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Stock Market LIVE Updates: Sensex goes past 29,000-mark, Nifty above 8,500-level in morning trade; IndusInd Bank zooms nearly 15%

6 months ago 12

10:15 (IST)

Nifty Bank surges 6% in intra-day trade

#CNBCTV18Market | Nifty Bank surges 6% pic.twitter.com/LVyOvV1nQk

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

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

#Rupee gains 20 paise from day's low of 75.95/$ pic.twitter.com/vpHPxfXpwT

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

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

#CNBCTV18Market | IndusInd Bank, Axis Bank & Tech Mahindra amongst top Nifty gainers pic.twitter.com/Z04v2lRkba

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

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

#CNBCTV18Market | Grasim, IOC, Maruti & JSW Steel top Nifty losers pic.twitter.com/waKMhPCzVK

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

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: 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.


#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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