Stock market today LIVE Updates: Markets open on positive note, Sensex up, Nifty above 9,050; Kotak Mahindra Bank, Hindalco up 2% - Dealers Care

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Tuesday, 26 May 2020

Stock market today LIVE Updates: Markets open on positive note, Sensex up, Nifty above 9,050; Kotak Mahindra Bank, Hindalco up 2%

10:05 (IST)

Wheat procurement surpasses last year's level despite COVID-19  

Country's wheat procurement surpassed last year's level despite COVID-19 outbreak and subsequent lockdowns besides migration of workers.

Various government agencies purchased 341.56 lakh tonnes of wheat during this Rabi season as compared to 341.31 lakh tonnes procured during 2019-20 season, said Consumer Affairs, Food and Public Distribution Ministry.

The government had set a target of 407 lakh tonnes wheat to procure for central pool this year of which 83.92 percent has been achieved.

The biggest challenge was to ensure that procurement is done in a safe manner during the pandemic, said the Ministry in the statement.

09:53 (IST)

Nokia shuts plant in south India after 42 test positive for coronavirus

Nokia last week suspended operations at a telecoms gear manufacturing plant in southern India, the company said on Tuesday, after some employees tested positive for COVID-19.

Nokia did not disclose how many workers at the plant in Sriperumbudur in the southern state of Tamil Nadu tested positive, but a source familiar with the matter said they were at least 42.

The company said it had already implemented measures such as social distancing and changes to canteen facilities.

The factory had begun operations in a restricted manner over the past few weeks, Nokia said in a statement, after India eased the world's biggest lockdown to kick-start its economy which has been pummelled by the shutdown.

09:36 (IST)

China's industrial firms' profits fall in April but at slower pace

Profits at China’s industrial firms fell at a slower pace in April, helped by improvements in automobiles and electronics, but the economy faces persistent pressure as activity and demand remains weak after the coronavirus outbreak.


Profits at China’s industrial firms in April fell 4.3% year-on-year to 478.1 billion yuan ($67 billion), after plunging 34.9% in March, the statistics bureau said on Wednesday.

China’s economy has shown patchy signs of recovery as it reopens after several weeks of tough virus containment measures.

But fallout from the pandemic, which paralysed business activity and triggered the first quarterly economic contraction on record, is expected to keep earnings under strain for most of this year.

For the first four months, industrial firms’ profits fell 27.4% year-on-year to 1.26 trillion yuan, compared with a 36.7% slump in the first three months.

09:35 (IST)

LATAM becomes largest airline driven to bankruptcy by coronavirus


LATAM Airlines Group, the continent’s largest carrier, filed for U.S. bankruptcy protection on Tuesday, becoming the world’s largest carrier so far to seek an emergency reorganization due to the coronavirus pandemic.The filing highlights the financial weakness of Latin America’s carriers, following a similar bankruptcy earlier this month by the region’s No. 2 airline, Avianca Holdings.

But unlike Avianca, which experienced management turmoil and losses, Chile’s LATAM posted profits for the last four consecutive years totaling more than $700 million. LATAM had also approved a dividend payment this year, in contrast to other carriers that have halted payouts.

One of the world’s largest airlines, LATAM said it would continue to fly through its bankruptcy restructuring.

LATAM shares closed down 36% after falling as much as 58% in Santiago.

09:33 (IST)

World economic prospects darken, rebound delayed: Poll


Economic prospects for the developed world this year have darkened again in the past month as the coronavirus pandemic has rolled from Asia to the Americas, with a V-shaped sharp recovery expected by less than one-fifth of economists polled by Reuters.

With many countries starting to ease lockdown restrictions imposed to stop the spread of the virus, which has infected over 5.5 million people globally, equity markets are rallying on hopes for a swift return to health and prosperity.

But the trough in economic activity will be deeper and the rebound is likely to take longer than predicted just a short time ago, in part because the pandemic is spreading across the globe in stages and arriving in countries at different times.

Reuters polls of more than 250 economists taken over the past few weeks showed recessions in most major economies would be deeper this year than previously predicted.

“In many ways the outlook for the global economy resembles an obstacle course. In the first step, the economy falls into a big hole, starting in China in Q1, most of the rest of the world in Q2 and extending into Q3 in some emerging markets,” said Ethan Harris, head of global economics research at BofA.

09:30 (IST)

Nifty Midcap slips

09:29 (IST)

Titan shares down

09:29 (IST)

Indices open on positive note

The bencmark indices opened on positive note on 27 May with Nifty above 9,050-mark.

At 09:16 hrs IST, the Sensex is up 116.63 points or 0.38% at 30725.93, and the Nifty up 31.50 points or 0.35% at 9060.55. About 461 shares have advanced, 186 shares declined, and 42 shares are unchanged.

09:28 (IST)

Renault and Nissan rebuild their alliance

When Renault SA , Nissan Motor Co and Mitsubishi Motors Corp announced the last strategy plan for their Alliance in September 2017, the goal was to become the world’s biggest automaker by 2022.

On Wednesday, the Alliance partners will outline a new plan with a less lofty objective: survival.

“There will be restructuring, there will be fixed costs reductions, there will be a number of projects which will be reduced,” a person with knowledge of the plan told Reuters, speaking on condition of anonymity ahead of the announcement.

The three car makers are reeling from the coronavirus pandemic which engulfed them just as they were trying to rework their partnership after the arrest in 2018 and subsequent ouster of its chairman and chief architect, Carlos Ghosn.

09:23 (IST)

Kotak Mahindra shares up

09:17 (IST)

Markets open higher

09:12 (IST)

'Can't sell onions at fair price'

09:10 (IST)

Economy to shrink by 5%, says CRISIL

India's fourth recession since Independence, the first since liberalisation and perhaps the worst to date, is here, CRISIL said on Tuesday as it predicted the economy to shrink by 5 percent in the current fiscal because of coronavirus lockdown.

"The first quarter (April to June 2020) will suffer a staggering 25 percent contraction. About 10 percent of gross domestic product (GDP) in real terms could be permanently lost. So going back to the growth rates seen before the pandemic is unlikely in the next three fiscals," it said in its assessment of India's GDP.

In the past 69 years, India has seen a recession only thrice - as per available data - in fiscals 1958, 1966 and 1980. The reason was the same each time - a monsoon shock that hit agriculture, then a sizeable part of the economy.

CRISIL said the recession in the current fiscal (April 2020 to March 2021) is different as agriculture could soften the blow this time by growing near its trend rate, assuming a normal monsoon. The coronavirus lockdown, first imposed on March 25 and extended thrice till May 31, has curtailed economic activity severely. "The first quarter of this fiscal will be the worst affected," it said.

"Not only will the first quarter be a washout for the non-agricultural economy, services such as education, and travel and tourism among others could continue to see a big hit in the quarters to come. Jobs and incomes will see extended losses as these sectors are large employers," it said.

09:08 (IST)

Indices trading higer in pre-opening session

Benchmark indices are trading higher in the pre-opening session.

At 09:01 hrs IST, the Sensex is up 55.08 points or 0.18% at 30664.38, and the Nifty up 73.00 points or 0.81% at 9102.05.

09:08 (IST)

Jan-March quarter results to be released today

09:07 (IST)

Asian shares slip as new Hong Kong tensions rise

Asian shares slipped on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy.

U.S. President Donald Trump said late on Tuesday he is preparing to take action against China this week over its effort to impose national security laws on Hong Kong, but gave no further details.

Hong Kong shares led declines among major regional indexes, with Hang Seng .HSI falling 0.46%, though it kept a bit of distance from a two-month low touched on Monday. MSCI's ex-Japan Asia-Pacific index .MIAPJ0000PUS lost 0.12%, with mainland Chinese shares .CSI300 down a similar amount.

Japan's Nikkei .N225 was almost flat.

09:06 (IST)

Biocon Biologics gets DCGI approval

09:05 (IST)

India facing worst-ever recession: CRISIL

08:54 (IST)

Markets to kickstart marginally in green 

Aditya Agarwala, Senior Technical Analyst, YES Securities, said, "The Indian markets are expected to kick start trade marginally in the green after a dismal performance in the previous session, as indicated by the SGX Nifty which is currently trading higher by 30 points. The Asian pack however, are showing mixed signals as NIKKEI and TAIWAN trade in the green while HANGSENG, STRAITS, KOSPI and SHANGHAI are in the red. Overnight the US Indices ended yet another trade with a stellar performance as Dow Jones gained 2.20%, now recovering 38% from the lows. Currently, Dow Jones Futures are trading in the green with minor gains.   

"The Nifty ended its previous session in the red as bulls failed to take the Index beyond the 9,150-mark leading to profit booking in late trade. However, following a GAP up opening of 30 points, if the Index sustained above the 9050 then a short covering rally can push it higher to levels of 9150-9160 again which is acting a stiff resistance zone. On the flip side failure to trade above the 8975 levels will resume the selling pressure dragging it lower to levels of 8920-8850. Currently the trading range for Nifty has narrowed to 185 points as it oscillates between 8975 on the downside and 9160 on the upside,” Agarwala said.

08:53 (IST)

Stocks to watch out for today

08:49 (IST)

Markets likely to open mildly high

Deepak Jasani, Head Retail Research, HDFC securities, said, "The markets could open mildly higher in line with most other Asian markets as hopes of early breakthrough in coronavirus vaccine is offset by worries on US China front Indian markets could open mildly higher in line with mildly positive Asian markets today and strong Dow Jones index on Tuesday.

"US stocks finished higher Tuesday, but off key levels following a long holiday weekend, as investors were emboldened by fresh coronavirus vaccine news from Novavax and Merck and signs that global economies are crawling back from the pandemic shutdown. In the process S&P 500 index broke through the psychologically-important 3,000 level and broke above the 200-day moving average. The Stoxx Europe 600 advanced 1.1%, ending at 348.92, its highest closing level since 6 March.

"The European Commission will unveil Wednesday a new coronavirus-related stimulus package and expectations are that it could boost markets across Europe.

"Crude-oil prices closed higher, with the price of a barrel of July West Texas Intermediate crude adding $1.10, or 3.3%, to end at $34.35. In precious metals, gold for June delivery fell $29.90, or 1.7% to settle at $1,705.60 an ounce.

"Hong Kong’s leader Carrie Lam on Tuesday brushed aside concerns about a Chinese power grab in the territory, after House national security adviser Robert O’Brien over the weekend threatened to sanction China if it carries through with plans for new national security laws in Hong Kong, where protests have reignited. Also Tuesday, the White House said that a move by China to tighten its grip on Hong Kong could threaten the city’s status as a financial hub

"India's gross domestic product (GDP) growth is set to fall off the cliff and contract 5 percent this fiscal, Crisil said. The first quarter of FY21, it said, will witness a staggering 25 percent contraction (on-year). It also noted that going back to the pre-pandemic growth rates is unlikely in the next three fiscals despite policy support, with an estimated permanent loss of 10 percent to the country's real GDP (under the base case).

"Asian shares shed some of their recent gains on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy.

"US President Donald Trump said late on Tuesday he is preparing to take action against China this week over its effort to impose national security laws on Hong Kong, but gave no further details.

"Technically, the Nifty seems to be in consolidation mode as it is now trading within the 8960-9180 trading range. Further directional cues are likely to emerge on a move beyond this range," Jasani said.

Stock market today LIVE Updates: Markets open on positive note, Sensex up, Nifty above 9,050; Kotak Mahindra Bank, Hindalco up 2%

New York: Asian shares shed some of their recent gains on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy.

US President Donald Trump said late on Tuesday he is preparing to take action against China this week over its effort to impose national security laws on Hong Kong, but gave no further details.

Worsening relations between the world’s two biggest economies will further hobble global growth, already in the doldrums due to the coronavirus pandemic worldwide.

E-Mini futures for the S&P 500 ESc1 edged down 0.05 percent, just short of the 3,000 chart level. The index had cleared 3,000 points in Wall Street overnight before pulling back, as some traders returned to the New York Stock Exchange floor for the first time in two months.

The Nikkei share average slipped 0.1 percent, unwinding some of the gains made on Tuesday when it climbed to their highest in nearly 12 weeks. Australia's ASX 200 lost 0.9 percent in early trade and South Korea's KOSPI fell 0.2 percent.

“The S&P 500 looked to be set to close above 3,000 until the late headline that the United States was considering a range of sanctions on Chinese officials and businesses should China go ahead with its legislation regarding Hong Kong,” analysts at the National Australia Bank said in a note.

“The extent of those possible sanctions is uncertain,” the analysts said.

China’s plans to impose national security laws in Hong Kong have triggered the first big street unrest in the Asian financial hub for the first time since last year. Overnight, hundreds of riot police took up posts around Hong Kong’s legislature in anticipation of protests on Wednesday.

Indeed, some analysts warned that even the recent jump in share prices showed signs of caution.

“Stock buying in the last 24 hours has a strong defensive bent,” Michael McCarthy, chief market strategist at CMC said in a note. “Beaten down consumer and financial stocks are leading markets higher, at the expense of the previously popular tech and healthcare sectors.”

Moderating demand for risk helped the safe-haven US dollar index to edge up 0.03 percent to 99.042, reversing from losses overnight.

US Treasury yields retreated from levels struck overnight, with two-year yields hovering at 0.170 percent, up from a record low of 0.105 percent struck on 8 May, but still under 0.20 percent.

Gold prices rebounded from losses as some investors played it safe, with spot gold unchanged at $1,711.45 per ounce.

The retreat from risk led oil prices to give up earlier gains. US West Texas Intermediate crude futures CLc1 were down 0.3 percent.



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