Indices continue rally as Sensex soars over 800 points, Nifty above 9,200
The market extended the gains as Sensex surged 810.23 points or 2.64 percent to 31,446.94 while the Nifty was up 221.80 points or 2.47 percent at 9,203.25 at around 2.40 pm.
Reliance Asian Paints, Maruti, Nestle India, and Hero MotoCorp were the top gainers in the Sensex pack.
Gold futures surge on domestic demand
Gold prices on Wednesday rose Rs 567 to Rs 45,892 per 10 gram in futures trade as speculators indulged in creating fresh positions on firm spot demand.
On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 567, or 1.25 percent, to Rs 45,892 per 10 gram in a business turnover of 16,507 lots.
The yellow metal for August delivery edged up by Rs 540, or 1.19 percent, to Rs 46,039 per 10 gram in a business turnover of 3,100 lots.
Fresh positions built up by participants on spot demand mainly led to rise in gold prices, analysts said.
Rupee settles stronger
#Rupee ends stronger compared to previous close pic.twitter.com/EWqcr3BrTv— CNBC-TV18 (@CNBCTV18Live) April 22, 2020
Silver futures plunge Rs 546 to Rs 41,202 per kg
Silver futures on Wednesday plunged Rs 546 to Rs 41,202 per kg as participants cut down their bets on low spot demand.
On the Multi Commodity Exchange, silver contracts for May delivery tumbled by Rs 546, or 1.31 per cent, to Rs 41,202 per kg in a business turnover of 3,224 lots.
Besides, the white metal to be delivered in July fell by Rs 352, or 0.83 percent, to Rs 42,080 per kg in 1,729 lots.
In a first, Missouri sues China over coronavirus economic losses
Missouri became on Tuesday the first US state to sue the Chinese government over its handling of the coronavirus, saying that China’s response to the outbreak that originated in the city of Wuhan brought devastating economic losses to the state.
In Beijing, a spokesman for China’s foreign ministry dismissed the accusation on Wednesday as “nothing short of absurdity” and lacking any factual or legal basis.
The civil lawsuit, filed in federal court by Missouri Attorney General Eric Schmitt, alleges negligence, among other claims. It says Missouri and its residents suffered possibly tens of billions of dollars in economic damages, and seeks cash compensation.
Japan manufacturer to boost domestic mask output, cut China dependence
A Japanese household goods manufacturer on Wednesday said it will boost domestic production of face masks after a government request for help, using public funding aimed at encouraging companies to shift production from China.
Iris Ohyama said government funding will allow it to bolster production capacity at a new factory in Miyagi, northern Japan, to 150 million masks per month from an originally-planned 60 million per month when it starts in June.
The privately-held company, which sells consumer goods ranging from plastic storage boxes to rice cookers, will continue making face masks at 2 factories in China.
Commerce ministry cuts import quota for green peas
The commerce ministry has reduced the import quota for green peas to 75,000 tonne for 2020-21 and has laid down a procedure for its inbound shipments.
Last year, the quota for import of yellow and green peas was 1.5 lakh tonne.
According to a trade public notice of the Directorate General of Foreign Trade (DGFT), there is no quota for import of yellow peas for the current fiscal.
Kalpataru group providing meals to 87,000 people daily
Welspun India resumes partial operations in Gujarat
Sensex above 31,200-mark, Nifty jumps 175 points
The benchmark indices continued to stay in the green zone as Sensex was trading 653.80 points or 2.13 percent higher at 31,290.51 while the Nifty was up 175.05 points or 1.95 percent at 9,156.50 at around 2.10 pm.
Stock Market Today LIVE Updates: Sensex down 219 points, Nifty dips in opening session; RIL surges 5%
Washington/New York: Asian share markets were set to tumble on Wednesday as the floor fell out from under US crude prices, exposing the deep damage the coronavirus pandemic has had on global economic demand.
Skittish investors sought the safety of government debt and even dumped safe-haven gold as Brent oil futures plunged for a second day, fueled by a swelling global crude glut.
Australian S&P/ASX 200 futures lost 2.1 percent in early trading while Japan’s Nikkei futures rose 0.21 pecent.
The collapse in US crude prices has given fresh urgency to bearish voices who say it sounds alarm bells for global growth and are bracing for a catastrophic collapse in asset prices as the COVID-19 pandemic wrecks the world economy.
Earlier his week, the May US WTI futures contract crashed into negative pricing for the first time in history. In addition to massive oversupply concerns, analysts say the plunge also highlights the technical constraints the market faces in responding to shocks.
“The negative price for May WTI futures was probably an anomaly, but it also was a symptom of bigger underlying issues that the industry must address,” said Arij van Berkel, who leads the energy research team at Lux Research in Amsterdam. “Even though the oil industry theoretically has a diversified product portfolio, the current situation shows that its ability to switch between markets is extremely limited.”
The Nikkei 225 index closed down 1.15 percent at 19,669.12 on Tuesday. The futures contract is down 2.64 percent from that close.
Hong Kong’s Hang Seng index futures lost 1.31 percent.
On Wall Street, the Dow Jones Industrial Average fell 2.67 percent to 23,018.88, the S&P 500 lost 3.07 percent to 2,736.56 and the Nasdaq Composite dropped 3.48 percent to 8,263.23.
Representational image. Reuters.
The pan-European STOXX 600 index lost 3.39 percent and MSCI’s gauge of stocks across the globe shed 3.01 percent.
As the difficulties of restarting the US economy sank in, US Treasury yields tumbled, with the five-year note hitting a new record low on rising prices for bonds: one of the safest assets.
The US dollar rose to a two-week high against a basket of currencies, as investors fled riskier assets for the world’s most liquid currency while putting pressure on oil-linked currencies such as the Norwegian crown and the Canadian dollar.
Investors face a worldwide supply glut that is expected to overwhelm demand for months or even years and current production cuts to offset that excess are nowhere near sufficient.
US crude recently rose 124.08 percent to $10.01 per barrel while Brent oil futures prices plunged again on Tuesday to $19.82, down 22.49 percent on the day, as panic extended to a second day.
Both Saudi Arabia and Russia said on Tuesday they were ready to take extra measures to stabilise oil markets along with other producers, but they have not taken action yet.
Investors have become increasingly wary of the economic damage from sweeping lockdowns that have brought US business activity to a halt and sparked millions of layoffs.
Governors of about half a dozen US. states, including Georgia and South Carolina, are pushing ahead with plans to begin a partial restart of their economies despite warnings that loosening restrictions prematurely could lead to a fresh surge of infections.
Meanwhile, the US Senate on Tuesday unanimously approved $484 billion in additional coronavirus relief for the US economy and hospitals treating patients sickened by the pandemic, sending the measure to the House of Representatives for final passage later this week.
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Updated Date: Apr 22, 2020 14:58:52 IST
Brent Oil Futures,
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