09:39 (IST)
Sensex gains over 600 points
#CNBCTV18Market | #Sensex gains more than 600 points from opening lows pic.twitter.com/ZIN1C6UYFN
— CNBC-TV18 (@CNBCTV18Live) April 8, 2020
09:38 (IST)
FII and DII buys
According to NSE data, Foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 741.77 crore on Tuesday.
Domestic institutional investors (DIIs) were net buyers to the tune of Rs 422.51 crore.
09:34 (IST)
Hindalco, Maruti among top losers
#CNBCTV18Market | Hindalco along with auto names top the list of #Nifty losers in the opening hour pic.twitter.com/dtAOYWBPfK
— CNBC-TV18 (@CNBCTV18Live) April 8, 2020
09:33 (IST)
Layoffs, closures to wipe out 6.7% of working hours worldwide: ILO
Workplace disruptions caused by the COVID-19 pandemic are expected to wipe out labour equivalent to the effort of 195 million full-time workers, or 6.7% of hours clocked worldwide, in the second quarter of this year, the International Labour Organization (ILO) said on Tuesday.
More than four out of five workers globally are affected by full or partial closures, it said in a report.
The UN agency welcomed fiscal and monetary measures applied so far but urged countries to take steps to keep people connected to jobs they are no longer able to do, so fewer will end up unemployed.
“What we do now in terms of maintaining that relationship between workers and their enterprises to keep them on the labour market, that will pay dividends when it comes to the trajectory and the gradient of recovery hopefully in the latter part of this year,” ILO director-general Guy Ryder told a news conference.
09:31 (IST)
Markets open on weak note
#CNBCTV18Market | #Sensex, #Nifty and Nifty Bank open with cuts of 1% each. Midcap Index down 0.3% in opening tick. Market breadth remains in favour of advances pic.twitter.com/onZCkPcFab
— CNBC-TV18 (@CNBCTV18Live) April 8, 2020
09:30 (IST)
Oil prices jump on hopes for OPEC, Russia meeting
Oil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.
Brent crude was up by 75 cents, or 2.4 percent , at $32.62 per barrel by 0246 GMT after falling 3.6 percent on Tuesday. US West Texas Intermediate (WTI) crude rose $1.30, or 5.5 percent , to $24.93 a barrel after dropping 9.4 percent in the previous session.
Thursday’s videoconference meeting between members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, is widely expected to be more successful than their gathering in early March. That ended in failure to extend cuts, and a price war between Saudi Arabia and Russia amid slumping demand.
But doubts remain over the role of the United States in any production curbs.
09:19 (IST)
Coronavirus Outbreak: Q4 performance of IT companies to be impacted
#CNBCTV18Market | Impact of COVID-19 on Q4 performance & bookings likely to be limited for IT companies; expect sharply lower & wider range for FY21/Q1 growth guidance, says Jefferies pic.twitter.com/vFQQHFbIzI
— CNBC-TV18 (@CNBCTV18Live) April 8, 2020
09:14 (IST)
Wall Street volatility raises fears of another sell-off
The evaporation of a rally on Wall Street in the closing minutes of Tuesday’s session shows that many investors fear the US stock market is in danger of a renewed tumble due to uncertainty surrounding the coronavirus pandemic.
Fueled by early signs of the outbreak plateauing in some US hot spots, including New York State, the S&P 500 traded up as much as 3.5 percent during the session, only to lose ground sharply late in the day to finish down 0.16 percent. The index, however, remains up 19 percent from its 23 March low.
Much of Wall Street’s recent recovery has been thanks to a $2 trillion package aimed at stimulating the economy as much of the country hibernates to slow the spread of the coronavirus.
09:08 (IST)
Stock market indices trade high
The Sensex was up 160.32 points or 0.53 percent at 30227.53, at 09:01 AM.
The Nifty was up 48.95 points or 0.56 percent at 8841.15.
Stock Market Today LIVE Updates: Sensex falls 250 points, Nifty around 8,700-mark in opening session; HCL Tech, HUL top gainers
Asian stock futures were under pressure on Wednesday after a late, sharp sell-off on Wall Street and as oil prices slumped under pressure from swelling global supplies.
Hong Kong futures were down following two days of gains. Australian shares were expected to open lower as warnings of an economic slump and a spike in unemployment due to the coronavirus pandemic dampened sentiment.
Nikkei futures were down 0.37 percent at 2319 GMT. The Nikkei 225 index closed up 4.24 percen at 18,576.3 on Tuesday as the Japanese government promised a near-$1 trillion stimulus package - equal to a fifth of its gross domestic product - to address the impact of the coronavirus pandemic.
The S&P 500 lost 4.27 points, or 0.16 percent, to 2,659.41, closing near its session lows and giving up an earlier gain of as much as 3.5 percent on Tuesday. The Nasdaq Composite dropped 25.98 points, or 0.33 percent, to 7,887.26 and Dow Jones Industrial Average fell 26.13 points, or 0.12 percent, to 22,653.86.
After US stock markets closed, President Donald Trump said the United States may be getting to the top of the coronavirus curve.
The Trump administration asked Congress for an additional $250 billion in emergency economic aid for small US businesses reeling from the pandemic.
New York state, the US epicenter of COVID-19, is nearing a plateau in the number of patients hospitalized, Governor Andrew Cuomo said, a hopeful sign even as deaths in his state and neighboring New Jersey hit single-day highs.
The novel coronavirus has infected more than 1.3 million people and killed over 76,000 globally, the latest figures compiled by Reuters show. Though the numbers are still rising in many highly populated countries, tentative improvements have given hope.
“While the virus’ ‘curve is flattening’, the economic effects of the corona crisis will linger for years in our view,” Commonwealth Bank of Australia economist Joseph Capurso said in a morning note.
“Economies will take time to re‑open, some businesses will not re‑open, and unemployment will take years to return to levels reported at the end of 2019.”
Oil prices also gave up early gains to fall sharply as weekly data showed a crude glut grew more than expected. Hopes the world’s biggest producers would agree to cut output were overtaken by anxiety that a deal would not emerge.
Gold prices retreated after touching a 3-1/2-week high, in response to a stabilization in Asian and European equities trade.
Demand for gold, seen as a store of value, has jumped in recent weeks as governments around the world roll out stimulus packages that effectively dilute their currencies.
Debt trading conditions remain challenging but some measures of liquidity in the $17 trillion US Treasury market are almost back to normal, thanks to the Federal Reserve’s giant purchases.
Without the Fed’s intervention, analysts have been concerned that liquidity would rupture and market volatility would spike again. The Fed has bought more than $1 trillion in Treasuries over the last three weeks, helping calm markets.
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