You are using an older browser version. Please use a supported version for the best MSN experience.

Stock Market Latest Updates: Sensex soars over 1,400 points, Nifty above 8,600-mark at close; IndusInd Bank zooms over 45%

Firstpost logoFirstpost 26-03-2020 FP Staff
a group of people walking in front of a crowd: Stock Market Latest Updates: Sensex soars over 1,400 points, Nifty above 8,600-mark at close; IndusInd Bank zooms over 45% © Provided by Firstpost Stock Market Latest Updates: Sensex soars over 1,400 points, Nifty above 8,600-mark at close; IndusInd Bank zooms over 45%

15:51 (IST)

Sensex soars over 1,400 points, Nifty above 8,600-mark at close

Market closed in the green for the third straight session on Thursday as the Nifty ended the March series above 8,600 level.

The Sensex surged 1,410.99 points or 4.94 percent to 29,946.77 while the broader Nifty was up 323.60 points or 3.89 percent at 8641.45 at close. 

IndusInd Bank was the top gainer in the Sensex pack soaring over 45 percent. The other major gainers included L&T, Bajaj Finance, Airtel, Bajaj Auto, Kotak Bank and HUL.

All the sectoral indices ended in the green. BSE Midcap and Smallcap indices rose over 3 percent each.

15:46 (IST)

FM's announcements 'need of hour'

The announcements made by Finance Minister Nirmala Sitharaman will bring much-needed relief to masses by ensuring that people can satisfy their basic needs, said Anuj Kakkar, partner Vriddhi Advisors.

"The relaxation in compliance combined with relief in EPF will reduce stress and financial burden on businesses. The government should also consider relaxations in NPAs and announcing relief packages to sectors which are worst hit like aviation, tourism etc. before the close of the financial year," said Kakkar.

The government must be lauded for prioritising the well-being of the health workers. Overall, the government announcements are a step in the right direction to ensure that people do not suffer,  Kakkar added.

15:42 (IST)

Govt uses existing programmes to address poor: Deloitte

The government has used the existing programs such as MGNREGA, Jan Dhan Yojna, Ujwala, Ayushman Bharat, DBT, PDS and other schemes to address the needs of the poor, migrant workers, healthcare workers, senior citizens, daily wagers and other vulnerable groups who are at risk on account of the current pandemic, said Anand Ramanathan, partner, Deloitte India.

"This will hopefully make implementation easier as there will be challenges on account of disruptions and lack of bandwidth caused by lockdown which will also need to be factored in," he said.

15:33 (IST)

SEBI to give further relaxations from compliance to listed companies

15:24 (IST)

Finance minister announces ‘holistic’ package for poor

 

The Centre has announced a holistic package for poor people in response to coronavirus outbreak, said Mitul Thapliyal, partner, MicroSave Consulting.

"An average poor household will receive an additional benefit of Rs 6,800 under PDS, Ujjwala and Jan-Dhan over the next three months. Advance payment of PM-KISAN instalment and ex-gratia on pension (old age, widow and disabled) can increase this to Rs 9,800 per household, assuming that a household is eligible for all these schemes," Thapliyal said. 

“Given the importance of social distancing, home delivery of ration (under PDS) and LPG is the best option but it will need significant ramp up of last mile delivery infrastructure. Local administration has to step up to face this challenge. Penetration of digital payments among poor households is very low so people may start flocking at the banks and business correspondents (BCs) to withdraw money, which will defeat the whole purpose. Home delivery of money though BCs and bank officials needs to be mandated," Thapliyal added.

15:19 (IST)

Announcement big relief for MSMEs, corporate sector

Finance Minister Nirmala Sitharaman's relief measures have come as a major relief to MSME and corporates, both in terms of compliance to MCA, Income Tax, GST, etc, as well as relaxation in criteria for bankruptcy in the shor- term, said Meghna Suryakumar, CEO and founder, Crediwatch. 

What has come as a surprise and significant step towards supporting both small businesses and banks alike, has been the extension of threshold from Rs 1 lakh to Rs 1 crore for reporting delinquency (broad industry expectation was extension to around Rs 5 lakhs), with a potential to actually suspend certain sections of the IBC for six months in case the COVID-19 situation worsens, Suryakumar said.

15:12 (IST)

Nirmala Sitharaman's announcement indicates lockdown may not be extended, says analyst

Finance Minister Nirmala Sitharaman’s announcements are focused mostly towards rural poor and it is positive for consumers as a theme, said Sujan Hajra, chief economist and executive director, Anand Rathi Shares and Stock Brokers.

“The package of Rs 1.7 lakh crore is about 0.8 percent of the GDP. The collapse of demand, as was being feared by many, looks unlikely. So the period of lockdown may not be extended. These measures, if effectively and quickly implemented, would make the total shutdown more complete. This is the biggest positive for listed companies,” Hajra said.

15:09 (IST)

Will industry-specific measures be announced next?

Terming the announcement by Union Finance Minister Nirmala Sitharaman as ‘comprehensive’ to help the poor and vulnerable, VK Vijayakumar, chief investment strategist at Geojit Financial Services, said that with the finance minister having said ‘will look into it’ regarding packages for the MSMEs, perhaps industry-specific measures are expected to be announced in the next package.

Thursday's announcement is a a package for lockdown impacted segments, he said.

“The govt is prioritising. This can go a long way in implementing the lockdown. A deficiency is that the states who have to implement lots of measures have not been given any significant transfer," Vijayakumar added.

15:04 (IST)

Stock markets buoyant in mid-session

Two days after Prime Minister Narendra Modi announced a 21-day nationwide lockdown in the wake of coronavirus outbreak, Finance Minister Nirmala Sitharaman announced Rs 1.7 lakh crore ‘PM Gareeb Kalyan’ scheme to cushion the impact of the lockdown.

After the announcement, Sensex was trading over 1,000 points higher in afternoon session on Wednesday.

Paring early gains, the 30-share BSE barometer was up 1,055.11 points or 3.70 percent at 29,590.89. It rallied over 1,500 points in the morning session.

Similarly, the NSE Nifty stood 284.20 points, or 3.42 percent, higher at 8,602.05 at 2.30 pm.

14:59 (IST)

Britannia seeks govt support to restore supply chains

14:57 (IST)

Sensex zooms over 1,300 points, Nifty reclaims 8,600-mark

Sensex soared 1302.54 percent or 4.56 percent to 29,838.32 while Nifty was up 362.55 points or 4.36 percent at 8,680.40 at around 2.54 pm.

Though the market gave up the gains even as Finance Minister Nirmala Sitharaman announced Rs 1.7 lakh crore relief package, the indices regained momentum soon when she said that more measures would be announced later.

14:48 (IST)

Finance minister announces ‘timely measures’

Finance Minister Nirmala Sitharaman has announced some very timely relief measures to help India’s poor with the cash transfers, construction workers fund and free rice/wheat distribution, said Akhil Shahani, managing director, The Shahani Group.

"It is also good that she is supporting the true hero's of this coronavirus fight by giving Rs 50 lakh medical insurance cover to health workers. However it would have been good to see additional relief offered to the SME sector beyond 3 month support for the EPF. Many SMEs are struggling to pay salaries and debt interest with no income, an announcement on a moratorium on loan interest payments for a couple of months or a reduction in the loan interest rates charged by banks could have been beneficial," he said.

Also, there could have been a 3 month moratorium on GST collections. A concern also arises as to how the Centre will support this additional burden on its annual Budget, he added. 

14:11 (IST)

Nirmala Sitharaman makes 'populist' announcements

Finance Minister Nirmala Sitharaman has made some populist announcements which would give the immediate required relief to the most needy percentage of the Indian population, said Abhishek A Rastogi, partner at Khaitan & Co.

“While the announcements are welcome, the quantum of reliefs maybe a subject matter of discussion. The moot point remains that how fast these reliefs could reach the ultimate beneficiary keeping in mind that there are lot of challenges related to social distancing”, said Rastogi.

“On an overall basis, the Prime Minister and the finance minister deserve a standing ovation for the proactive approach to pass on the much needed benefit to the most vulnerable section of the Indian society,” he added.

14:08 (IST)

Market gives up early gains, Nifty below 8,500-mark

Market abandoned the gains as Sensex slipped below 30,000-mark soon after Union Finance Minister Nirmala Sitharaman unveiled Rs 1.7 lakh crore relief package.

 

Sensex was trading 622 points or 2.18 percent at 29,157.78 while Nifty was up 158.15 points or 1.9 percent at 8,476 at around 2 PM.

13:37 (IST)

Stimulus hopes drive today’s market rally

Bulls continued their winning momentum on the Dalal Street gaining more than 4.6 percent  amid reports of stimulus packages by large economies in order to soften the economic blow from the lockdown of businesses and offices, said Sundar Sanmukhani, Head of Fundamental Research Desk, Choice Broking.

Sentiments got a boost from reports of India working on a $20 billion package while the US Senate passed a bill of $2 trillion that will help US businessman and workers. Broad based buying was witnessed in the market with all sectors trading in green.

BFSI shares were the top gainer as value buying emerged in fundamentally strong stocks. IndusInd bank, Axis bank, HDFC twins and ICICI bank were among the top gainers.

IndusInd bank, Axis bank, HDFC twins and ICICI bank were among the top gainers. IndusInd bank surged more than 47 percent in Thursday's session.

Sentiments are expected to be upbeat as Investors eagerly wait for stimulus package from India, however coronavirus related developments will also be on Investor’s radar.

13:30 (IST)

Sensex slips below 30,000-mark, Nifty above 8,600-level

Sensex jumped 1258.04 points or 4.41 percent to 29,793.82 and Nifty jumped 284.85 points or 3.42 percent to 8,602.70 as Finance Minister Nirmala Sitharaman announced Rs 1.70 lakh crore relief package.

13:19 (IST)

MCX, ICEX to restrict trading timings from 30 March to 14 April 

13:17 (IST)

Ready reckoner rates publication postponed, says Maharashtra revenue minister

  
Maharashtra Revenue Minister Balasaheb Thorat on Thursday said the publication of ready reckoner rates has been postponed in view of the coronavirus outbreak.
  
The ready reckoner rates, which are prices of a residential property, land or commercial property for a given area, are published on 31 March every year. But now, the revenue department officials are busy in tackling the coronavirus crisis, hence the ready reckoner rates will be published after the state is coronavirus-free, Thorat said in a statement.
  
The minister said he has instructed district collectors that agriculture work should not be affected due to the lockdown.
  
"Harvesting machinery has come from Punjab and adequate supply of fuel should be made available for them," he said.

13:14 (IST)

Indian banks plan to shut down most branches during lockdown

India’s central bank and major lenders are considering shutting down most branches across the country to prevent tens of thousands of employees from getting infected with the coronavirus, four sources familiar with the plan told Reuters.

India is still very much a cash society and banks have been exempted from a 21-day lockdown that began this week as they are considered an essential service.

Under the plan, in major cities there would likely be only one bank open every five kilometres, the sources said, declining to be identified as it has not yet been publicly disclosed.

In the countryside, where 70 percent of people live and often rely only on cash, banks will likely operate on alternate days and redeploy staff to only allow disbursal of welfare cash to the poor, one of the sources said.

12:35 (IST)

Rupee rises 63 paise to 75.25 against dollar 

Rupee jumped 63 paise to 75.25 per dollar during intra-day trade, amid buying seen in the domestic equity market.

In the morning, the domestic unit opened flat at 75.87 per dollar against Tuesday's close of 75.88.

12:28 (IST)

US braces for record surge in jobless claims amid coronavirus fallout

The number of Americans filing claims for unemployment benefits likely raced to as high as a record 4 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, unleashing a wave of layoffs.

The weekly jobless claims report from the Labor Department on Thursday is set to offer the clearest evidence yet of the coronavirus’ devastating impact on the economy, which has forced the Federal Reserve to take extraordinary steps and set the US Congress racing to assemble a record $2 trillion stimulus package.

Economists say the economy is already in recession and the jobless claims report would offer proof of that.

12:17 (IST)

Sensex surges over 1,400 points, Nifty above 8,700-level on stimulus hopes

Market made a sharp recovery in the afternoon trade after reports of Union Finance Minister Nirmala Sitharaman’s press conference at 1 pm today.

 

Sensex soared 1483.21 points or 5.20 percent to 30,018.99 and Nifty jumped 396.90 points or 4.77 percent to 8,714.75 at around 12.10 PM.

It is expected that the finance minister may announce a much-needed stimulus package in the wake of coronavirus outbreak and subsequent national lockdown for 21 days.

12:03 (IST)

 IndiGo surges 4% ahead of Nirmala Sitharaman's press conference at 1 pm today

11:55 (IST)

Market surges ahead of Nirmala Sitharaman’s press conference at 1 pm

Market staged a comeback after reports of Union Finance Minister Nirmala Sitharaman’s press conference at 1 pm today.

 

Sensex zoomed 1231.51 points or 4.32 percent to 29,767.29 while Nifty was up 326.45 points or 3.92 percent to 8,644.30 at around 11.50 AM.

11:48 (IST)

Finance Minister Nirmala Sitharaman to hold press conference at 1 pm today

11:37 (IST)

Market falls from day’s high as Sensex slips below 30,000-mark

The market failed to retain its early morning rally and slipped from the day’s high while trading in the green.  

Sensex surged 999.21 points or 3.50 percent to 29,534.99 while Nifty was up 283.60 points or 3.41 percent to 8,601.45 at around 11.30 AM.

IndusInd Bank was the top gainer in the Sensex pack zooming nearly 45 percent while Axis Bank zoomed over 12 percent. 

11:25 (IST)

IndusInd Bank soars nearly 45% amid market rally

Shares of IndusInd Bank soared nearly 45 percent to  Rs 430.95 in the morning trade on Thursday.

In the previous session, the lender's shares ended in the red.

11:20 (IST)

Air cargo bottlenecks can put lives at risk, urgent govt action required: IATA

The International Air Transport Association (IATA) and its members have renewed their call to governments to take urgent measures to ensure that vital air cargo supply lines remain open, efficient and effective.

"Air cargo is a vital partner in the global fight against COVID-19. But we are still seeing examples of cargo flights filled with life-saving medical supplies and equipment grounded due to cumbersome and bureaucratic processes to secure slots and operating permits," said IATA's director general and CEO Alexandre de Juniac.

"These delays are endangering lives. All governments need to step up to keep global supply chains open," he said in a statement.

11:10 (IST)

Shares rise for third straight session, investors await domestic stimulus package 

Shares rose for the third straight session on Thursday, as investors awaited a domestic stimulus to fight the impact of the coronavirus outbreak on an already slowing economy, and the US Senate passed a $2-trillion virus relief bill.

“There were some hiccups, but the US has passed the bill,” said Neeraj Dewan, director at Quantum Securities in New Delhi.

“Now the cry for a good domestic package is getting stronger and anticipation is building,” he said.

The Nifty has climbed 9 percent in the last two sessions as global sentiment improved as governments considered stimulus plans, but the blue-chip index is still down some 30 percent since the start of this year as markets everywhere are pummelled by the crushing impact of the virus on business.

10:58 (IST)

Finance ministry asks RBI to consider moratorium on loan repayments

In a bid to provide relief to the borrowers amid coronavirus outbreak, the finance ministry reportedly suggested the RBI to consider measures such as moratorium on loan repayments for a few months, said a news report.

 

Debashish Panda, secretary, department of financial services, reportedly send a letter to the Reserve Bank of India (RBI) on Tuesday asking to consider about moratorium of a few months on equated monthly installments (EMIs), interest and loan repayments and relaxation in the classification of bad loans, said a report in The Economic Times, quoting sources.

10:43 (IST)

Temporary trading halt in HDFC, Bajaj Fin after stocks gain 10% each

10:29 (IST)

Rupee zooms over 70 paise from day's low of 75.95

10:28 (IST)

Sensex crosses 30,000-mark; Nifty above 8,700-mark in morning rally

The Sensex surged 1528.81 points or 5.36 percent to 30,064.59 while Nifty was up 425.40 points or 5.11 percent to 8,743.25 at around 10.20 AM.

IndusInd Bank was the top gainer in the Sensex pack zooming over 30 percent while Axis Bank zoomed over 13 percent. 

10:22 (IST)

Sensex zooms over 1,300 points, Nifty above 8,600-mark in morning trade

The Sensex surged 1375.58 percent 4.82 percent to 29,911.36 while Nifty was up 363.30 points or 4.37 percent to 8,681.15 at around 10.15 AM.

IndusInd Bank was the top gainer in the Sensex pack zooming over 25 percent while Axis Bank jumped over 13 percent. 

10:15 (IST)

Nifty Bank surges 6% in intra-day trade

10:14 (IST)

Amazon pauses sellers' loan repayments amid coronavirus

 

Amazon.com Inc on Wednesday said it temporarily would not require sellers in its marketplace to repay loans it had made to them, as merchants confront the prospect of declining sales during the coronavirus pandemic.

The world’s largest online retailer notified sellers that its programme known as Amazon Lending would pause repayments beginning Thursday until April 30. Interest would not accrue during that period, it said.

The programme has offered sums between $1,000 and $750,000 to merchants looking for capital to acquire inventory, expand their product lines and advertise on Amazon.

10:05 (IST)

Oil prices mixed as demand shrinks, but stimulus hopes support

Oil prices were mixed on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a US $2 trillion emergency stimulus will shore up economic activity.

West Texas Intermediate (WTI) crude futures slipped 4 cents, or 0.2 percent, to $24.45, while Brent crude futures rose 12 cents, or 0.4 percent, to $27.51.

10:03 (IST)

Sensex soars over 1,000 points, Nifty above 8,500-mark in morning trade

The Sensex zoomed 1055.64 points or 3.70 percent to 29,591.42 while Nifty was up 278.75 points or 3.35 percent to 8,596.60 at around 10 AM.

IndusInd Bank remained the top gainer in the Sensex pack zooming nearly 20 percent.

Other gainers included Axis Bank, Infosys, HDFC, Tech Mahindra, HCL Tech, Bajaj Finance, Bajaj Auto and ICICI Bank.

09:59 (IST)

IndusInd Bank shares soar nearly 20 percent 

Shares of IndusInd Bank soared nearly 20 percent in the early morning trade on Thursday. 

The shares jumped 19.99 percent to Rs 361.40 at around 9.50 AM.

09:56 (IST)

US Senate approves $2-trillion coronavirus economic, medical aid bill

The US Senate on Wednesday unanimously passed a $2-trillion bill aimed at helping unemployed workers and industries hurt by the coronavirus pandemic, as well as providing billions of dollars to buy urgently needed medical equipment.

By a vote of 96-0 the Senate passed the bill, sending it to the House of Representatives, which could vote sometime this week.

09:52 (IST)

Gold falls on cash run, markets await US stimulus

Gold prices fell on Thursday as investors scurried for liquid cash while awaiting the passage of a $2 trillion dollar US stimulus package to combat the economic impact of the coronavirus epidemic.

Spot gold fell 0.6 percent to $1,604.16 per ounce and US gold futures were up 0.3 percent at $1,639 an ounce.

09:47 (IST)

Flipkart resumes operations, Amazon says in talks with govt

After temporarily suspending operations earlier in the day, Walmart-owned Flipkart will resume its grocery and essentials services after assurance of safe passage of its supply chain and delivery executives by local law enforcement authorities.

Amazon said it was working with government authorities to enable it to deliver essential items.

Flipkart, along with rival Amazon India's Pantry service, were suspended temporarily on Wednesday morning as India entered into a 21-day lockdown to contain the spread of COVID-19 pandemic.

"We have been assured of the safe and smooth passage of our supply chain and delivery executives by local law enforcement authorities and are resuming our grocery and essentials services later today (Wednesday)," Flipkart Group CEO Kalyan Krishnamurthy said in a statement.

Snapdeal said authorities in various cities, including Delhi, Gurugram and Bengaluru have discussed operating issues with various e-commerce companies.

09:46 (IST)

Rupee gains 20 paise from day's low of 75.95 against dollar

09:42 (IST)

Sensex goes past 29,000-mark, Nifty up 195 points in morning trade

The Sensex jumped 683.06 points or 2.39 percent to 29,218.84 while Nifty was up 195.05 points or 2.34 percent to 8,512.90 at around 9.30 AM.

IndusInd Bank was the top gainer in the Sensex pack zooming nearly 15 percent in the early trade.

Other gainers included Axis Bank, Infosys, HDFC, Tech Mahindra, HCL Tech, Bajaj Finance, Bajaj Auto and ICICI Bank.

09:34 (IST)

IndusInd, Axis Bank among major gainers

09:32 (IST)

US Senate passes $2 trillion Coronavirus stimulus package 

US Senate has passed USD 2 trillion Coronavirus stimulus package and sending it to the House.

The plan includes direct payments of $1,200 to most American adults and aid to help small businesses pay workers.

09:30 (IST)

Grasim, IOC, Maruti among major losers

09:28 (IST)

Banks announce special emergency loans

In a bid to help people and businesses affected in the wake of coronavirus outbreak, state-owned lenders including Indian Bank, Union Bank of India and Bank of Baroda on Wednesday announced special emergency loan products. Besides, other public sector lenders -- Canara Bank, UCO Bank and Indian Overseas Bank -- too announced emergency credit line for customers.
  
Public sector banks with about 80 per cent of banking operation have taken steps to ensure the safety of its staff and uninterrupted banking services to customers.
 
“In these challenging times, the bank is committed to stand by its customers. Keeping in view the hardships faced by various sectors of the economy, we have launched products to take care of immediate liquidity requirement of businesses and retail customers," Indian Bank managing director Padmaja Chunduru told PTI.
  
Bank of Baroda said it has set up an emergency credit line to provide funds to its existing MSME and corporate borrowers impacted by the outbreak of coronavirus. This follows a similar additional funding facility announced by the country's largest lender State Bank of India for its borrowers, last week.

09:26 (IST)

Mid-cap indices erase early gains

09:24 (IST)

IndusInd Bank, Tech Mahindra among major gainers on Nifty

Sensex is up 243.93 points or 0.85 percent at 28779.71. Nifty is up 53.85 points or 0.6 percent at 8371.70.

IndusInd Bank, Tech Mahindra, Axis Bank, Sun Pharma and HDFC are among major gainers on Nifty.

Losers now on the bourses are are Yes Bank, Grasim, JSW Steel, Adani Ports and Maruti Suzuki.

Stock Market LIVE Updates: Market closed in the green for the third straight session on Thursday as the Nifty ended the March series above 8,600 level after the announcement of Rs 1.7 lakh crore relief package by Finance Minister Nirmala Sitharaman.

The Sensex surged 1,410.99 points or 4.94 percent to 29,946.77 while the broader Nifty was up 323.60 points or 3.89 percent at 8641.45 at close.

IndusInd Bank was the top gainer in the Sensex pack soaring over 45 percent. The other major gainers included L&T, Bajaj Finance, Airtel, Bajaj Auto, Kotak Bank and HUL.

All the sectoral indices ended in the green. BSE Midcap and Smallcap indices rose over 3 percent each.

Sitharaman has announced some very timely relief measures to help India’s poor with the cash transfers, construction workers fund and free rice/wheat distribution, said Akhil Shahani, managing director, The Shahani Group.

"It is also good that she is supporting the true hero's of this coronavirus fight by giving Rs 50 lakh medical insurance cover to health workers. However it would have been good to see additional relief offered to the SME sector beyond 3 month support for the EPF. Many SMEs are struggling to pay salaries and debt interest with no income, an announcement on a moratorium on loan interest payments for a couple of months or a reduction in the loan interest rates charged by banks could have been beneficial," he said.

Also, there could have been a 3 month moratorium on GST collections. A concern also arises as to how the Centre will support this additional burden on its annual Budget, he added.

Market lost its sheen as Union Finance Minister Nirmala Sitharaman unveiled Rs 1.7 lakh crore relief package for the country.

Sensex slipped below 30,000-mark while the Nifty was trading above 8,600-level.

Sensex jumped 1258.04 points or 4.41 percent to 29,793.82 and Nifty jumped 284.85 points or 3.42 percent to 8,602.70.

Market staged a comeback after reports of Union Finance Minister Nirmala Sitharaman’s press conference at 1 pm today.

It is expected that the Centre would announce a much-needed stimulus package in the wake of coronavirus outbreak and subsequent national lockdown for 21 days.

Sensex zoomed 1231.51 points or 4.32 percent to 29,767.29 while Nifty was up 326.45 points or 3.92 percent to 8,644.30 at around 11.50 AM.

The market failed to retain its early morning rally and slipped from the day’s high.

Sensex surged 999.21 points or 3.50 percent to 29,534.99 while Nifty was up 283.60 points or 3.41 percent to 8,601.45 at around 11.30 AM.

The bull run continued on Dalal Street in the morning trade on Thursday as Sensex surged 1528.81 points or 5.36 percent to 30,064.59 while Nifty was up 425.40 points or 5.11 percent to 8,743.25 at around 10.20 AM.

IndusInd Bank was the top gainer in the Sensex pack zooming over 30 percent while Axis Bank surged over 13 percent.

The Sensex jumped 683.06 points or 2.39 percent to 29,218.84 while Nifty was up 195.05 points or 2.34 percent to 8,512.90 at around 9.30 AM.

IndusInd Bank was the top gainer in the Sensex pack zooming nearly 15 percent. Other gainers included Axis Bank, Infosys, HDFC, Tech Mahindra, HCL Tech, Bajaj Finance, Bajaj Auto and ICICI Bank.

Sensex up 300 points, Nifty opens above 8,400-level in opening trade; Rupee opens flat

Benchmark indices are trading higher in the pre-opening session with Nifty above 8400.

At 09:01 hrs IST, the Sensex is up 754.68 points or 2.64% at 29290.46, and the Nifty up 84.30 points or 1.01% at 8402.15.

Singapore: Asian stock markets made a cautious start on Thursday following two days of rallies, as investors await the passage and details of a $2 trillion stimulus package in the United States to combat the economic fallout from the coronavirus.

 

Senate leaders hope to vote on the plan later on Wednesday in Washington, but it still faces criticism. The bill includes a $500 billion fund to help hard-hit industries and a comparable amount for payments up to $3,000 to millions of US families.

It cannot come soon enough, with potentially enormous weekly US initial jobless claims to appear in data due at 1230 GMT.

Australia’s S&P/ASX 200 index rose 1.5 percent in early trade—its third positive start in as many sessions, but also its most muted. Japan’s Nikkei fell 2.2%.

Hong Kong futures were 1 percent higher and China A50 futures were up 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent.

“There has been so much stimulus thrown at this,” said Jun Bei Liu, portfolio manager at Tribeca Investment Partners in Sydney. “But the positivity related to it is really just sentiment,” she said, adding that investors were largely flying blind with so many companies withdrawing earnings guidance. Jobless figures may offer a “reality check,” she said.

In perhaps an early sign of the fragile mood, the risk-sensitive Australian dollar dropped 1 percent and the safe-haven Japanese yen rose in morning trade.

US stock futures rose 1 percent, following the first back-to-back session rises on Wall Street in over a month.

The Dow Jones Industrial Average rose 2.4 percent and the S&P 500 1.2 percent, while the Nasdaq Composite dropped half a percent following a Nikkei report that Apple was weighing a delay in the launch of its 5G iPhone.

Jobless claims to test bounce

The money at stake in the stimulus bill amounts to nearly half of the $4.7 trillion the US government spends annually.

But it also comes against a backdrop of bad news as the coronavirus spreads and as jobless claims are set to soar, with both expected to test the nascent bounce in markets this week.

California Governor Gavin Newsom told reporters on Wednesday that a million Californians had already applied for jobless benefits this month - a number that knocked stocks from session highs and has analysts bracing for worse to come.

RBC Capital Markets economists had expected a national figure over 1 million in Thursday’s data, but say “it is now poised to be many multiples of that,” as reduced hours across the country drive deep layoffs.

“Something in the 5-10 million range for initial jobless claims is quite likely,” they wrote in a note.

That compares to a 695,000 peak in 1982. Forecasts in a Reuters poll range from a minimum of 250,000 initial claims, all the way up to 4 million.

Trepidation seemed to put a halt on the US dollar’s recent softness in currency markets, with the dollar ahead 1 percent against the Antipodean currencies and up 0.6% against the pound.

It slipped 0.3 percent to 110.85 yen.

US crude slipped 1.5 percent to $24.11 per barrel and gold steadied at $1,608.14 per ounce.

More From Firstpost

image beaconimage beaconimage beacon