Stock Market Today LIVE Updates: Market trims losses slightly; Sensex, Nifty trading in red terrain as coronavirus cases continue to mount sharply – Firstpost

12:49 (IST)

Market recovers from day’s low as Sensex down over 900, Nifty above 8,300-mark

The market made slight recovery in the afternoon though remained in the red zone in the afternoon trade. 
 

Sensex plunged 995.52 points or 3.38 percent to 28,472.97 while Nifty was down 287.65 points or 3.35 percent at 8,310.10 at around 12.45 pm. 
 

Kotak Mahindra Bank and Tech Mahindra were the major losers in the Sensex pack.

12:36 (IST)

Experion Developers donates Rs 1.85 cr to PM CARES Fund

FDI-funded realty firm Experion Developers on Wednesday said it has donated Rs 1.85 crore to PM CARES Fund for fighting the coronavirus pandemic.

In addition to the Rs 1.85-crore contribution, Experion Developers has extended the material supply of medicines and essential items to the Municipal Corporation of Gurgaon (MCG), the company said in a statement.

The firm has also contributed Rs 20 lakh to Haryana Corona Relief Fund.

The Gurugram-based company is backed by Singapore’s Experion Holdings, which is the real estate investing arm of the $2.5 billion AT Holdings group of companies.

12:31 (IST)

Retail trade incurs losses worth $30 bn last fortnight: CAIT

Traders” body CAIT on Tuesday said India”s retail trade has incurred losses to the tune of whopping USD 30 billion (about Rs 2.2 lakh crore) in the last fortnight alone due to the coronavirus pandemic.

According to the Confederation of All India Traders (CAIT), the country”s retail sector, comprising 70 million small, medium and big traders employing 450 million people, undertakes a monthly business of about $70 billion (approximately Rs 5.2 lakh crore), and is one of the hardest hit due to the global pandemic.
 

CAIT secretary general Praveen Khandelwal said that even if global economies and other sectors of the Indian economy bounce back sooner than expected.

12:28 (IST)

RBI announces further measures to deal with COVID-19 pandemic

.@RBI announces further measures for dealing with the #COVID19 pandemic pic.twitter.com/ewrJ7CsjAh

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

12:24 (IST)

Zen Technologies to develop ventilator prototype for India to fight COVID-19

12:22 (IST)

Global stocks give up meager gains as virus anxiety prevails

Asian shares and Wall Street futures fell on Wednesday in the first trading session of the quarter as the coronavirus pandemic and the prospect of a global recession tore through investor confidence.

E-Mini futures for the S&P 500 slumped 2.27 percent as dire predictions of more virus casualties in the United States weighed on sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan erased gains to trade 0.33 percent lower. Shares in South Korea, hit hard by the virus, fell 1.34%.

Japanese shares fell 3.48 percent as a rapid increase in infections in Tokyo fueled speculation the government would place the capital on lockdown.

Futures in Europe were also battered with Euro Stoxx 50 futures down 2.99 percent, German DAX futures off 2.89 percent and FTSE futures falling 3.09 percent.

12:18 (IST)

NEC Tech India appoints Aalok Kumar as president, CEO

EC Technologies India on Wednesday said it has appointed Aalok Kumar as its president and chief executive officer.

With this appointment, Takayuki Inaba (former chairman and managing director) has been appointed as executive chairman of NEC Technologies India, a statement said.

This change reflects NEC Corporation’s strong commitment to the country and India’s growing importance to the company’s global business, it added.

“This management restructuring exercise is aimed at accelerating our evolution in India. Capacity building in India will not only bolster our business in this country but also support our global businesses,” NEC Corporation president (global business unit) Akihiko Kumagai said.

12:16 (IST)

MG Motor sells 1,518 units in March

MG Motor India on Wednesday reported total retail sales of 1,518 units in March 2020, including 116 ZS EV and 1,402 Hector SUV, the company said in a statement.

“Both MG Hector and MG ZS EV have made a mark in the Indian car market. Despite supply chain disruption globally, MG Motor continues to serve its customers,” MG Motor India president and managing director Rajeev Chaba said.

“In February, our sales were impacted due to the disruption, while the situation improved during March before the lockdown was announced, resulting in the shutting down of our manufacturing plant,” Chaba added.

12:14 (IST)

DigitalKites appoints Amit Lall as senior vice-president​

DigitalKites, an open and collaborative digital advertising ecosystem with products AudiencePlay and AudiencePrime, has roped in Amit Lall as senior vice-president-partnerships.

In his new role at DigitalKites, Lall will be leading the AudiencePrime Partnerships team.

With around two decades of experience, Lall is an industry veteran whose strength lies in developing and executing digital strategies and roadmaps, it said in a press statement.
 

He was at the forefront of developing and executing the digital advertising strategies for several global brands such as Beiersdorf, Daimler, Sony Pictures, Parle Agro, Hyatt, Bunge, Qantas, TransUnion Cibil, Snapchat, Bumble, Hasbro, J&J and many others.

12:03 (IST)

Direct tax collections as of 31 March afternoon at Rs 9.97 lakh cr 

Sources say Direct Tax collections as of March 31 afternoon at Rs 9.97 Lk Cr Vs Rs 10.94 Lk Cr (YoY). Corp Tax collections at Rs 5.41 Lakh Cr, Personal I-T at Rs 4.43 Lakh Cr

Alert: Revised FY20 estimates for direct tax collections at Rs 11.70 Lakh Cr pic.twitter.com/LhrsbsKsTl

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

12:02 (IST)

Fitch Solutions revises down mineral output growth forecasts for India

Fitch Solutions on Wednesday said it has revised down the mineral production growth forecasts for India and stressed that despite mining activities remaining operational in the country during the lockdown, the various other restrictions are hampering output.

“We have broadly revised downwards India’s mineral production growth rates per mineral by an average of 4.0 percent from previous rates, and will likely revise them down further in the coming week,” Fitch Solutions said in a statement.

Despite mining activities remaining operational in India during its 21-day lockdown, most mines are operating at capacities of 40 percent or less according to local news reports, it said.

Mining of iron ore, coking and thermal coal, limestone, dolomite, manganese, chromite and some other ferrometals have been excluded from restrictions enforced during the lockdown as these commodities have been termed as critical, it said.

11:59 (IST)

Coal India March production up 6.5% at 84.36 mt

.@CoalIndiaHQ March production up 6.5% at 84.36 mt Vs 79.19 mt, offtake down 10.3% at 53.45 mt Vs 59.60 mt (YoY) pic.twitter.com/9sMENB8eUo

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

11:57 (IST)

Infosys Foundation, Narayana Health City to open 100-bed quarantine facility

Infosys Foundation, the philanthropic and CSR arm of Infosys and Narayana Health, healthcare provider in the country, have launched a 100-room quarantine facility for COVID-19 patients in the vicinity of Narayana Health City in Bengaluru.

The facility, aimed at serving patients belonging to the economically weaker sections of the society, will accommodate patients, provide regular monitoring by doctors, nurses, and essential medication free of cost.

The patients in the isolation facility will be monitored by the doctors and nurses of Narayana Health City. Earlier this week, Infosys Foundation announced its commitment of Rs 100 crore to help the government with COVID-19 relief efforts.

11:44 (IST)

US tech body urges Donald Trump to pause H1B visa programme after job loss 

A US body representing American technology workers has urged President Donald Trump to suspend for this year the H-1B visa programme, the most sought-after among the Indian IT professionals, to protect their interests amidst the massive layoffs in the country due to the coronavirus pandemic.

The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.

Companies depend on it to hire tens of thousands of employees each year from countries like India and China.

US Tech Workers, a nonprofit organisation which describes itself as representing the voices of American workers harmed by the H-1B visa programme, in its letter to Trump also urged him to suspend the H-2B visa programmes for the foreign guest workers too.

11:40 (IST)

IIT researchers developing robots to deliver food, medicines to patients in isolation wards

Researchers at the Indian Institute of Technology (IIT) are developing two robots which can be deployed in isolation wards for COVID-19 infected cases for delivery of food and medicine to patients and collection of contagious waste.

The team from IIT Guwahati’s Mechanical Engineering and Electrical Engineering departments believes the move will reduce human intervention in isolation wards.

“We are working on two robots–one for medicine and food delivery to isolation wards which can be customised as per the needs of the hospital and the second robot will be specifically for toxic and contagious waste collection from isolation wards,” a team member told PTI.

11:39 (IST)

Airlines may post $39 billion net loss in April-June quarter: IATA

The aviation industry that is going through a tough phase amid the coronavirus crisis, is likely to register a net loss of $39 billion during April-June 2020, according to a report by the International Air Transport Association (IATA).

The report further said that revenue of the airlines may fall by 68 percent during the quarter. The fall in demand would be the deepest in the second quarter, with a 71 percent drop.

Variable costs are expected to drop sharply by some 70 percent in the second quarter, largely in line with the reduction of an expected 65 percent cut in second quarter capacity, said the IATA report. The price of jet fuel has also fallen sharply, although we estimate that fuel hedging will limit the benefit to a 31 percent decline.

11:35 (IST)

US plans to lease space to energy firms to store oil in emergency reserve

The US Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the emergency oil reserve, as it seeks to comply with President Donald Trump’s directive to fill the facility to capacity, two industry sources said.

The Strategic Petroleum Reserve, or SPR, has the capacity to take another 77 million barrels of oil, a little less than the country uses in four days.

Trump ordered the department of energy, or DOE, on 13 March to take advantage of low oil prices and fill the reserve “to the top”, in an effort to help domestic drillers suffering from the global oil price drop. But carrying out the order has been tricky.

11:32 (IST)

Honda commits Rs 11 cr for fight against COVID-19

Honda India Foundation, the Corporate Social Responsibility (CSR) arm of Honda group companies in India, on Wednesday pledged Rs 11 crore aid towards COVID-19 relief and prevention measures.

As part of the initiative, Honda will immediately supply 2,000 units of high pressure backpack sprayers to various government agencies.

These light-weight powerful sprayers will be used for disinfectant fumigation at hospitals, public transport, railway stations, public canteens and other common areas, the Japanese firm said in a statement.

Besides, Honda will support local administration efforts at all its manufacturing locations, it added.

11:29 (IST)

Sensex plunges over 1,100 points, Nifty below 8,300-mark 

The market continued its opening losses as Sensex plummetted 1114.49 points or 3.78 percent to 28,354 while Nifty was down 322.05 points or 3.75 percent at 8,275.70 at around 11.15 am even as coronavirus pandemic kept the investors on edge.

Except for Nifty FMCG and realty, all sectoral indices at the National Stock Exchange (NSE) were in the negative terrain with Nifty private bank down by 2.6 percent, financial service by 2.4 percent, auto by 1.9 percent and IT by 1.8 percent.

11:15 (IST)

Taiwan to spend $35 billion fighting virus, to donate 10 million masks

Taiwan dramatically upped its estimate for how much it would spend helping the economy deal with the impact of the coronavirus to $35 billion on Wednesday, and said it would donate 10 million face masks to the most needy countries.

Taiwan has reported 322 cases of the virus, including five deaths, winning plaudits for its early and so far effective measures to control the virus, especially compared to many of its neighbors. But, the export-reliant island’s economy has wilted in the face of the pandemic’s spread.

The government is already rolling out a stimulus package, and President Tsai Ing-wen said in total they would be spending T$1.05 trillion ($35 billion) including a second round of measures.

11:07 (IST)

Sensex plummets over 1,000 points, Nifty down 292 points

Sensex plunged 1002.17 points or 3.40 percent to 28,466.32 while Nifty was down 292.50 points or 3.4 percent at 8,305.25 at around 10.50 am even as factory activity contracted sharply across most of Asia in March due to coronavirus pandemic.

Kotak Mahindra Bank tanked nearly 10 percent while RIL fell 5.35 percent in the morning session.

10:59 (IST)

Oil prices fall as US inventory build-up heightens oversupply concerns

Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in US inventories and a widening rift within OPEC heightened oversupply fears.

Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70 percent after record losses in March.

Brent crude was down by 47 cents, or 1.8 percent, at $25.88 a barrel. US West Texas Intermediate crude was up 12 cents, or 0.6 percent, at $20.6 a barrel, an uptick analysts said was driven by position building at the start of a the new quarter.

10:57 (IST)

Garment exporter Bangladesh faces $6 billion hit as world retailers cancel orders

Bangladesh, the second-largest apparel producer after China, is set to lose roughly $6 billion in export revenue this financial year amid cancellations from some of the world’s largest brands and retailers, two major industry bodies said on Tuesday.

The two groups, which represent the vast majority of the readymade garment and knitwear manufacturers in the country, said cancellations were increasing daily amid coronavirus-driven lockdowns globally, and these risked jeopardizing millions of jobs in the poor South Asian nation.

Low wages have helped Bangladesh build its garment industry, with some 4,000 factories employing 4 million workers.

10:56 (IST)

ICICI Bank cuts lending rate by 15 bps across tenors

#JustIn | ICICI Bank cuts lending rate by 15 bps across tenors pic.twitter.com/jQa6dr3rhB

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

10:55 (IST)

Asia’s factory activity plunges as coronavirus shock deepens

Factory activity contracted sharply across most of Asia in March as the coronavirus pandemic paralysed economic activity across the globe, with sharp falls in export power-houses Japan and South Korea overshadowing a modest improvement in China.

Manufacturing gauges also tumbled in Indonesia, Vietnam and the Philippines, Purchasing Managers’ Index (PMI) surveys showed on Wednesday, underscoring the widening damage brought by the pandemic that has infected more than 700,000 people, upended supply chains and led to city lockdowns worldwide.

China’s factory activity improved slightly more than expected in March after plunging a month earlier, a private business survey showed, but growth was marginal, highlighting the intense pressure facing businesses as domestic and export demand slumps.

10:50 (IST)

Maruti’s passenger vehicle sales slip 47.4%

March #AutoSales | Maruti’s passenger vehicle sales slip 47.4% at 76,420 Vs 1.45 lakh units (YoY) pic.twitter.com/jxq5ABAjkp

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

10:49 (IST)

Sensex plunges over 800 points, Nifty below 8,400-mark in morning trade

Sensex tanked 852.02 points or 2.89 percent to 28,616.47 and while Nifty was down 206.65 points or 2.4 percent at 8,391.10 at around 10.40 am.

Kotak Mahindra Bank and Tech Mahindra were the top losers in the Sensex pack.

10:29 (IST)

Sensex tanks over 700 points, Nifty below 8,400-mark 

Sensex tanked 710.68 points or 2.41 percent to 28,757.81 while Nifty was down 206.65 points or 2.4 percent at 8,391.10 at around 10.28 am.

Kotak Mahindra Bank and Reliance Industries were the top losers in the Sensex pack.

10:18 (IST)

PSU banks announce moratoriums on loan EMIs after RBI directive

The Reserve Bank of India (RBI) had last week advised all the lending institutions to offer a three-month moratorium on repayment of loans due to the outbreak of coronavirus.

RBI stated that it has initiated steps to defer the installments and interests/EMIs on term loans with due dates between 1 March and 5 May and extended the repayment period by 3 months. The SBI said the interest on working capital facilities for the same period is also deferred to 30 June.

IDBI Bank has granted its customers a three-month moratorium for repaying loans.

Punjab National Bank has made available the deferment of instalments for the month of March, April and May 2020 towards loan accounts.

10:11 (IST)

Global markets out of one of the worst quarters in several years

#CNBCTV18Market | Global markets come out of one of the worst quarters in several years. Q1 performance for US market was the worst ever while Europe saw its worst Q1 in 18 years#COVID19 #CoronavirusOutbreak pic.twitter.com/rJ0GSiRpE4

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

10:07 (IST)

Maharashtra to implement 1% concession on stamp duty from today

10:01 (IST)

Indonesia strengthens financial crisis protocol amid coronavirus

Indonesia has improved its protocol to prevent a financial crisis amid the coronavirus outbreak, its finance minister said on Wednesday as she flagged a worst case scenario of contraction in 2020 GDP growth and the rupiah falling to a historic low.

Finance minister Sri Mulyani Indrawati said the protocol to help failing banks has been upgraded to allow for early responses by all financial authorities as part of an emergency regulation that President Joko Widodo announced on Tuesday.

Southeast Asia’s largest economy is expected to grow 2.3 percent in 2020, but the government has prepared for a worse scenario of a contraction of 0.4 percent, Indrawati said. Her scenarios also include the rupiah falling further to average between 17,500 to 20,000 to the dollar, the weakest on record, compared to the 16,380 exchange rate on Wednesday.

10:00 (IST)

IndusInd Bank’s promoter makes full loan repayment to Citibank

#JustIn | IndusInd Bank’s promoter makes full repayment of a loan to Citibank; a pledge of 23.8 m equity shares of the bank to be released by Citibank today (April 1) pic.twitter.com/Pba8PV8dML

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

09:58 (IST)

UP sugar mills start sanitising villages in their areas

09:58 (IST)

Lakshmi Mittal to contribute Rs 100 cr to PM CARES Fund

NRI billionaire Lakshmi N Mittal on Tuesday announced a contribution of Rs 100 crore to the PM CARES Fund to combat the spread of the deadly coronavirus in India.

“ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between (L N Mittal’s) ArcelorMittal and Japan’s Nippon Steel, and HMEL, a partnership between Hindustan Petroleum and Mittal Energy Investments, today announce a package of support to strengthen India’s capacity to protect families and communities impacted by the virus.

“Both our operations in India commit equally to a total of Rs 100 crore to PM-CARES for the ongoing relief efforts countrywide,” Mittal said in a statement.

09:57 (IST)

Dr Reddy’s gets USFDA approval for Levothyroxine Sodium 

Dr Reddy’s gets USFDA approval for Levothyroxine Sodium used to treat an underactive thyroid (hypothyroidism) pic.twitter.com/0CYYXACL9q

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

09:55 (IST)

UK banks scrap dividends on coronavirus fears

Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus.

Barclays, HSBC, Lloyds Banking Group , Royal Bank of Scotland, Standard Chartered  and the British arm of Spain’s Santander  all halted payouts.

The lenders had been due to pay out over 8 billion pounds ($9.93 billion) between them in 2019 dividends, with HSBC the biggest payer at $4.2 billion.

The move came in response to a request from the Prudential Regulatory Authority (PRA), which also asked banks and insurers not to pay senior staff bonuses this year.

09:54 (IST)

China’s Hainan province to offer more than 30,000 jobs this year

China’s southern province of Hainan is offering more than 30,000 jobs, including 470 jobs earmarked for foreigners, as it ramps up efforts to establish its free trade zone this year, official provincial media reported on Wednesday.

The provincial government seeks to fill positions across multiple sectors, including services, tourism and high-tech industries, the Hainan Daily newspaper reported. Employers include government entities, state-owned enterprises, statutory bodies and private firms.

The campaign also offers 470 positions specifically for “international talent”, mainly in fields such as foreign language teaching, aviation, and hotel management.

09:54 (IST)

APL Apollo Tubes Q4 sales volume down 4%

APL Apollo Tubes Q4 sales volume down 4% at 4 lakh tonnes, FY20 sales volume up 23% at 16.4 lakh tonnes YoY pic.twitter.com/ACPaKPqEwP

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

09:45 (IST)

SoftBank bolsters investment team with ex-Goldman hire

SoftBank Group Corp said on Wednesday it has appointed former Goldman Sachs banker Taiichi Hoshino as head of a new investment planning department, as the group increases oversight of its tech bets battered by volatile markets.

Souring bets across its portfolio have left SoftBank selling down prime assets and holding back from making new investments. Hoshino is expected to bolster the investment team at a time when CEO Masayoshi Son has received criticism for his top-down investing approach.

09:43 (IST)

Japan’s business mood hits 7-year low

Japan’s business confidence soured to levels not seen since 2013, a closely watched survey showed, as the coronavirus pandemic hit sectors from hotels to carmakers and pushed the economy closer to recession.

The worsening corporate morale underscores the challenge Prime Minister Shinzo Abe faces in ensuring the pandemic does not erase the benefits of his “Abenomics” fiscal and monetary stimulus, deployed seven years ago to revive a stagnant economy.

The Bank of Japan’s quarterly “tankan” survey on Wednesday showed big manufacturers’ sentiment turned pessimistic for the first time in seven years as supply chain disruptions caused by the outbreak hit sectors across the board.

Service-sector sentiment also hit a seven-year low as travel bans and social distancing policies hurt consumption, clouding an already dark outlook.

09:41 (IST)

Forex market to remain shut for annual closing of banks

Forex markets to remain shut on Wednesday for the annual closing of banks.

09:29 (IST)

Kotak Mahindra, ONGC among major losers

#CNBCTV18Market | Top Index losers in the opening hour of trade pic.twitter.com/VeoCtI4hDP

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

09:28 (IST)

Six PSU banks cease to exist from today

The biggest-ever bank consolidation exercise in the public sector unit kicked in today. Six PSU lenders were merged into four in a bid to make them globally competitive.

Earlier, the Reserve Bank of India (RBI) had said that the scheme of merging 10 PSU banks into four bigger lenders is on schedule despite the country-wide coronavirus lockdown. It has triggered 21-day lockdown to contain the spread of the deadly virus. The merger will come into force from 1 April, 2020, the central bank had said.

Experts said merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks are exuding confidence.

09:24 (IST)

Gold recovers from 3% slump

Gold prices on Wednesday clawed back from a steep fall in the previous session, as the US dollar eased following the Federal Reserve’s latest stimulus boost and as Asian equities slipped with the coronavirus pandemic sharply slowing global growth.

Spot gold was up 0.4 percent at $1,577.83 per ounce, as of 0030 GMT, having slumped 3.1 percent in the previous session. US gold futures GCv1 slipped 0.3 percent to $1,591.30.

The Fed on Tuesday broadened the ability of dozens of foreign central banks to access U.S. dollars during the coronavirus crisis by allowing them to exchange their holdings of U.S. Treasury securities for overnight dollar loans.

The dollar was down 0.1 percent against key rivals. 

09:18 (IST)

Market opens flat

#CNBCTV18Market | Market opens little changed following mixed global cues pic.twitter.com/13zIadIwIT

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

09:14 (IST)

Asian shares under pressure

Asian shares faced another leg lower on Wednesday as the coronavirus sharply slows global growth, leading a gauge of world stocks to post its biggest quarterly decline in more than a decade and oil prices to trade near lows last seen in 2002.

Shares on Wall Street tumbled on Tuesday, with the Dow registering its biggest quarterly fall since 1987 and the S&P 500 its steepest quarterly drop since a decade ago on growing evidence of the massive downturn the pandemic will incur.

E-Mini futures for the S&P 500 traded 1 percent lower in after-hours trade, while Asian futures suggested the rout would continue. FTSE China A50 futures in Singapore were down 0.85 percent and Japan’s Nikkei fell 1.86 percent in early trade.

The first-quarter decline was the biggest on record for the S&P 500 as consumers hunkered down at home, leading businesses to announce massive staff furloughs and to shut temporarily.

09:06 (IST)

Sensex up 172 points, Nifty rises 7.35 points

Benchmark indices are trading flat to positive in the pre-opening session with Nifty above 8600.

At 09:02 hrs IST, the Sensex is up 172.05 points or 0.58% at 29640.54, and the Nifty up 7.35 points or 0.09% at 8605.10.