12:39 (IST)
Sensex zooms over 500 points, Nifty near 8,000-mark in afternoon trade
Sensex surged 545.15 points or 2.04 percent to 27,219.18 while Nifty jumped 153.95 points or 1.97 percent to 7,955 at around 12.30 AM.
Reliance Industries and Maruti surged over 8 percent in the afternoon trade. Other major gainers in the Sensex pack included Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.
12:27 (IST)
Ashok Leyland acquires 3.62% stake in Hinduja Leyland Finance
Ashok Leyland said on Wednesday it has acquired 1.7 crore shares of Rs 10 each constituting 3.62 percent of the paid-up equity share capital of Hinduja Leyland Finance Ltd (HLFL).
HLFL, a non-banking finance company, is a subsidiary of Ashok Leyland.
“Consequent to the aforesaid acquisition, the company’s shareholding in HLFL stands increased from 61.83 percent to 65.45 percent,” it said in a statement.
12:25 (IST)
Crude oil futures firm up on overseas cues
Crude oil prices on Wednesday rose 5.5 per cent to Rs 1,976 per barrel as participants widened their positions tracking a positive trend overseas.
12:18 (IST)
Govt monitoring availability of essential commodities in market: Ram Vilas Paswan
12:15 (IST)
Events, entertainment industry says COVID-19 hit 60 mn livelihoods; seeks govt help
12:12 (IST)
COVID-19, dimmed global outlook weigh heavily on emerging East Asian bonds
The novel coronavirus pandemic and deepening global economic uncertainty are weighing heavily on local currency bond markets of emerging East Asian economies, according to the latest issue of the Asian Development Bank’s (ADB) Asia Bond Monitor released on Wednesday.
“Financial markets in the region are already feeling the brunt of the effects of the COVID-19 pandemic, with foreign investment and sector activities on the downside, coupled with ongoing trade issues,” said ADB Chief Economist Yasuyuki Sawada.
Emerging East Asia comprises China, Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
12:07 (IST)
Experts peg India’s cost of COVID-19 lockdown at $120 bn
12:04 (IST)
Nifty reclaims 7,900-mark, jumps nearly 200 points from lows
#CNBCTV18Market | Nifty reclaims 7900, up nearly 200 points from lows pic.twitter.com/45oomAY0cp
— CNBC-TV18 (@CNBCTV18Live) March 25, 2020
12:03 (IST)
Sensex zooms 370 points, Nifty above 7,900-mark
Sensex soared 371.49 points or 1.39 percent to 27,045.52 while Nifty also jumped 104.45 points or 1.34 percent to 7,905.50 at around 11.50 AM.
Maruti and Reliance Industries were the top gainers in the Sensex pack surging over 8 percent followed by Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.
11:53 (IST)
RBI’s US treasury holdings touch an all-time high at $164.3 bn
The Reserve Bank of India (RBI), which has been snapping up greenbacks in the past two years, has also been lapping up US treasury bills and the holdings touched a record high in January.
The holdings rose by more than $2 billion between December 2019 and January 2020.
At $164.3 billion, the RBI’s US treasury holdings is at an all-time high, show the latest data from the US Treasury Department.
11:49 (IST)
Axis Bank jumps 9% from lows in intra-day trade
#CNBCTV18Market | Axis Bank at day’s high, up 9% from lows pic.twitter.com/vIwNsEs5AB
— CNBC-TV18 (@CNBCTV18Live) March 25, 2020
11:47 (IST)
US Congress, negotiators reach deal on $2-trillion coronavirus aid package
US senators and Trump administration officials have reached an agreement on a massive economic stimulus bill to alleviate the economic impact of the coronavirus outbreak, White House official Eric Ueland said early on Wednesday.
“We have a deal,” Ueland told reporters after days of negotiations on the package, expected to be worth $2 trillion.
The Senate’s Republican majority leader, Mitch McConnell, was expected to speak on the Senate floor shortly about the agreement.
11:39 (IST)
Market rebounds: Sensex surges 270 points, Nifty above 7,800-mark
Sensex soared 270.22 points or 1.01 percent to 26,944.25 while Nifty was also 76.70 points or 0.98 percent at 7,877.75 at around 11.30 AM.
Reliance Industries and Maruti surged over 8 percent in the late morning trade. Axis Bank, Kotak Mahindra Bank, Nestle India, Ultra Cement and Bharti Airtel were among the top gainers in the Sensex pack.
11:33 (IST)
Yes Bank shares tank 14% in intra-day trade
Yes Bank shares plunged 14.27 percent to Rs 30.05 in the morning trade on Wednesday.
The stock opened at Rs 35.3 and touched an intraday high and low of Rs 35.55 and Rs 28.65 respectively during the session.
11:26 (IST)
Pidilite Industries gains more than 7% from lows
#CNBCTV18Market | Pidilite gains more than 7% from lows pic.twitter.com/cMKCbBoNkm
— CNBC-TV18 (@CNBCTV18Live) March 25, 2020
11:24 (IST)
Nestle suspends operations, in talks with authorities over food products
FMCG major Nestle India has suspended and scaled-down operations, except for essential items, at its manufacturing units in compliance with the directives issued by the government, the company said.
As Nestle India also manufactures food and beverage products, it is in discussion with the authorities for the continuance of operations.
“In view of the lockdown in many of the States/Union Territories across the country, the operations in some of the locations (manufacturing, distribution centres/ warehouses, offices, suppliers) are scaled-down or suspended,” said Nestle in a regulatory filing.
11:22 (IST)
India’s huge outsourcing industry struggles with work-from-home scenario
As the coronavirus pandemic pushes India into a lockdown, the call centers and IT services firms that function as the world’s back office are struggling to piece together work-from-home solutions and other business-continuity plans.
Many of the companies that provide business services such as call centers, information technology services and business process automation were not prepared for work-for-home arrangements, according to interviews with more than a dozen employees of several companies.
That raises questions about whether one of India’s showpiece industries can function smoothly amid the coronavirus crisis.
11:18 (IST)
E-commerce companies allege police beat up delivery partners
e-Commerce companies allege police beat up delivery partners, warehouses forced to shut & delivery staff have been arrested in some areas, reports @MugdhaCNBCTV18 pic.twitter.com/GEFYviCi6g
— CNBC-TV18 (@CNBCTV18Live) March 25, 2020
11:16 (IST)
One fifth of American companies in China back to normal operations
More than one fifth of American companies in China are back to normal operations after widespread disruptions caused by the coronavirus epidemic, a survey showed Wednesday.
Nearly a quarter of the respondents to the survey by the American Chamber of Commerce in China said they expected a return to normal operations by the end of April, although another fifth expect delays throughout the summer.
“This is one of the areas that I think provides some sense of optimism,” the chamber’s president, Alan Beebe, said at a news conference accompanying the survey’s release.
11:13 (IST)
Markets volatile: Sensex down 100 points, Nifty below 7,800-mark
Equity benchmark indices continued to fluctuate between gains and losses int he morning trade.
Sensex declined 100 points while Nifty was trading below 7,800-mark.
11:05 (IST)
DoT writes to states to permit working of telecom personnel
The Department of Telecom (DoT) on Tuesday reached out to state governments over difficulties faced by personnel of service operators in their movements due to lockdowns imposed by authorities to contain coronavirus outbreak.
Telecom secretary Anshu Prakash in a letter to chief secretaries of state and advisors to administrators of union territories has noted that telecom infrastructure is critical for maintaining communication, use of broadband, encouraging e-commerce and facilitating work from home during the ongoing restrictions to curb the spread of coronavirus.
While telecom services have been listed within the essential services, employees maintaining the network and managing operations have complained of facing problem in their movement.
11:03 (IST)
Maruti Suzuki surges nearly 7% in intra-day trade
#CNBCTV18Market | Maruti Suzuki surges in trade pic.twitter.com/Uv7WGSLDK4
— CNBC-TV18 (@CNBCTV18Live) March 25, 2020
10:59 (IST)
Airlines may suffer $252 billion revenue loss amid coronavirus outbreak
The International Air Transport Association (IATA) has updated its analysis of the revenue impact of the COVID-19 pandemic on the global air transport industry.
Owing to the severity of travel restrictions and the expected global recession, IATA now estimates that industry passenger revenues could plummet $252 billion or 44 percent below 2019’s figure.
This is in a scenario in which severe travel restrictions last for up to three months followed by a gradual economic recovery later this year.
10:52 (IST)
US dollar weakens after Fed’s unlimited QE policy
The US dollar declined in late trading on Tuesday after the Federal Reserve offered unlimited quantitative easing (QE) policy and other measures.
The dollar index, which measures the greenback against six major peers, decreased 0.42 percent.
In late New York trading, the euro rose to $1.0757 from $1.0733 in the previous session, and the British pound rose to $1.1748 from $1.1528 in the previous session. The Australian dollar rose to $0.5912 from $0.5792, Xinhua reported.
10:49 (IST)
Ivanka Trump lauds Oyo for offering doctors in US free stays amid coronavirus outbreak
Ivanka Trump, US President Donald Trump’s daughter and senior advisor, has lauded an initiative by Indian start-up Oyo Hotels to offer free stays to doctors, nurses in the US helping in the fight against the novel coronavirus, terming the gesture an impactful act of benevolence.
She made her comment while retweeting a press release by Oyo, which said that the start-up is “opening the doors to its hotels” and offering free stays to doctors, nurses and other medical first responders who are helping in the fight against coronavirus.
“Oyo Hotels are offering free stays to our amazing medical professionals and first responders fighting this virus on the frontlines. These kinds of impactful acts of benevolence are what help keep this nation and our world #TogetherApart,” 38-year-old Ivanka, the first daughter, tweeted.
OYO Hotels are offering free stays to our amazing medical professionals and first responders fighting this virus on the frontlines.
These kinds of impactful acts of benevolence are what help keep this Nation and our world #TogetherApart.
https://t.co/Ka4liIyHyg— Ivanka Trump (@IvankaTrump) March 24, 2020
10:47 (IST)
Sensex rises 137 points, Nifty above 7,800-mark
Sensex rose 136.55 points or 0.51 percent to 26,810.58 while Nifty was also up 51.70 points or 0.66 percent to 7,852.75 at 10.40 AM.
The share price of Mahindra & Mahindra declined over 5 percent intraday on March 25, making the company one of the top Sensex losers.
The company and other auto manufacturers have decided to halt production in the country due to outbreak of coronavirus.
10:38 (IST)
Home ministry asked to include customs under exempt category
Govt sources say Revenue Dept asks Home Min to include customs under exempt category, says continued operations of Customs a must in preventing export & import disruption, in maintaining continued supply of essential services pic.twitter.com/2o78hanw4R
— CNBC-TV18 (@CNBCTV18Live) March 25, 2020
10:28 (IST)
Oil ekes out gains as US stimulus hopes lift global markets
Oil prices extended gains for a third session on Wednesday, rising alongside broader financial markets on hopes Washington will soon approve a massive aid package to stem the economic impact of the coronavirus pandemic.
US crude touched a high of $25.10 a barrel early in the session and was at $24.61 a barrel, up 60 cents, or 2.5 percent.
Brent crude was trading up 49 cents, or 1.8 percent, at $27.64 a barrel.
10:25 (IST)
US automakers to extend shutdown into April
Detroit’s Big Three automakers plan to extend a current shutdown of vehicle production in North America into April as the coronavirus pandemic continues, people briefed on the matter said Tuesday.
The automakers had said on March 18 they would halt production until at least 30 March.
Ford Motor Co said in a statement Tuesday it was “not planning to restart our plants in the US, Canada and Mexico on Monday, 30 March as originally hoped.”
10:19 (IST)
Bank of Japan sees deeper economic pain, even after emergency easing
The coronavirus pandemic could plunge Japan into deep economic stagnation, the country’s central bankers warned at last week’s emergency monetary policy meeting with one seeing room for more stimulus, a summary of their discussion showed on Wednesday.
The Bank of Japan expanded monetary stimulus in an unscheduled policy meeting on 16 March to ease corporate funding strains and calm financial markets jolted by the health crisis.
A summary of opinions expressed at last week’s rate review showed the deep concern shared among the nine-member board over the huge blow the virus outbreak could inflict on an economy, already reeling from last year’s sales tax hike.
10:12 (IST)
Gold gains slightly as US stimulus hopes offset cash rush
Gold prices inched up in volatile trade on Wednesday, as growing hopes for a massive US economic stimulus package to stem the coronavirus outbreak’s economic toll offset liquidation by investors looking for cash and to cover losses in other assets.
Spot gold was up 0.1 percent at $1,611.73 per ounce, after rising as much as 1.6 percent earlier in the day. The metal jumped more than 3 percent in the previous session.
US gold futures climbed 0.8 percent to $1,673.60.
10:02 (IST)
Sensex, Nifty slip into red, fail to retain opening gains
The Sensex fell 191.60 points ot 0.72 percent to 26,482.43 and the Nifty was down 49.40 points or 0.63 percent to 7,751.65 at 10 AM.
About 435 shares have advanced, 699 shares declined, and 63 shares are unchanged.
09:57 (IST)
Money market shall remain shut today, on account of Gudi Padwa
Do note, money market shall remain shut today, on account of Gudi Padwa#Rupee pic.twitter.com/n0PCAh8fME
— CNBC-TV18 (@CNBCTV18Live) March 25, 2020
09:56 (IST)
Flipkart suspends services as India lockdown impedes online grocery deliveries
Walmart Inc’s Flipkart has suspended services, a notice on the Indian e-commerce firm’s website said on Wednesday, as India began a 21-day lockdown to fight the spread of the coronavirus pandemic.
Flipkart, whose services include grocery deliveries, did not say how long the suspension would last.
“Our promise is that we will be back to serve you, as soon as possible,” the notice said.
Walmart Inc’s Flipkart has suspended services, a notice on the Indian e-commerce firm’s website said on Wednesday, as India began a 21-day lockdown to fight the spread of the coronavirus pandemic https://t.co/7IHIQmtCkP pic.twitter.com/uwDOYSfOGk
— Reuters India (@ReutersIndia) March 25, 2020
09:54 (IST)
Despite lockdown, Sonalika Tractors assures full wages to all staff
Sonalika Tractors has rolled out several measures towards the well-being of its employees, associates and society at large, in the backdrop of the ongoing Covid-19 threat.
“We are in the midst of a global pandemic. At this need of the hour, we stand strong to ensure the well-being of all. We will go the extra length to support our employees and their families, and have decided to ensure full wages to all our contractual workmen, adhoc staff, apprentice and trainees across our plants, businesses and offices for the tenure of the lockdown. Further, we have also released advance salary of 20 days for the month of March ’20 to all Sonalika employees for them to manage possible exigencies. We will continue to work closely with the state level administration to ensure rolling out the required measures for the betterment of society and our nation,” said Raman Mittal, executive director, Sonalika Group.
09:47 (IST)
Liquor majors Diageo, Radico to make hand sanitisers
Led by market leader Diageo, the liquor industry is joining hands with state governments to fight the coronavirus pandemic by manufacturing and supplying hand sanitisers.
The coronavirus pandemic has led to a high demand for sanitisers as hand washing is an effective way to keep the infection away.
Liquor companies like Diageo and Radico Khaitan have decided to stop bottling alcohol at some of their plants and instead make hand sanitisers following an appeal by the government and a promise to give them the needed permits.
09:46 (IST)
Asia rides Wall Street surge as investors place hopes on US stimulus
Asian shares extended their rally on Wednesday in the wake of Wall Street’s massive rebound as the US Congress appeared closer to passing a $2 trillion stimulus package to mitigate the economic blow from the coronavirus pandemic.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.7 percent with Australian shares jumping 3.4 percent and South Korean shares gaining 3.5 percent. Japan’s Nikkei surged 4.8 percent.
On Tuesday, MSCI’s gauge of stocks across the globe rallied 8.39 percent, the largest single-day gain since the wild swings seen during the height of the global financial crisis in October 2008. It rose another 0.8 percent in Asia on Wednesday.
09:42 (IST)
India bans export of key malaria drug amid coronavirus outbreak
The government said on Wednesday that it is banning the export of hydroxychloroquine and formulations made from the medication, as experts test the efficacy of the drug in helping treat patients infected with COVID-19.
There are currently no approved treatments, or preventive vaccines for COVID-19, the highly contagious, sometimes deadly respiratory illness caused by the new coronavirus. Researchers are studying existing treatments and working on experimental ones, but most current patients receive only supportive care such as breathing assistance.
Hydroxychloroquine, a malaria drug, is among the medications that are being tested, as a potential treatment for patients with the disease.
09:32 (IST)
Benchmark indices opened higher on March 25 with Nifty around 7,900
Sensex is up 353.09 points or 1.32 percent at 27027.12, and the Nifty up 97.55 points or 1.25% at 7898.60. About 243 shares have advanced, 348 shares declined, and 35 shares are unchanged.
RIL, Cipla, Tech Mahindra, Bajaj Finance, Hindalco, Gail and Wipro are among major gainers, while losers are IndusInd Bank, Axis Bank, L&T and Maruti Suzuki in the initial trade.
09:29 (IST)
Sensex, Nifty jump
Nifty jumped 133.70 points or 1.71 percent to 7,934.75.
Sensex rises 332.01 points or 1.24 percent to 27,006.04.
09:26 (IST)
RIL major gainer
#CNBCTV18Market | Reliance Ind up over 8% after 11.6 cr shares change hands pic.twitter.com/5NQN4vXies
— CNBC-TV18 (@CNBCTV18Live) March 25, 2020
Stock market LIVE Updates: Sensex surged 545.15 points or 2.04 percent to 27,219.18 while Nifty jumped 153.95 points or 1.97 percent to 7,955 at around 12.30 AM.
Reliance Industries and Maruti surged over 8 percent in the afternoon trade. Other major gainers in the Sensex pack included Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.
Sensex soared 371.49 points or 1.39 percent to 27,045.52 while Nifty also jumped 104.45 points or 1.34 percent to 7,905.50 at around 11.50 AM.
Maruti and Reliance Industries were the top gainers in the Sensex pack surging over 8 percent followed by Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.
Staging a sharp recovery in the late morning trading, Sensex soared 270.22 points or 1.01 percent to 26,944.25 while Nifty was also 76.70 points or 0.98 percent at 7,877.75 at around 11.30 AM.
Reliance Industries and Maruti surged over 8 percent in the late morning trade. Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel were among the top gainers in the Sensex pack.
Sensex rose 136.55 points or 0.51 percent to 26,810.58 while Nifty was also up 51.70 points or 0.66 percent to 7,852.75 at 10.40 AM.
Benchmark indices erased most of the early gains with the broader Nifty was holding above 7,700-mark.
The Sensex fell 191.60 points ot 0.72 percent to 26,482.43 and the Nifty was down 49.40 points or 0.63 percent to 7,751.65 at 10 AM.
As many as 435 shares have advanced, 699 shares declined, and 63 shares are unchanged.
Sensex up 570 points, Nifty opens above 7,500 level; RIL, Cipla, Tech Mahindra among major gainers
Asian shares extended their rally on Wednesday in the wake of Wall Street’s big gains as US Congress appeared closer to passing a $2 trillion stimulus package to curb the coronavirus pandemic’s economic toll.
#CNBCTV18Market | Asian indices trading sharply higher, #Nikkei reverses early slump, climbs 600 points+ from lows #Coronavirus pic.twitter.com/s5FAw5ek0Z
— CNBC-TV18 (@CNBCTV18Live) March 25, 2020
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3 percent with Australian shares rising 4.5 percent and South Korean shares gaining 4.0 percent. Japan’s Nikkei added 2.0 percent.
“Japanese shares have been bolstered by aggressive buying from the Bank of Japan and pension money this week. That has prompted hedge funds to cover their short positions,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
On Tuesday, MSCI’s gauge of stocks across the globe gained 8.39 percent, the largest single-day gain since the wild swings seen during the height of the global financial crisis in October 2008.
Investors look at computer screens showing stock information at a brokerage house in Shanghai, China. File Photo: Reuters
US stock futures were down 0.5 percent in early Asian trade.
Senior Democrats and Republicans in the divided US Congress said on Tuesday they were close to a deal on a $2 trillion stimulus package to limit the coronavirus pandemic’s economic toll. But it was unclear when they would be ready to vote on a bill.
Investor fears about a sharp economic downturn are easing after the US Federal Reserve’s offer of unlimited bond-buying and programs to buy corporate debt.
In the currency market, the dollar has slipped as a greenback liquidity crunch loosened slightly.
The euro traded at $1.0798 after four straight days of gains.
The dollar stayed firmer against the yen due to dollar demands at the March 31 end of the Japanese financial, trading at 111.33 yen, near a one-month high of 111.715 touched the previous day.
Gold soared almost 5 percent, its biggest gains since 2008, on Tuesday and last stood at $1,633, in part helped by concerns lockdowns in major producer South Africa could disrupt supply.
Still, the course of the market is still largely dependent on how much countries can slow the pandemic and how quickly they can lift various curbs on economic activity.
Confirmed cases are now topping 400,000 globally with New York City suffering another quick and brutal rise in the number of infections to around 15,000.
Oil prices steadied as hopes for US stimulus offset fears from falling global demand.
India, the world’s third largest oil consumer, ordered its 1.3 billion residents to stay home for three weeks, the latest big fuel user to announce restrictions on social movement, which have destroyed demand for gasoline and jet fuel worldwide.
The market remained pressured by a flood of supply after Saudi Arabia started a price war earlier this month, a move that dealt a crushing blow to markets already reeling from the epidemic.
US crude futures rose 1.8 percent to $24.45 per barrel.
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Updated Date: Mar 25, 2020 12:39:10 IST
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