is acting as an impediment for doctors and healthcare staff to treat the patients. We have taken this initiative to bridge this demand-supply gap and ensure that the supply chain strengthens between equipment providers and the healthcare workforce. We hope this step will help the healthcare providers in managing the current demand with quick and timely procurement. As a responsible business leader in this space, it’s a small contribution from our end to the unsung warriors who are dealing with the pandemic on-grou

LIVE NEWS and UPDATES

Apr 28, 2020 - 15:51 (IST)

Sensex soars 371 points, Nifty close to 9,400

Benchmark indices ended in the green for the second straight day on Tuesday. 

Sensex surged 371.44 points or 1.17 percent to 32,114.52 while the Nifty was up 98.60 points or 1.06 percent at 9,380.90 at close.

IndusInd Bank was the biggest gainer zooming over 15 percent followed by Bajaj Finance (9.04 percent), HDFC (7.74 percent) and ICICI Bank (3.44 percent).

The losers included Sun Pharma, NTPC, Nestle India, HCL Tech and Bajaj Auto.

Among sectors, pharma, metal, FMCG and energy ended lower, while buying seen in the bank and auto stocks.

Apr 28, 2020 - 15:41 (IST)

Coca-Cola commits Rs 100 cr to support fight against coronavirus in India

Beverages major Coca-Cola on Tuesday said it has committed an initial Rs 100 crore to help the healthcare system and communities combat the coronavirus pandemic.

The relief programmes initiated by Coca-Cola in India aim at benefitting and positively impacting over 10 lakh lives across the country, the company said in a statement.

Coca-Cola said its financial contribution will be utilised for various purposes, which include activation of over 50 locations across 10 states in partnership with its bottlers to support the hydration needs of the underserved communities through distribution of beverages during the lockdown period.

Apr 28, 2020 - 15:35 (IST)

Sensex surges 447 points, Nifty reclaims 9,400-mark 

Benchmark indices continued to gain as Sensex soared 446.95 points or 1.41 percent to 32,190.03 while Nifty was up 119.60 points or 1.29 percent at 9,401.90 at around 3.20 pm.

IndusInd Bank was the biggest gainer zooming nearly 17 percent followed by Bajaj Finance (9.33 percent), HDFC (8.27 percent) and ICICI Bank (3.81 percent)

Apr 28, 2020 - 15:27 (IST)

Average spot power price remains low at Rs 2.36 a unit during lockdown

Average spot power price has remained as low as Rs 2.36 per unit on the Indian Energy Exchange (IEX) during the lockdown period so far, which began last month to contain the spread of coronavirus.

The IEX has witnessed heightened activity among power distribution companies (discoms) since the coronavirus-induced nationwide lockdown on March 25, according to a statement by the Exchange.

It stated that with a decline in peak demand by almost 25 percent, the Exchange has witnessed high sell-side liquidity, almost at 2.7 times the demand side, which is helping keep the price in the market under check.

The average price in the IEX day-ahead market has been as low as Rs 2.36 per unit during the period from 24 March to 20 April, the statement added.

Apr 28, 2020 - 15:25 (IST)

German retailers seek full reopening from 4 May

German retailers sought on Tuesday to persuade the government to let all stores operate normally from 4 May, saying customers had not stormed back into the smaller shops that were allowed to reopen last week and were behaving prudently.

Stores of up to 800 square metres (8,600 square feet) were allowed to open again last week, along with car and bicycle dealers and bookstores, provided they adhere to strict social distancing and hygiene rules.

The national retailers association (HDE) has criticised the decision to only allow smaller stores to open, calling the move unfair for bigger chains, confusing for customers and saying both large and small shops were capable of respecting the rules.

Apr 28, 2020 - 15:23 (IST)

European stocks inch higher as positive earnings counter oil, Wirecard slump

European shares hovered near two-week highs on Tuesday as a slate of strong earnings reports from companies, including Novartis and UBS, outweighed a slump in oil prices and shares of Wirecard.

The pan-European STOXX 600 was up 0.1 percent by 0722 GMT, after closing at its highest level since mid-April on Monday as many countries planned to ease coronavirus-induced lockdown measures.

Europe’s oil & gas sector .SXEP shed 0.6 percent as oil prices sank on concerns about dwindling crude storage capacity worldwide.

Apr 28, 2020 - 15:20 (IST)

BSE brings negative price feature for commodity derivatives segment

BSE will make available the negative price level feature at its trading system for commodity derivatives segment, the leading exchange said on Tuesday.

This comes following a recent global development in the crude oil derivatives market where trading of derivatives contracts happened at negative prices owing to various underlying factors.

In a circular, BSE has informed its trading members of commodity derivative segment that the exchange's trading system has been modified to accept orders and execute trades at negative prices.

Apr 28, 2020 - 15:19 (IST)

JK Paper approves share buyback up to Rs 100 cr

Apr 28, 2020 - 15:17 (IST)

Gulf Oil resumes partial operations at Silvassa plant

Hinduja Group firm Gulf Oil Lubricants India Ltd has resumed partial operations of its lube plant at Silvassa in Dadra and Nagar Haveli, following the easing of lockdown restrictions.

"Further to our letter dated 4 March 2020, regarding temporary closure of our Plant operations at Silvassa in wake of COVID-19 outbreak and lockdown, we hereby inform you that based on the permissions received from the local government authorities, the company has resumed partially its plant operations at Silvassa, the UT of Dadra and Nagar Haveli (DNH) and is taking up production as per requirements primarily to supply customers in the essential categories," the firm said in a regulatory filing.

Gulf Oil has a lube blending plant in Silvassa with a capacity of 90,000 kilo litres.

Apr 28, 2020 - 15:14 (IST)

Singapore to enter into recession this year: Report

Singapore will enter into a recession this year due to the coronavirus pandemic and the city-state's economic growth could even dip below the forecast range of -4 to -1 percent to record its worst-ever contraction, the country's central bank said on Tuesday.

The Monetary Authority of Singapore (MAS) in its latest half-yearly macroeconomic review warned of job losses and lower wages, with “significant uncertainty” over how long and intense the downturn will be.

"The Singapore economy will enter into a recession this year,” said the MAS in a 132-page report.

Depending on how the pandemic evolves and the efficacy of policy responses around the world, Singapore’s economic growth could even dip below the forecast range of -4 to -1 percent to record its worst-ever contraction, said the MAS.

Stock market Latest Updates: Nifty below 9,300-level; Narendra Modi asks states to woo firms exiting China

 

 

 

New York: Asian stocks were set for gains on Tuesday after a strong Wall Street session as easing lockdown restrictions by some countries and US states buoyed sentiment, despite another decline in oil prices.

While some investors believe the worst may soon be over for the world economy, Commonwealth Bank of Australia said there were still plenty of reasons to be cautious.

“We are less optimistic and expect a slower recovery in the world economy,” the bank said.

“The risk of reintroducing restrictions is a risk to market participants’ optimistic outlook for a quick resumption of normal economic activity.”

The Nikkei 225 futures were up 3.05 percent from the cash contract's close on Monday.​ The Nikkei 225 index closed down 0.86 percent at 19,262​​​ in the previous session.

Australian S&P/ASX 200 futures were up 0.09 percent and Hong Kong's Hang Seng index futures were up 0.54 percent.

Stock Market Latest Updates Sensex soars 371 points Nifty close to 9400 ADB approves 15bn loan to India to fight COVID19

Representational image. Reuters.

All three major US stock averages advanced, and are all now within 20 percent of their record closing highs reached in February. The benchmark S&P 500 is on track for its best month since 1987, after trillions of stimulus dollars helped U.S. equities claw back much of the ground lost since the coronavirus crisis brought the economy to a grinding halt.

But some analysts believe gains may be limited unless there is progress in finding treatments for the disease.

The US dollar slipped as risk-prone traders cheered lockdown news even as health experts warned that not enough coronavirus testing was in place in the United States.

From Italy to New Zealand, governments announced the easing of restrictions, while Britain said it was too early to relax them there. New York state will not reopen for weeks, at the soonest..

On Wall Street, the Dow Jones Industrial Average rose 1.51 percent, the S&P 500 gained 1.47 percent and the Nasdaq Composite added 1.11 percent.

The pan-European STOXX 600 index rose 1.77 percent and MSCI’s gauge of stocks across the globe gained 1.76 percent.

Oil prices weakened sharply on continued concerns about oversupply and a lack of storage space. The front-month contract was trading at lower-than-usual volumes on Monday as traders moved to later months in futures contracts.

US crude CLc1 fell 23.55 percent to $12.95 per barrel and Brent was at $20.07, down 6.39 percent on the day.

The US dollar dropped as the broader upbeat mood encouraged investors to move into other currencies.

The dollar index fell 0.17 percent, with the euro up 0.05 percent to $1.0825.

The Japanese yen strengthened 0.26 percent versus the greenback at 107.30 per dollar, while sterling was last trading at $1.2421, up 0.44 percent on the day.

Bucking the trend, the Brazilian real was on track to close at a record low against the greenback.

Updated Date:

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