10:23 (IST)
Rupee opens higher at 75.15
#CNBCTV18Market | #Rupee opens at 75.15/$, stronger compared to the previous close pic.twitter.com/yr6GBJIBcS
— CNBC-TV18 (@CNBCTV18Live) April 30, 2020
10:19 (IST)
HUL, Tech Mahindra stocks up ahead of Q4 earnings
Ahead of fourth-quarter earnings, Hindustan Unilever (HUL) and Tech Mahindra were trading with gains.
Tech Mahindra was trading higher at 3.76 percent while HUL was up nearly 1 percent in the morning trade.
10:15 (IST)
Reliance stock rises ahead of Q4 results
Reliance Industries share nearly rose over 1 percent ahead of its March quarter earnings.
#CNBCTV18Market | Reliance Industries higher ahead of Q4 earnings today pic.twitter.com/gWQmdrtcTD
— CNBC-TV18 (@CNBCTV18Live) April 30, 2020
09:59 (IST)
Investors confidence high
Abhishek A Rastogi, Partner, Khaitan & Co said, the “investors mood and confidence remain high both in the US and India with a ray of hope for an effective COVID-19 treatment claimed by American company Gilead Sciences. The experimental antiviral drug, Remdesivir, met the trial testing parameters and may be a huge scientific breakthrough. The Indian companies are also trying their best for an early breakthrough.
“March quarter earnings of top Indian corporates and US monetary policy decision will provide pragmatic cues for market especially when the April series F&O contracts would expire. Indian sentiments are also high due to pragmatic approach by the Narendra Modi government and most of the state governments,” Rastogi said.
09:57 (IST)
Oil prices rise on early signs of slowing US glut build
Crude surges in Asian trade, #Nymex up over 15% pic.twitter.com/8yVVvohdlx
— CNBC-TV18 (@CNBCTV18Live) April 30, 2020
09:51 (IST)
Nifty surges past 9,800-level
#CNBCTV18Market | #Nifty surges past 9,800 with 49 of 50 stocks in the green pic.twitter.com/e6hfqZqYse
— CNBC-TV18 (@CNBCTV18Live) April 30, 2020
09:50 (IST)
Gold eases as coronavirus treatment hopes bolster risk appetite
Gold edged lower on Thursday as risk appetite was boosted by positive trial results of an experimental COVID-19 treatment, although the U.S. Federal Reserve’s decision to keep interest rates near zero kept bullion above the $1,700 per ounce level. Spot gold fell 0.1% to $1,710.26 per ounce by 0327 GMT. U.S. gold futures rose 0.7% to $1,725.70 per ounce.
“We have risk sentiment blossoming again, and that’s just not a good optic for gold to go higher,” said Stephen Innes, chief market strategist at financial services firm AxiCorp. “But the massive support we’re getting from the Fed is underpinning the general trend of support for gold… Gold is going to look very attractive as it doesn’t cost anything to hold it right now.”
09:48 (IST)
Oil prices rise on early signs of slowing US glut build
Oil prices rose on Thursday, building on big gains in the previous session on signs the U.S. crude glut is not growing as fast as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up. West Texas Intermediate (WTI) crude CLc1 futures climbed to a high of $16.25 a barrel and were up 7.2%, or $1.08, at $16.14 at 0147 GMT. The U.S. benchmark surged 22% on Wednesday.
Brent crude LCOc1 rose 3.9%, or 88 cents, to $23.42 a barrel in light trading, with the June contract expiring on Thursday. The contract hit a high of $23.65 in early trading, having posted a 10% gain on Wednesday.
The May WTI contract plunged to historic lows below zero last week, but recovered the next day to expire at $10.01 a barrel. The June contract for the U.S. benchmark is now holding above $16 a barrel, and market strategists said while the market is likely to remain volatile, it may have found a floor.
09:39 (IST)
DBS first-quarter profit slumps to 2-1/2-yr low
DBS Group Holdings set aside hefty provisions to cover the impact of the coronavirus pandemic as it reported a 29% drop in first-quarter profit but retained its quarterly dividend. Southeast Asia’s biggest lender joined HSBC and Standard Chartered in provisioning higher credit losses to guard against the fallout from the crisis.
“We will maintain a solid balance sheet with ample capital, liquidity and loss allowance reserves that give us strong buffers to absorb external shocks,” DBS CEO Piyush Gupta said in a statement on Thursday.
The Singapore-based bank said allowances for credit and other losses surged to S$1.09 billion ($772.5 million) in the three months to March 31, from S$76 million a year earlier. That was well above an average estimate of S$605 million, according to Refinitiv data.
09:38 (IST)
Global stocks rally on treatment hopes, currencies await ECB
Asian stocks rose to a fresh seven-week high on Thursday, lifted by encouraging early results from a COVID-19 treatment trial, though bonds and currencies held cautious ranges ahead of a European Central Bank meeting later in the day.
Anthony Fauci, the top US infectious disease official, said Gilead’s antiviral remdesivir will become the standard of care for COVID-19 after early results from a trial seemed to show it helped speed recovery. The news rallied Wall Street on Wednesday and lifted MSCI’s broadest index of Asia-Pacific shares, excluding Japan, by 0.8% to its highest since mid-March.
Japan’s Nikkei, returning from a holiday on Wednesday, jumped 2.5% to a seven-week high as well, catching up on the week’s gains. More caution was evident in other asset classes, with the US dollar firm and US futures steady.
Stock market today LIVE Update: Sensex above 33,000, Nifty surges past 9,800-mark; RIL, HUL share prices gain ahead of Q4 results
New York: Asian equity markets were poised to gain on Thursday, tracking Wall Street’s rally after positive trial results of an experimental COVID-19 treatment, a US Federal Reserve pledge to shore up the economy and a jump in oil prices.
A top US health official said Gilead Sciences Inc’s antiviral drug remdesivir is likely to become the standard of care for COVID-19 after early results from a clinical trial showed it helped certain patients recover more quickly.
Investors expect the ensuing virus treatments to be critical in helping countries emerge from self-imposed lockdowns aimed at curbing the outbreak.
“The markets were up on expectation of the Gilead drug meeting the clinical end point, more regional re-opening in the US, and backstopping by the Fed after the chairman said that it will be overly accommodative,” said Thomas Hayes, chairman of Green Hill Capital.
Australian S&P/ASX 200 futures were up 2.02 percent, while Japan’s Nikkei 225 futures were down 0.2 percent at 23:00 GMT.
Representational image. Reuters
The Nikkei 225 index closed down 0.06 percent at 19,771.19 on Tuesday. The futures contract is up 3.26 percent from that close. Japanese markets were closed for a public holiday on Wednesday. Hong Kong’s Hang Seng index futures were up 1.01 percent.
The US economy suffered its sharpest decline in 11 years, with first-quarter gross domestic product contracting 4.8 percent, marking the end of the longest US economic expansion on record.
At the conclusion of its two-day monetary policy meeting, the Fed left key interest rates near zero while Chair Jerome Powell warned the economy would drop at an “unprecedented rate” in the current quarter.
However, Powell also said the economy would pick up as restrictions were lifted and vowed the central bank would continue to support the recovery.
On Wall Street, the Dow Jones Industrial Average rose 2.21 percent, the S&P 500 gained 2.66 percent and the Nasdaq Composite added 3.57 percent.
The safe-haven dollar took a hit from rising risk appetite and the Fed’s pledge to shore up the US economy.
The dollar index, tracking the greenback against six major peers, fell 0.3 percent, with the euro up 0.5 percent to $1.0872. Benchmark US 10-year notes fell 2/32 in price to yield 0.6143 percent, down from 0.61 percent late on Tuesday.
Oil prices surged more than 10 percent after US crude stockpiles grew less than expected and gasoline posted a surprise draw, feeding optimism that fuel consumption would recover as some European countries and US states ease coronavirus lockdowns.
US West Texas Intermediate (WTI) crude futures settled at $15.06 a barrel, jumping $2.72, or 22 percent. Brent crude futures settled at $22.54 a barrel, up $2.08, or 10.2 percent.
In Europe, automakers shares were lifted after German carmaker Daimler forecast operating profit at its Mercedes-Benz Cars & Vans division above the prior-year level and rival Volkswagen said it expected to be profitable on a full-year basis..
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Updated Date: Apr 30, 2020 10:23:38 IST
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