09:25 (IST)
Sensex, Nifty open high
The benchmark indices opened higher on Tuesday.
At 09:17 hrs IST, the Sensex is up 1,224.05 points or 4.44 percentat 28815.00. The Nifty up 338.90 points or 4.19 percent at 8422.70.
About 766 shares have advanced, 93 shares declined, and 35 shares are unchanged.
09:22 (IST)
RBI reduces trading hours for debt, currency markets from today
The RBI has reduced the trading hours of debt as well as currency markets from Tuesday in view of the lockdown following the outbreak of coronavirus.
The revised market timings will be effective during 7-17 April, 2020, the central bank said in a circular on Friday.
The market will open at 10 AM instead of the current 9 AM and closing timings too have been revised to 2 PM for all segments. The lockdown has adversely impacted the functioning of financial markets, the RBI said.
The market timings have been revised in order to "minimise these risks" and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring safety of personnel, it said.
09:19 (IST)
Growth could slip below 3% in current fiscal if COVID-19 proliferates: KPMG
India's growth could slip below 3 percent in the current fiscal if COVID-19 proliferates within India, lockdown extended and global economy slips into recession, a KPMG report said.
It said the three major contributors to GDP -- private consumption, investment and external trade -- will all get affected due to the spread of the pandemic.
The KPMG report presented three scenarios to explain the economic effects of COVID-19. In the scenario of quick retraction across globe by April-end to mid-May, the report said "India's growth for 2020-21 may be in the range of 5.3 to 5.7 per cent, though this scenario looks distant at this moment".
In the second scenario where India is able to control COVID-19 spread, but there is a significant global recession, the KPMG report said India's growth is expected to be in the range of 4-4.5 per cent.
However if the pandemic proliferates and there is global recession then it would be a double whammy for the economy as it will have to bear the brunt of both domestic and global demand destruction, KPMG report said.
09:14 (IST)
Money market to open at 10 AM
#CNBCTV18Alert | Money market to open at 10 am today as per RBI guidelines pic.twitter.com/uWnB8L1jIw
— CNBC-TV18 (@CNBCTV18Live) April 7, 2020
09:08 (IST)
JSW's crude steel output down in Q4
#JustI | JSW Steel’s Q4 crude steel production slips 5% 4 mt Vs 4.2 mt; FY20 crude steel production slips 4% at 16.1 mt Vs 16.7 mt (YoY) pic.twitter.com/btadgmIzhP
— CNBC-TV18 (@CNBCTV18Live) April 7, 2020
09:06 (IST)
JLR UK shares slip
March #AutoSales | Tata Motors: Total JLR UK sales slip 30.9% at 17,175 units Vs 24,862 units (YoY)
— CNBC-TV18 (@CNBCTV18Live) April 7, 2020
Total Jaguar UK sales down 41.4% at 4,794 units Vs 8,182 units (YoY)
Total Land Rover UK sales down 25.8% at 12,381 units Vs 16,680 units (YoY) pic.twitter.com/b60S7wdtXp
09:05 (IST)
Sensex, Nifty trade positive in pre-opening session
Benchmark indices are trading positive in the pre-opening session with Nifty above 8400.
At 09:01 hrs IST, the Sensex is up 928.30 points or 3.36% at 28519.25, and the Nifty up 381.70 points or 4.72% at 8465.50.
09:03 (IST)
Asian shares poised to climb higher
Asian markets looked poised on Tuesday to attempt another day of gains after stocks rallied on signs of a slowdown in coronavirus-related deaths, as oil prices resumed their decline on doubts about a potential Saudi-Russian pact to cut output.
Hong Kong futures were up and Australia futures also rose in early trade.
Nikkei futures opened lower but were 2.3 percent above the cash close. The yen eased 0.01 percent as traders awaited more details on the government’s stimulus package.
On Monday, Japanese Prime Minister Shinzo Abe pledged to roll out an unprecedented economic stimulus, equal to 20 percent of economic output, as his government vowed to take “all steps” to battle deepening fallout from the coronavirus.
09:03 (IST)
US stocks buoyant
#CNBCTV18Market | US stock market had its best day since March 24. Dow finishes up 1,627 points, posting its third-biggest point gain ever. The S&P 500 jumps 7% to its highest level since March 13 pic.twitter.com/k6ldLHcJHJ
— CNBC-TV18 (@CNBCTV18Live) April 7, 2020
Stock Markets Today LIVE Updates: Markets set to open in green amid global cues; Sensex up 900 points, Nifty above 8,400 in pre-opening
Benchmark indices are trading positive in the pre-opening session with Nifty above 8,400- level. At 09:01 hrs IST, the Sensex is up 928.30 points or 3.36 percent at 28519.25, and the Nifty up 381.70 points or 4.72 percent at 8465.50.
Asian markets looked poised on Tuesday to attempt another day of gains after stocks rallied on signs of a slowdown in coronavirus-related deaths, as oil prices resumed their decline on doubts about a potential Saudi-Russian pact to cut output.
Hong Kong futures were up and Australia futures also rose in early trade.
Nikkei futures opened lower but were 2.3 percent above the cash close. The yen eased 0.01 percent as traders awaited more details on the government’s stimulus package.
On Monday, Japanese Prime Minister Shinzo Abe pledged to roll out an unprecedented economic stimulus, equal to 20 percent of economic output, as his government vowed to take “all steps” to battle deepening fallout from the coronavirus.
Equity investors kicked off the week encouraged by the slowing death toll from the virus across major European nations, including France and Italy. US stocks rallied on Monday, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all gaining more than 7 percent.
“Markets started the trading week with a more positive tone following early signs of improvement in virus data for key hot spots,” ANZ Research economists said in a morning note.
Emerging market stocks rose 2.66 percent at the start of the week. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 2.77 percent higher.
The governors of New York and New Jersey pointed to tentative signs that the coronavirus outbreak in their states was starting to plateau but warned against complacency, while across the Atlantic British Prime Minister Boris Johnson, who has the COVID-19 disease caused by the virus, was taken to intensive care, driving down the pound.
Reported cases of coronavirus, have exceeded more than 1.27 million globally and 70,395 have died, according to a Reuters tally.
Oil futures resumed their decline, falling more than $1 per barrel on Monday, after Saudi Arabia and Russia delayed a key meeting aimed at resolving growing excess supplies at a time the pandemic has pushed down demand.
Prices had previously notched two sessions of double-digit gains on hopes the producers would meet and agree to production cuts.
Gold prices rose, touching a fresh 3-1/2-week high.
Demand for gold, seen as a store of value, has jumped as governments around the world roll out stimulus packages to soften the economic blow of the pandemic, but effectively diluting their currencies.
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