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Sensex, Nifty hold gains as investors pin hope to govt's fiscal package

A photo of Bombay Stock Exchange (BSE).Premium
A photo of Bombay Stock Exchange (BSE).

  • 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

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24 Mar 2020, 03:22:51 PM IST

BSE Midcap trades 1.6% higher

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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

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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

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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%

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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

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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%

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24 Mar 2020, 10:15:13 AM IST

BSE MidCap down 0.9% at 9,623.67

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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

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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.

24 Mar 2020, 08:55:56 AM IST

These are the stocks that may be in focus today

State Bank of India on Monday said it has made payment of yearly interest to bondholders of Basel III-compliant additional tier-1, or AT1, bonds. Indiabulls Housing Finance, Jubilant Foodworks, IndusInd Bank and Omax Autos are other stocks that may be under the spotlight.

24 Mar 2020, 08:51:07 AM IST

All Asian shares rise sharply

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

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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