15:20 (IST)
Sensex surges 769 points, Nifty close to 9,600-mark
Sensex soared 769.09 points or 2.39 percent to 32,883.61 while the Nifty was up 214.35 points or 2.28 percent at 9,595.25 at around 3.10 pm.
15:15 (IST)
Time for action to make India a global manufacturing hub: Experts
India can be the destination of choice for global manufacturing in the post-COVID 19 world if it gets its acts together with the right policies as a lot of things are going for the country, say industry experts.
Areas like drones and robotics would see major investment and research going forward in India, which would move faster into the digital age, they said, discussing opportunities for the country once the coronavirus-inflicted situation returns to normalcy.
Remote working will become a norm rather than something done once in a while, a former president of the Confederation of Indian Industry (CII) told PTI.
“There will be many work-from-home opportunities. We will see far greater participation from women, who chose to stay at home, and it will add to the productive workforce . A corporate leader said he is seeing the beginning of a fourth industrial revolution and added that India should strive to get a proper shareof the pie,” the former CII president said.
15:12 (IST)
Global stocks gain on plans to ease anti-coronavirus controls
Global stocks gained Wednesday after France and Spain joined governments that plan to ease anti-virus controls and allow businesses to reopen.
London and Frankfurt opened higher, while Shanghai and Hong Kong advanced. Japanese markets were closed for a holiday.
Wall Street retreated overnight, hurt by declines in health care and tech stocks that have been among the winners during the coronavirus pandemic.
The French and Spanish governments announced plans Tuesday to allow restaurants and other businesses to reopen gradually. They followed Italy, which announced similar plans on Sunday.
15:11 (IST)
ADB gives $346 mn loan for power sector in rural Maharashtra
The Asian Development Bank (ADB) on Wednesday said it has approved a $346 million (around Rs 2,616 crore) loan to Indian government to provide reliable power connection in rural areas of Maharashtra.
Maharashtra is the second-most populous state in India, and about half of the state’s labour force is engaged in agriculture and related activities in the rural areas, ADB said in a release.
Agriculture output, however, has been impacted by lack of irrigation, less-than-efficient use of electricity and water, as well as inadequate storage and connectivity to markets.
15:08 (IST)
Relief for Vodafone Idea as SC allows tax refund of Rs 733 cr
SC allows tax refund of Rs 733 cr to Vodafone Idea. Co walks away with tax refund of Rs 750 cr from SC, after seeking Rs 4,700 cr from the Taxman, @AshmitTejKumar reports
Do note, co had alleged that the taxman had not processed I-T returns for AY 2014-15 to AY 2017-18 pic.twitter.com/7mttYIniX9
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
14:53 (IST)
Bajaj Healthcare to buy stressed assets from Saraswat Cooperative Bank
Bajaj Healthcare on Wednesday said it will acquire several stressed assets, including land and factory building, in Maharashtra and Gujarat from Saraswat Cooperative Bank for Rs 61 crore.
The company has agreed to acquire stressed assets from Saraswat Cooperative Bank by way of cash consideration of Rs 61 crore subject to closing adjustments, Bajaj Healthcare said in a regulatory filing.
The targeted assets have installed capacity of 111 metric tonnes per month and are capable of manufacturing bulk drugs and active pharmaceutical ingredients (API) like mefenamic acid, artemether, lumefranrine, aceclofenac albendazole and nimesulide.
14:51 (IST)
Crude oil futures rise on positive overseas cues
Crude oil prices on Wednesday rose Rs 97 to Rs 1,102 per barrel as participants widened their positions in line with a positive trend overseas.
On the Multi Commodity Exchange, crude oil for delivery in May traded higher by Rs 97, or 9.65 percent, to Rs 1,102 per barrel in 13,882 lots.
Crude oil for June delivery was up by Rs 36, or 2.52 percent, to Rs 1,464 per barrel with an open interest of 501 lots.
Analysts said raising of bets by participants kept crude prices higher in futures trade here.
14:50 (IST)
Gold futures slump on weak global cues
Gold prices on Wednesday plunged Rs 104 to Rs 45,962 per 10 gram in futures trade as participants were engaged in profit-booking at prevailing levels in tandem with the yellow metal slipping overseas.
On the Multi Commodity Exchange, gold prices for June delivery fell by Rs 104, or 0.23 percent, to Rs 45,962 per 10 gram in a business turnover of 14,875 lots.
The yellow metal for August delivery declined by Rs 152, or 0.33 percent, to Rs 46,085 per 10 gram in 4,821 lots.
Globally, gold was trading 0.19 percent lower at $1,718.90 per ounce in New York.
14:38 (IST)
Sensex soars 564 points, Nifty above 9,500-mark
Benchmark indices continued the rally as Sensex zoomed 564.47 points or 1.76 percent to 32,678.99 while the Nifty was up 165.05 points or 1.76 percent at 9,545.95 at around 2.30 pm.
All sectoral indices barring the FMCG index are trading in the green.
14:31 (IST)
Rupee closes at 1-month high
#Rupee ends at a 1-month high, closes at 75.67 against the #dollar#currency #rupeedollar #greenback #FX #forex pic.twitter.com/dvKRbH9Zu0
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
Stock market today LIVE Updates: Markets open in green, Sensex up, Nifty above 9,400-mark; IndusInd Bank, Axis Bank fall
Asian equities made cautious gains in early trade on Wednesday following mixed US corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.
Technology stocks drove all three major US stock indexes into the red, though they remained within 20 percent of their February all-time highs.
“There was a big sector rotation as money left high value, growth sectors in tech like Amazon and went to value and cyclical sectors like energy, industrial, financials,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
Alphabet Inc’s earnings beat analysts’ estimates for quarterly revenue as its Google unit posted double-digit advertising growth despite the coronavirus-induced slowdown. While users were searching more, they were looking up less commercial topics and advertisers were cutting spending.
In early Asian trade, Japan’s Nikkei index slipped 0.06 percent. Australia was up 0.3 percent and South Korea climbed 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent at 467.95.
Markets were looking for any forward guidance from the US Federal Reserve, which is due to issue a policy statement at the close of its two-day meeting on Wednesday. The European Central Bank meets on Thursday.
Representational image. Reuters.
Analysts said it was unlikely the Fed would make further major policy moves, given the scope and depth of its efforts to counter the economic damage caused by the coronavirus.
Reassuring UBS earnings lifted European banks nearly 5 percent, while Wall Street digested upbeat numbers from industrial conglomerate 3M Co, a maker of N95 respirator masks, and drugmaker Pfizer Inc.
The Dow Jones Industrial Average fell 0.13 percent, the S&P 500 lost 0.52 percent and the Nasdaq Composite dropped 1.4 percent.
The greenback gave back some earlier losses as stocks came off their highs on concerns the coronavirus could spread further than previously thought if businesses reopened prematurely.
The dollar index against a basket of currencies fell 0.089 percent. The euro slipped 0.11 percent to $1.0816 while the euro index eased after Fitch cut Italy’s credit rating to BBB-, just one notch above ‘junk’ status.
The Japanese yen strengthened 0.35 percent versus the greenback at 106.87 per dollar, while sterling was last trading at $1.242, down 0.06 percent on the day.
The benchmark 10-year US Treasury rose 12/32 in price to yield 0.6161 percent, from 0.654 percent late on Monday.
Oil prices ended mixed with Brent up on positive sentiment about the easing of lockdowns, while US crude traders remained cautious as storage capacity were filling up fast.
Crude prices rose in post-settlement trading after data showed a slightly smaller-than-expected buildup in stockpiles.
US crude recently rose 2.66 percent to $13.12 per barrel, and Brent was at $20.74, up 3.75 percent on the day.
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Updated Date: Apr 29, 2020 15:20:24 IST
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