12:30 (IST)
Sensex surges 374 points, Nifty holds 9,450
Sensex zoomed 374.19 points or 1.17 percent to 32,488.71 while the Nifty was up 107.50 points or 1.15 percent at 9,488.40 at around 12.15 pm.
12:25 (IST)
Pilots not to get salaries for April, May: SpiceJet
SpiceJet on Wednesday told its pilots that they will not be paid salaries for April and May, and said those who have been operating cargo flights will get paid for “block hours flown”.
SpiceJet’s flight operations chief Gurcharan Arora told pilots through an email that ‘as of today, 16 percent of our aircraft and 20 percent of our pilots are flying’.
“We are doing this by flying our five cargo aircraft and also flying more ‘cargo on seat’ on our passenger aircraft,” he said.
The budget carrier has a total of 116 passenger planes and five freight aircraft in its fleet.
12:17 (IST)
Rupee surges to 3-week high of 75.64
#CNBCTV18Market | #Rupee surges to a 3-week high against the US dollar pic.twitter.com/oz3q3LElsl
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
12:15 (IST)
SpiceJet flight carries eight tonnes of medical supplies to Malaysia
Amid the coronavirus lockdown, SpiceJet said on Wednesday that it operated its maiden freighter flight to Kuala Lumpur carrying around eight tonnes of critical medical supplies.
The flight departed from Hyderabad to Kuala Lumpur in Malaysia at 11 pm on Tuesday, the budget carrier stated in a press release.
Ajay Singh, chairman and managing director, SpiceJet, said, “With the addition of Kuala Lumpur to our international cargo network, SpiceJet is now operating regularly to over fifteen international destinations carrying essential and medical supplies.”
India has been under lockdown since March 25 to curb the spread of the novel coronavirus. All commercial passenger flights have been suspended for this period.
12:12 (IST)
Talentrackr Technologies launches platform to help laid-off employees find jobs
With the coronavirus pandemic taking a toll on jobs, recruitment software product firm Talentrackr Technologies has launched a platform to connect those who have been laid off with prospective employers.
The Pune-based firm which has been in the market from past 12 years in the HR industry is impressing upon all employers to give preference to people who got laid off due to the COVID-19 pandemic and consider them over other candidates who applied for lateral job change.
The company that has corporate clients such Sony Software, Lodha Group, Growel, Talent Anywhere, Parisons and Rucha Engineering, connected with a network of over 20,000 HR personnel, said within a day of its platform going live it has already received over 150 applications from across sectors spanning from IT, manufacturing, automobile, retail to telecom.
11:56 (IST)
FIITJEE starts online classes
In a bid to help students appearing for engineering entrance, the online training institute FIITJEE has facilitated Home Based Online Admission Tests to aspiring students.
Considering the academic concerns of students in current locked down situation, FIITJEE has already started online classes, which are the NEXT best experience to its Legendary Classroom teaching. Till the situation gets normal, all classes will be held through online mode.
The Online Admission test for students presently in class VII, VIII, IX, X, XI & XII will be be held on 2-3 May 2020.
“Admission Test will enable eligible students to join program of their choice and get sufficient time for Self-Study, solving assignments, doubt clearance, and tests while gaining better adaptability to the progressive level of difficulty,” said RL Trikha, director, FIITJEE Group
11:49 (IST)
Sensex zooms 365 points, Nifty at 9,488
Sensex surged 365.46 points or 1.14 percent to 32,479.98 while the Nifty was up 107.25 points or 1.14 percent at 9,488.15 at around 11.40 am.
Bajaj Finance, Tata Steel, HDFC, Mahindra & Mahindra, Hero MotoCorp and IndusInd Bank were the major gainers in the Sensex pack.
11:30 (IST)
IndusInd Bank rises over 3%
#CNBCTV18Market | IndusInd Bank reverses losses, up 9% from lows pic.twitter.com/6z8LDJplXD
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
11:28 (IST)
RBI’s liquidity support for MFs may struggle to be effective: Fitch
The Reserve Bank of India’s liquidity support for mutual funds may struggle to be effective, as its success will hang on banks’ appetite to take up the risks involved, amid low capital headroom and a likely increase in fresh non-performing loans, according to Fitch.
The RBI’s Rs 50,000 crore special liquidity facility for mutual funds (SLF-MF) will provide 90-day repo funding to banks, to extend liquidity to – or purchase commercial paper and debt securities from – local mutual funds.
The size of the SLF-MF appears broadly commensurate with the scale of the funds most at risk, Fitch notes.
11:26 (IST)
Axis Bank shares drop over 6% after Q4 net loss
Shares of Axis Bank on Wednesday dropped over 6 percent in early trade after the company reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20.
The scrip declined 6.15 percent to Rs 427.50 at the BSE. At the National Stock Exchange (NSE), it fell 6.47 percent to Rs 425.95.
Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared.
The private sector lender had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year.
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 12:32:10 IST
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