Telecom stocks drop after SC statement
Shares of Vodafone Idea dropped 35 percent after the Supreme Court said the self-assessment of AGR dues by the Department of Telecommunication is sheer violation of court order.
Bharti Infratel, MTNL, Reliance Communications and GTL Infra were among the losers.
“Our order is clear, no further objections to be allowed against payable dues,” Justice Arun Mishra said.
Mishra also questioned the telecom companies’ self-assessment. “Where did the concept of self-assessment come in? Who permitted self-assessment without permission of the court? This is sheer contempt of court” he said.
Thyrocare, Path Labs shares up
Thyrocare Tech, Dr Lal PathLabs rise 9%: Share prices of Thyrocare Technologies and Dr Lal PathLabs rose 9 percent each on March 18 after the government said it will allow private laboratories to do testing of coronavirus.
To enhance capacity for diagnosis and detection of novel coronavirus amid rising cases in the country, the Union Health Ministry has decided to allow accredited private labs to conduct tests for COVID-19, officials said on Monday.
SC says actions of telecom firms ‘not appreciated’
Supreme Court Order On #AGR Case | We do not appreciate actions of telecom companies, we will hold MDs personally accountable pic.twitter.com/9Gdj6VX3xI— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
IMF rejects Venezuela request for billions in virus aid
KEC Intl bags Rs 1,047 cr new orders across various business verticals
Moody’s lowers global base metals industry outlook to negative
Fitch expects RBI to cut key interest rates by 175 basis points
No further objections to be allowed against AGR dues: SC
#AGR Ruling | Supreme Court says no further objections to be allowed against payable dues pic.twitter.com/1c2SSuM47P— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Gold prices up
Gold prices rose as the US Federal Reserve’s measures to boost liquidity in the market eased some concerns over disruptions to the global economy and a potential cash crunch due to the coronavirus outbreak.
Major losers on bourses so far
IndusInd Bank dropped by 5.28 percent to Rs 572.25 per share while Axis Bank traded lower by 5.5 percent, Kotak Mahindra Bank by 3.9 percent and ICICI Bank by 3.5 percent.
The other prominent losers were Bajaj Finance, Dr Reddy’s, Titan, Bharat Petroleum Corporation and Hero MotoCorp.
Vodafone shares tumble after SC statement on AGR case
#AGRRuling | Vodafone Idea takes a sharp knock after the apex court says no further objections to be allowed against payable dues by telcos pic.twitter.com/CGOIMmWiD1— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
IndusInd, Titan shares slip; Yes Bank surges
After opening 5 percent higher, IndusInd Bank was down over 2 percent. Titan Company slipped 7 percent to its new 52-week low of Rs 921.
On the other hand, YES Bank continued its up move and surged over 40 percent to Rs 87.
Global stocks drop as investors shun risk on coronavirus fears
US stock futures and several Asian shares fell in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout of the outbreak.
Most traditional safe-haven assets were also under pressure as battered investors looked to unwind their damaged positions, leading to wide discrepancies between various markets.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent, led by a 4.9% fall in Australia while Japan’s Nikkei gained 1.6 percent. US stock futures fell 3 percent in Asia, a day after the S&P 500 rose 6 percent and Dow Jones rose 5.2 percent or 1,049 points.
Sovereign downgrades to follow Covid-19: Fitch
Fitch says it sees pronounced downward bias in 2020 sovereign rating actions. Also, it sees volatility in emerging mkt nation finances post COVID-19 #CoronavirusOutbreak pic.twitter.com/q7yqLrj0tu— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Chevron Corp to trim spending
Chevron Corp said it was looking at ways to trim spending that could lead to lower near-term oil production.
The company, however, did not provide details. The oil major’s 2020 organic capex guidance was $20 billion.
Japan’s Abe to launch panel to mull big stimulus package
Japanese Prime Minister Shinzo Abe will form a panel of key economic ministers and Bank of Japan Governor Haruhiko Kuroda to discuss measures to prop up an economy hit by the fallout from the coronavirus epidemic, a government official with direct knowledge of the matter said.
The move puts Japan in line with nations across the globe preparing more costly measures to combat the global fallout of the coronavirus that has sent economies spinning toward recession.
Global oil, gas producers slash spending after price rout
Oil and gas companies around the world are planning to slash spending in the face of a plunge in oil prices caused by the spread of the coronavirus and a push by Saudi Arabia and Russia to flood the market with supply.
BPBP said it planned to reduce capital and operational spending. BP’s capital spending last year reached around $15 billion.
Oil steadies after testing new lows
Oil prices steadied on Wednesday after slipping to new four-year lows, sapped by fears for fuel demand and the global economy amid travel and social lockdowns triggered by the coronavirus epidemic.
Brent crude was up by 34 cents, or 1.2 percent, at $29.07 a barrel, after falling earlier to $28.40, the lowest since early 2016. The international benchmark fell 4.3 percent on Tuesday.
US crude was up by 13 cents, or 0.5 percent, at $27.08 a barrel, after falling to as low as $26.20, also the lowest in four years. West Texas Intermediate fell 6 percent on Tuesday.
Sensex, Nifty see-saw as virus fears linger; Yes Bank zooms
Shares swung between gains and losses on Wednesday, as investors weighed new headlines on the fallout of the coronavirus against hopes of a policy stimulus to combat the outbreak.
NSE Nifty 50 index gave up early gains of over 1% and was last up 0.1% at 8,973.90 by 0411 GMT, while the benchmark S&P BSE Sensex was down 0.12% at 30,530.12.
US stock futures and several Asian shares fell in choppy trade, with MSCI’s broadest index of Asia-Pacific shares outside Japan dipping 0.1 percent, even after a bounce on Wall Street following Monday’s historic selloff.
Gains across markets were capped by fears over the spread of the coronavirus, which has disrupted global business and rattled financial markets.
Tata Motors sinks to 11-year low
#CNBCTV18Market | Tata Motors at a 11-year low pic.twitter.com/jYajcwFMsQ— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Indices wipe out initial gains
Benchmark indices erased all its early gains and trading near the day’s low level.
The Sensex is down 404.18 points or 1.32 percent at 30174.91, and the Nifty down 105.50 points or 1.18 percent at 8861.55. About 516 shares have advanced, 1114 shares declined, and 74 shares are unchanged.
Sensex down 500 points
Sensex was below 515.13 points or 1.68 percent down at 30,063.96 while the Nifty down 112.50 points or 1.25 percent at 8,854.55 at 10 AM.
About 516 shares have advanced, 1114 shares declined, and 74 shares are unchanged.
Nifty slips 270 points
#CNBCTV18Market | Market extends losses, #Nifty down 270 points from the opening high pic.twitter.com/21SFu1FOV0— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Yes Bank surges over 200% in 3 days
#CNBCTV18Market | Yes Bank up over 200% in last three days pic.twitter.com/RC1BhKSkyd— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Gold inches up as US stimulus to combat virus stems rush for cash
Gold edged higher on Wednesday as additional stimulus from the United States eased some concerns over the economic impact of the coronavirus and halted a trend of selling precious metals for cash, although a strong dollar capped gains.
Spot gold rose 0.1 percent to $1,529.69 per ounce by 0305 GMT, having risen about 1 percent earlier in the session. U.S. gold futures gained 0.3 percent to $1,530.80 an ounce. IG Markets analyst Kyle Rodda said the steps taken by the U.S. central bank to support liquidity is, in turn, helping the metal. “That has boosted sentiment a little and we saw the unwinding of some of that behaviour, which is ‘sell gold among everything else to find cash,’” he said.
S&P lowers India’s growth rating
#CNBCTV18Market | Midcap Index now down 330 points (2.5%) from opening highs pic.twitter.com/bgjcD89VzA— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Sensex down 400 points
#CNBCTV18Market | #Sensex down 400 points from the high seen in opening trade pic.twitter.com/Hla3Au9aWV— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Market opens on positive note
#CNBCTV18Market | Market higher in opening trade, following healthy gains seen in US markets yesterday pic.twitter.com/aGPzH7IGYw— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Stock Market Today LIVE Updates: After opening on a positive note, Sensex was down 293.83 points or 0.96 percent down at 30,285.26 at 9.53 AM. Nifty was 52.30 points or 0.58 percent down at 8,914.75.
At 09:17 AM, the Sensex is up 501.46 points or 1.64 percent at 31080.55, and the Nifty up 148.70 points or 1.66% at 9115.75.
Yes Bank, Glenmark Pharma, Zee Entertainment, IndusInd Bank, Bharti Infratel, Sun Pharma, Vedanta, Tata Steel, JSW Steel, Titan and UPL are among major gainers on the Indices, while losers are PVR, Kotak Mahindra Bank and Axis Bank.
: US stock futures stepped back in choppy early Asian trade on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout.
US stock futures ESc1 fell 2.0 percent after the S&P gained 6 percent on Tuesday, paring a little under half of its huge losses on Monday.
#CNBCTV18Market | Dow Futures down nearly 600 points from highs, down 570 points #CoronavirusOutbreak #CoronavirusUSA pic.twitter.com/t3KpfmMTtL
— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Tuesday’s lift in the S&P 500 came as policymakers around the world cobbled together packages to counter the severe restrictions on various economy-boosting activities aiming at slowing the spread of the virus. “While markets react to positive news on stimulus, that doesn’t last long. I think there are a lot of banks and investors whose balance sheet was badly hit and they will have lots of positions to sell,” said Shin-ichiro Kadota, senior currency and rates strategist at Barclays. The Trump administration on Tuesday unveiled a $1 trillion stimulus package that could deliver $1,000 cheques to Americans within two weeks to buttress an economy hit by coronavirus while many other governments look to fiscal stimulus. “That would be bigger than a $787 billion package the Obama administration came up after the Lehman crisis, so in terms of size it is quite big,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. “Yet stock markets will likely remain capped by worries about the spreading coronavirus,” he said. The US Federal Reserve moved on Tuesday to ease funding stress among corporates by reopening its Commercial Paper Funding Facility to underwrite short-term corporate loans. All in all, S&P500 futures are still down more than 9 percent so far this week. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent while Japan’s Nikkei gained 1.9 percent.
#CNBCTV18Market | Asian indices come off highs in early trade; #KOSPI nearly 2% off day’s high#CoronavirusOutbreak pic.twitter.com/lldnkTqbcz — CNBC-TV18 (@CNBCTV18Live) March 18, 2020
Talk of big stimulus is raising some concerns about the long-term outlook of US fiscal health, putting pressure on long-term US government bonds.
The spread between 30-year and five-year yields rose to almost 1 percent, the highest since September 2017.
The US 30-year bonds yield jumped 38 basis points on Tuesday to 1.648 percent .
In the currency market, a shortage of dollar cash supported the US currency.
The Australian dollar licked wounds at $0.5990, having hit a 17-year low of $0.5958.
The kiwi traded at $0.5946 after hitting an 11-year trough of $0.5919.
The dollar held firm against most currencies but dipped 0.25 percent against the safe-haven yen to 107.28 yen.
Oil prices sank near their 2016 troughs as the prospects of slow oil demand due to the pandemic added to pressure from a Saudi-instigated price war.
US benchmark oil futures CLc1 dropped to as low as $26.61 per barrel, not far off 2016 low of $26.05, a break of which would push them to levels last seen in 2003.
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Updated Date: Mar 18, 2020 11:50:09 IST
$1 Trillion Stimuls Package,
Asian Stock Markets,
US Government Bonds,