Stock Market LIVE Updates: Sensex up 300 points, Nifty opens above 8,400-level in opening trade; Rupee opens flat

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

#CNBCTV18Market | Midcap Index & Nifty Bank turn negative after a few minutes of the opening pic.twitter.com/XF1pbfUfpW

— CNBC-TV18 (@CNBCTV18Live) March 26, 2020

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.

09:20 (IST)

Benchmark indices open higher in opening trade

09:16 (IST)

Rupee opens unchanged 

#Rupee opens little changed Vs Tuesday's close

FYI- Money market was shut yesterday due to Gudi Padwa pic.twitter.com/K0YfNlHXks

— CNBC-TV18 (@CNBCTV18Live) March 26, 2020

09:03 (IST)

Nifty indicates lower start for bourses

#CNBCTV18Market | Dow Futures fail to sustain gains, slip 500 points from highs.

SGX #Nifty indicates a lower start for Dalal Street pic.twitter.com/vSXAiFtGGh

— CNBC-TV18 (@CNBCTV18Live) March 26, 2020

Stock Market LIVE Updates: 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.

 

#CNBCTV18Market | Asian indices trade mixed, Japan's Nikkei extends losses to trade at day's low#CoronavirusOutbreak pic.twitter.com/CsaOsfFgIh

— CNBC-TV18 (@CNBCTV18Live) March 26, 2020

 

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.

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