Sensex, Nifty hold gains as investors pin hope to govt's fiscal package
9 min read.Updated: 24 Mar 2020, 04:02 PM ISTIshita Guha
All Nifty sectoral indices, barring Realty, end in the green. Nifty Bank, Auto up over 1% each, Pharma rises nearly 3%
BSE MidCap up 1.5%, BSE SmallCap closes flat
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24 Mar 2020, 03:35:26 PM IST
Sensex, Nifty end in the green
Indian equity markets managed to hold decent gains, after rising as much as 5% intraday. Key indices were volatile in opening trade, but traded higher later in the day buoyed by the rise in IT and fast moving consumer goods (FMCG) stocks. The markets rose the most when finance minister Nirmala Sitharaman said on Twitter that the government plans to soon announce a fiscal stimulus package.
The Sensex rose 692.79 points, or 2.67%, to end today's session at 26,674.03, while the Nifty 50 index settled 190.80 points, or 2.51%, higher at 7,801.05.
Shares of Infosys led gains on Nifty, followed by Adani Ports, Britannia, Bajaj Finance and Maruti Suzuki, while Mahindra & Mahindra, Grasim Industries, IndusInd Bank, Power Grid Corporation and Bharti Infratel were the biggest laggards in today's session.
24 Mar 2020, 03:24:56 PM IST
BSE SmallCap flat at 8,871.66
24 Mar 2020, 03:22:51 PM IST
BSE Midcap trades 1.6% higher
24 Mar 2020, 03:20:51 PM IST
Govt monitoring stock markets: Nirmala Sitharaman
The government is closely monitoring financial markets amid the slump that the latter faces due to concerns over the economic damage likely to be caused by the rapid spread of coronavirus, finance minister Nirmala Sitharaman said.
24 Mar 2020, 03:00:37 PM IST
Govt raises default threshold for MSMEs under IBC
The government has raised the default threshold to ₹1 crore for micro, small and medium enterprises (MSMEs) under the Insolvency and Bankruptcy Code (IBC), finance minister Nirmala Sitharaman said.
24 Mar 2020, 02:57:35 PM IST
No financial emergency to be imposed
The government will not impose any financial emergency in the wake of partial or complete lockdown ordered by the central government and various states due to the spread of coronavirus in the country.
24 Mar 2020, 02:43:42 PM IST
Govt extends GST return filing date
The government has extended the deadline for filing goods and services tax (GST) returns for March, April and May 2020 to 30 June, finance minister Nirmala Sitharaman said.
24 Mar 2020, 02:32:59 PM IST
Govt extends Aadhaar-PAN linking deadline
The government today extended the date to link Aadhaar and PAN cards to 30 June from 31 March set earlier, finance minister Nirmala Sitharaman said.
24 Mar 2020, 02:30:28 PM IST
Income tax return filing for FY19 last date extended: FM
The last date of income tax return filing for the financial year 2018-19 has been extended to 30 June. For delayed payment of interest, the rate has been reduced to 9% from 12%, finance minister Nirmala Sitharaman said.
24 Mar 2020, 02:27:51 PM IST
FM to make the following announcements
Finance minister Nirmala Sitharaman will make announcements on compliance related to income tax, goods and services tax (GST), customs, Insolvency and Bankruptcy Code (IBC) and Ministry of Corporate Affairs.
24 Mar 2020, 02:17:58 PM IST
Top Nifty gainers, laggards
Britannia, Adani Ports, Hindustan Unilever, Infosys and Reliance Industries were the top gainers on the Nifty 50 index, while Grasim Industries, Power Grid Corporation, ITC, Bharti Infratel, Mahindra & Mahindra led the losses.
24 Mar 2020, 02:04:30 PM IST
European markets surge at open
London's FTSE rose 2.8% in opening deals, while CAC index in France jumped 4.4% and Germany's DAX index advanced nearly 6%.
24 Mar 2020, 01:59:51 PM IST
KNR Constructions halts all operations
The infrastructure development company said it has temporarily suspended operations across all locations to prevent the spread of coronavirus. The company also said it is difficult to assess the impact of the pandemic on its business, given the uncertainty around the situation.
24 Mar 2020, 01:31:53 PM IST
Coronavirus: Moody's view on economic damage
Moody’s Analytics on Tuesday said the extent of economic damage caused by the coronavirus pandemic will ultimately depend on the trajectory of the virus and how quickly governments respond.
“Our darkening outlook for the global economy is struggling to keep up with the growing magnitude of the crisis. We have long been wary of the economy’s growth prospects this year and the threats to that growth, but COVID-19 has resulted in consistent substantial downgrades to the outlook," Moody’s said.
24 Mar 2020, 01:25:08 PM IST
Varun Beverages shuts downs plants
The beverage company said it has taken all measures to prevent the spread of coronavirus, including sanitisation, closure of corporate office and manufacturing plants, as per the government's directions. The duration of suspension, however, will depend on government's directives.
24 Mar 2020, 01:15:42 PM IST
All Nifty Pharma shares in the green
24 Mar 2020, 01:09:08 PM IST
Market update at 1 pm
Key indices were volatile in early deals, but gained later in the day driven by IT and fast moving consumer goods (FMCG) stocks. The benchmark Sensex was up 946.37 points, or 3.64%, at 26,927.61, while the Nifty 50 index traded 255.30 points, or 3.35%, higher at 7,865.55.
24 Mar 2020, 12:51:19 PM IST
Govt to announce economic package
24 Mar 2020, 12:45:37 PM IST
Infosys rallies 10% on US SEC's clean chit
Shares of Asia's second largest IT services provider jumped more than 10% after it said the US Securities & Exchange Commission (SEC) has cleared it of all the whistleblower allegations over financial irregularities by top management of the company. "The company received notification from the SEC that the SEC has concluded its investigation and the company does not anticipate any further action by the SEC on this matter," Infosys said in a regulatory filing.
24 Mar 2020, 12:09:02 PM IST
Nifty IT advances over 4%
24 Mar 2020, 12:06:45 PM IST
Crude oil update
Crude oil prices on Tuesday rose 6.45% to ₹1,931 per barrel as participants widened their positions tracking a positive trend overseas.
On the Multi Commodity Exchange (MCX), crude oil for delivery in April traded higher by ₹117, or 6.45%, to ₹1,931 per barrel in 33,824 lots.
Crude oil for May delivery was up by ₹116, or 5.80%, to ₹2,125 per barrel with an open interest of 390 lots. (PTI)
24 Mar 2020, 12:00:08 PM IST
Gold prices check
Gold futures on Tuesday fell by 0.93 % to ₹40,779 per 10 gram as participants trimmed their positions even as the metal gained overseas.
On the Multi Commodity Exchange (MCX), gold prices for April delivery fell by ₹384, or 0.93%, to ₹40,779 per 10 gram in a business turnover of 2,529 lots. The yellow metal for June delivery declined by ₹296, or 0.71%, to ₹41,361 per 10 gram in 1,196 lots. (PTI)
24 Mar 2020, 11:42:46 AM IST
Rupee trims gains, trades at 76.17/dollar
The Indian rupee erased early gains and traded at 76.17 against the US dollar compared with the previous close of 76.22. It had opened at 76.07 per dollar.
24 Mar 2020, 11:17:15 AM IST
Narendra Modi's address at 8 pm
Prime Minister Narendra Modi will address the nation at 8 pm tonight. This will be Modi's second address in a week amid the crisis that India faces due to the spread of coronavirus that has brought the country's economy to a grinding halt.
24 Mar 2020, 11:10:50 AM IST
Godrej Consumer Products suspends operations
Godrej Consumer Products said it has scaled down or suspended operations--manufacturing, warehouses, offices, etc.--in several locations in India, while it has reduced operations at some of its overseas locations and will operate as per local guidelines. The company said the duration of the suspension is unknown as of yet. The stock was up over 5% at ₹455.20 on the BSE.
24 Mar 2020, 10:55:45 AM IST
Nifty sectoral indices mixed
24 Mar 2020, 10:47:54 AM IST
Top Nifty gainers, laggards
Britannia, Hindustan Unilever, Adani Ports, Infosys, and Cipla were the top gainers on the Nifty 50 index, while IndusInd Bank, Bajaj Fiserv, Bharti Infratel, Hero MotoCorp and Bajaj Auto led the losses.
24 Mar 2020, 10:38:17 AM IST
Shoppers Stop shuts down all retail stores
The department store company said it has shut down all retail stores till 31 March to contain the spread of coronavirus. Shares of the company slipped 9.6% to ₹179 on the BSE.
24 Mar 2020, 10:30:31 AM IST
Yes Bank tanks over 12% on BSE
Shares of the private lender fell 12.3% to ₹35.25 on the BSE. The bank on Monday said its board will meet on 26 March to consider and approve a proposal to raise funds by issue of equity shares/depository receipts/convertible bonds/debentures/warrants/any other equity linked securities, through permissible modes including but not limited to a qualified institutions placement, rights issue or further public offer.
24 Mar 2020, 10:18:40 AM IST
BSE SmallCap tumbles nearly 2%
24 Mar 2020, 10:15:13 AM IST
BSE MidCap down 0.9% at 9,623.67
24 Mar 2020, 10:09:47 AM IST
Dr Reddy's surges over 5%
Shares of Dr Reddy's Laboratories rose more than 5% in early deals after the pharmaceutical major said its board will meet on 27 March to consider and approve raising of funds through issuance of commercial papers.
24 Mar 2020, 09:56:49 AM IST
Need immediate RBI, govt intervention: Axis Bank MD
The impact of the coronavirus outbreak will be larger on the economy if the Reserve Bank of India (RBI) and government do not intervene, Axis Bank managing director and chief executive Amitabh Chaudhry told television news channel CNBC-TV18. The government needs to come out with a stimulus package, infuse real cash in the economy and not worry of the fiscal space at the moment.
As far as the bank is concerned, the ability of people to repay their dues will get hampered, as a result of which the lender's retail portfolio may not perform well.
24 Mar 2020, 09:36:20 AM IST
IT stocks best performers
IT services providers HCL Technologies, Tech Mahindra, Infosys and Wipro were among the top gainers on the Nifty 50 index. Hindustan Unilever, Adani Ports, Dr Reddy's Laboratories, Britannia and Vedanta also contributed to the gains in the morning trade.
24 Mar 2020, 09:31:16 AM IST
Most Sensex constituents trade higher
24 Mar 2020, 09:28:08 AM IST
Positive start for Indian stocks
Indian equity markets opened in the green tracking Asian shares. The benchmark Sensex was up 1,051.94 points, or 4.05%, at 27,033.18, while the Nifty 50 index traded 306.30 points, or 4.02%, higher at 7,916.55 in opening deals.
24 Mar 2020, 09:04:35 AM IST
Rupee opens higher
The Indian rupee opened higher at 76.07 against the US dollar compared with Monday's close of 76.22.
Key indices in Asia advanced sharply, with Japan's Nikkei 225 increasing 6.7%, while Hang Seng index in Hong Kong gaining nearly 4% in morning deals. Shanghai Composite index in China was up nearly 2% and Korea's Kospi index traded 6.5% higher. SGX Nifty, which indicates the movement for Indian stocks, jumped more than 5% in early deals.
24 Mar 2020, 08:38:36 AM IST
Dow Jones, S&P 500 drop around 3% each
The Dow Jones Industrial Average tumbled 3.04% to end at 18,591.93 points, while the S&P 500 lost 2.93% to close Monday's session at 2,237.4. The Nasdaq Composite dropped 0.27% to 6,860.67, its overall decline cushioned by a 3.07% rise in Amazon.com.
The S&P 500 has experienced a $9 trillion wipeout to its value since the benchmark index hit a record high last month. The index is down about 34% from its February record high, according to a Reuters report.
24 Mar 2020, 08:32:23 AM IST
US stocks' fall deepens despite Fed's credit move
Benchmark Wall Street indices on Monday continued their downward spiral as an unprecedented move by the US Federal Reserve to shore up credit across the economy proved insufficient to sooth investors' fears about the rapidly-spreading coronavirus. After recently cutting interest rates to near zero, the Fed will now lend against student loans and credit card loans, as well as back the purchase of corporate bonds and make direct loans to companies.
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