15:02 (IST)
European shares turn lower as travel, oil stocks weigh
European stocks gave up early gains on Monday, with travel and oil stocks taking a hit even as several countries emerged from coronavirus-driven lockdowns.
The pan-European STOXX 600 shed 0.25 percent, easing from a near 1 percent gain at the open. Europe’s travel and leisure as well as oil and gas sectors fell about 1 percent each.
Britain’s FTSE 100 also pared early gains to trade flat and midcap shares edged 0.4 percent higher after Prime Minister Boris Johnson said on Sunday the lockdown would not end yet but encouraged some people to return to work.
France is also set to cautiously lift coronavirus-induced restrictions, although Germany saw a spike in cases just days after its leaders eased the country’s lockdown.
14:56 (IST)
Sensex slips into red, Nifty below 9,300-mark
Indices gave up the early gains and slipped into the red in the afternoon trade.
Sensex was trading 19.14 points or 0.06 percent higher at 31,623.56 while the Nifty was up 5.50 points or 0.06 percent at 9,257 at around 2.50 pm.
14:52 (IST)
Adani Agri Logistics dispatches 30,000 tonne of food grains for PMGKAY
Adani Agri Logistics (AALL) said on Monday it facilitated the dispatch of 30,000 tonnes of food grains during the COVID-19 lockdown which amounts to feeding over 60 lakh citizens across different states like Tamil Nadu, Karnataka, Maharashtra and West Bengal.
Seven trains owned and operated by the company for transportation of food grains from production centres in northern India to consumption centres played a critical role in facilitating this.
Besides, in close coordination with the state government of Madhya Pradesh, AALL started the wheat procurement process of rabi crop with adequate safety and precautionary measures at its units from 15 April.
14:48 (IST)
Wockhardt stock surges nearly 5% on Q4 earnings
#4QWithCNBCTV18 | Wockhardt reports Q4 consolidated profit at Rs 48.29 cr Vs loss of Rs 14.47 cr (YoY) pic.twitter.com/J7pCk3Hewx
— CNBC-TV18 (@CNBCTV18Live) May 11, 2020
14:45 (IST)
Bizongo donates over 2 lakh PPE kits
Packaging services provider Bizongo on Monday said it has donated more than two lakh personal protective equipment (PPE) kits across India as part of its contribution in the fight against coronavirus pandemic.
These PPEs were distributed in 5,500 localities, servicing 127 organisations spread in 57 urban and rural centres across the country. The recipients of the kits include public and private healthcare service providers, NGOs and private sector organisations, Bizongo said in a statement.
“Bizongo worked with NGOs like HT Parekh Foundation, ATE Chandra Foundation, Piramal Swasthya, Foundation for Ecological Security, Christian Medical Association of India to ensure the critical PPE kits reached a larger number of people at the forefront of fighting COVID-19,” its COO Sachin Agarwal said.
14:42 (IST)
Rupee settles 19 paise lower at Rs 75.73
The rupee slipped 19 paise to close at 75.73 against the US dollar on Monday as strengthening American currency overseas and rising coronavirus cases in the country weighed on investor sentiment.
Forex traders said while positive domestic equities supported the local unit, market participants were concerned about the impact of spiking coronavirus cases on the economy.
The local unit opened at 75.55, then lost further ground and finally settled at 75.73 against the greenback, down 19 paise over its previous close.
It had settled at 75.54 against the US dollar on Friday. During the day, the local unit saw an intra-day high of 75.55 and a low of 75.77.
14:33 (IST)
Market erases gains as Sensex up 145 points, Nifty above 9,300-mark
Indices remained volatile in the afternoon trade as Sensex was trading 145.01 points or 0.46 percent higher at 31,787.71 while the Nifty was up 51.35 points or 0.56 percent at 9,302.85 at around 2.20 pm.
Bajaj Auto, Maruti and Hero MotoCorp were the top gainers in the Sensex pack.
14:22 (IST)
BSE StAR MF contributes 61% of industry’s net equity inflow in April
Mutual funds distributor platform BSE StAR MF contributed Rs 3,806 crore as net equity inflow in April, which is 61 percent of the MF industry’s total Rs 6,212 crore, the exchange said on Monday.
In 2019-20, the platform contributed Rs 56,038 crore as net equity inflow, which is 66 percent of the mutual fund (MF) industry’s net inflow of Rs 83,781 crore, the BSE said in a statement.
It processed over 63.17 lakh transactions amounting to Rs 37,200 crore in April despite the nationwide lockdown due to coronavirus pandemic as it helped AMCs, members and their clients in smooth paperless transactions.
14:19 (IST)
Italy March industry output plunges 28% month-on-month on coronavirus lockdown
Italian industrial output plummeted 28.4 percent in March from the previous month, more than expected and the steepest drop on record, as a lockdown imposed to contain the coronavirus pandemic shuttered most businesses.
The fall in output was larger than any of the 18 forecasts in a Reuters survey of analysts which pointed to a 20 percent decline.
National statistics bureau ISTAT, which issued the data on Monday, said it was the steepest fall in industrial production since the current series began in 1990.
February’s data was revised to show a 1 percent decline, originally reported at -1.2 percent.
14:17 (IST)
Restaurant chains plan to shut up to 30% branches
#CNBCTV18Exclusive | Sources say many large restaurant chains plan to shut 20-30% of branches. The restaurants re-negotiating rental deals & dine-in capacity at outlets pic.twitter.com/yx5QXJmUi3
— CNBC-TV18 (@CNBCTV18Live) May 11, 2020
Stock market today LIVE Updates: Indices volatile as Sensex up 145 points, Nifty above 9,300; FICCI warns of massive job losses
Sydney: Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies, even as some reported an unwelcome pick up in new coronavirus cases.
South Korea warned of a second wave of the new coronavirus as infections rebounded to a one-month high, while new infections accelerated in Germany.
Still, investors seemed determined to stay optimistic and MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.1 percent.
Japan’s Nikkei added 0.7 percent and South Korean stocks 0.3 percent. E-Mini futures for the S&P 500 ESc1 opened soft but bounced as the morning wore on and was last up 0.3 percent.
Wall Street had rallied on Friday after the April payrolls report proved dire but not quite as awful as analysts’ worst fears.
Representational image. Reuters.
“Just getting the worst jobs report in history out, is at the margins helpful for risky assets,” said Alan Ruskin, head of G10 FX at Deutsche Bank.
“Since late March there has been an extraordinary divergence between the real economy and financial risk, with the latter helped by unprecedented policy accommodation,” he added.
“Markets know the real economy data is awful. We are less sure of how long markets aided by policy, can defy the real economy, if the growth improvement is slow.”
The bond market certainly seems to think any recovery will be slow with two-year yields hitting record lows at 0.105 percent and Fed fund futures turning negative for the first time ever.
The rally in prices has come even as the US Treasury plans to borrow trillions of dollars in the next few months to plug a gaping budget deficit.
Federal Reserve Chair Jerome Powell is due to give a key note speech on Wednesday and analysts suspect he will rule out taking rates negative, at least for now.
The decline in US yields might have been a burden for the dollar but with rates everywhere near or less than zero, major currencies have been stuck in tight ranges.
The dollar was a shade firmer on the yen at 106.94 on Monday but well within the 105.97 to 109.37 band that has lasted since late March. The euro was a fraction softer at $1.0830 but above last week’s low at $1.0765.
Against a basket of currencies, the dollar was idling at 99.837 sandwiched between support at 98.769 and resistance around 100.40.
In commodity markets, gold edged up 0.3 percent to $1,706 an ounce.
Oil prices opened about 1 percent lower as a persistent glut weighed on prices and the coronavirus pandemic eroded global oil demand, even as some governments began to ease lockdowns.
Brent crude LCOc1 futures lost 27 cents to $30.70 a barrel, while US crude CLc1 fell 39 cents to $24.35.
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Updated Date: May 11, 2020 15:02:19 IST
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