09:08 (IST)
Extension of PMAY CLSS for MIG significant
Siddhartha Mohanty, MD & CEO of LIC Housing Finance, said "The extension of PMAY CLSS for the MIG segment of borrowers in the income range Rs.6 to Rs.18 lacs is significant move. Government has been relentlessly focusing on promoting affordable housing in its mission of "Housing for All" by 2022. For HFCs, loans coming under the ambit of PMAY CLSS has been a major growth driver during the last two years. With an envisaged investment of Rs.70,000 cr, we can expect a major fillip to this segment. The positive effects will also accrue to the allied sectors like steel, cement etc besides generating employment opportunities”.
09:06 (IST)
Realty hoping for liquidity push
Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani, said, "Housing has always been a critical component of any economy. Government’s efforts to trigger pace and activity in the sector through a Rs 70,000-crore stimulus package is commendable. Extension of the Credit Linked Subsidy Scheme will encourage more demand and aid in clearing unsold inventory. The announcement to build rental housing complexes via public-private partnership will stimulate demand for raw materials, generate employment and thus provide a thrust to affordable housing . Overall today’s announcement will certainly alleviate stress to a certain extent from the sector. The sector is hopeful for a liquidity push which has been a prime concern for the sector," Hiranandani said.
09:04 (IST)
Power demand to fall in FY21: Moody's
Moody's expects India's power demand to fall at least 4-5% in FY21, cuts the outlook to negative from stable due to payment delays & declining demand pic.twitter.com/qvZbd6DUBz
— CNBC-TV18 (@CNBCTV18Live) May 15, 2020
09:03 (IST)
Recovery expected post-second half of financial year
.@Mphasis MD, CEO Nitin Rakesh speaks to CNBC-TV18, says may see some short-term disruptions in business due to COVID-19 but guides for better market growth & recovery H2 onwards pic.twitter.com/2aj7XsyyN1
— CNBC-TV18 (@CNBCTV18Live) May 15, 2020
09:02 (IST)
Markets expected to open flat today
Aditya Agarwala, Senior Technical Analyst, YES Securities, said, "It will be a flat start to the Friday’s session for the Indian markets as suggested by the SGX Nifty which is currently trading marginally higher by 30 points. The Asian markets are mostly trading in the red with mind cuts between 0.10%-0.30%, barring the TAIWAN market which is trading mildly higher. Overnight the US markets recovered smartly towards the end of the session to shut shop in the green. Currently, Dow Jones Futures is trading with minor losses of 0.20%.
"The Nifty ended the previous session deep in the red extending its weakness as the day progressed after a Gap-down opening. Further, bulls need to protect the immediate support of 9100 following a flat opening. A sustained trade above 9100 could trigger short covering rallies taking the Index higher to its 20-DMA placed at 9255 and then 9300. However, failure to do so and a trade below 9100 could lead to extended selling pressure dragging the Index lower to levels of 9000 being the lower end of the range. Overall our markets continue to oscillate in trading band between 9000-9450," Agarwala said..
09:00 (IST)
Crude prices mixed after big gains
Oil prices were mixed on Friday after big gains a day earlier when the International Energy Agency (IEA) predicted crude stockpiles would start to shrink in second-half 2020 after surging while the coronavirus pandemic slashed fuel demand.
Brent crude was up 1 cent at $31.13 a barrel by 0115 GMT, after rising nearly 7 percent on Thursday. The global benchmark is roughly flat on the week after rising for the previous two weeks.
Giving up earlier gains, West Texas Intermediate (WTI) oil was down 13 cents, or 0.5 percent, at $27.43 a barrel, having jumped 9 percent in the previous session. WTI is still heading for a third weekly gain, up more than 10 percent.
Prices have been lifted by more signs that oil output is falling among OPEC and other major producers, a grouping known as OPEC+. But the market mood remains cautious, with the coronavirus pandemic far from over and new clusters emerging in countries where lockdowns have been eased.
08:50 (IST)
China's factory output posts first increase for 2020
China’s industrial output rose 3.9 percent in April from a year earlier, data showed on Friday, expanding for the first time this year as the world’s second-largest economy slowly emerged from its coronavirus lockdown.
That was faster than the 1.5 percent increase forecast in a Reuters poll on analysts and followed a 1.1 percent fall in March.
After months of lockdowns, China is slowly reopening its economy as the coronavirus outbreak on the mainland has come under control.
However, it continues to face major challenges in recovery as the pandemic has now swept the globe, affecting other major economies and trading partners.
The National Bureau of Statistics said China’s economy was recovering but still faced many challenges as the coronavirus spread globally.
08:47 (IST)
Stocks to watch out for today
#StocksToWatch | Here's the list of stocks that are in focus going into trade today pic.twitter.com/dWaLwV9lCR
— CNBC-TV18 (@CNBCTV18Live) May 15, 2020
08:45 (IST)
Maharashtra extends lockdown
https://twitter.com/CNBCTV18Live/status/1261132052331552768?s=20
08:43 (IST)
Markets could open flat
Deepak Jasani, Head Of Research, HDFC Securities, said "The markets could open flat as bounce in global markets offset local disappointment. Indian markets could open flat today following a sharp rebound in US markets on Wednesday and Asian markets that are mildly up this morning.
"The Dow staged the biggest turnaround in about two months on Thursday, as investors overlooked data that showed 2.98 million Americans lost jobs last week, bringing the total unemployed to about 36.5 million since COVID-19 pandemic began. A rebound in large financial stocks helped to turn stocks around in afternoon action, as investor skittishness abated with signs of recovering demand as some U.S. states reopen their economies.
"Crude-oil prices rose on news of production cuts and stronger demand forecasts, with West Texas Intermediate Crude for June delivery up $2.27, or 9%, to end at $27.56 a barrel. The price of an ounce of June gold rose $24.50, 1.4%, to settle at $1,740.90 an ounce.
"Asian stocks were mildly up on Friday amid investor optimism about the re-opening of the U.S. economy from coronavirus lockdowns and possibly more stimulus that could fuel a recovery. In April, China’s industrial output grew by 3.9 per cent, retail sales fell by 7.5 per cent and fixed asset investment fell by 10.3 per cent, suggesting an uneven recovery.
"In the second round of stimulus announcements made yesterday, the focus has been more on providing concessional credit and liquidity support rather than direct fiscal transfer (except for interest subvention and free food). The measures are welcome (although proliferation of schemes could have been avoided) and this could relieve the feared pressure on the fiscal situation but may not result in direct and immediate boost to demand. Hence the economic revival could take some time.
"Indian benchmark indices wiped out all the previous session gains with Nifty ending below 9150 level on May 14 due to unenthusiastic response to the relief package announcements made on Wednesday and amid weak global cues. Nifty closed down 240.80 points or 2.57% at 9142.75. Capital Goods and Media stocks were up while IT, Metals, Financials, and Telecom shares were down.
"Technically, Nifty has fallen with a down-gap and closed near its intraday low. The trend continues to be down. On upmoves it could face resistance at 9236, while 9044 could offer support to the Nifty on down moves," said Jasani.
Stock market today LIVE Updates: SGX Nifty indicates flat start to indices; Asian markets trading in red
New York: Asian stocks were set to rise on Friday amid investor optimism about the re-opening of the US economy from coronavirus lockdowns and possibly more stimulus that could fuel a recovery.
US President Donald Trump said he was open to negotiating another possible stimulus bill amid the novel coronavirus pandemic, but “was taking his time” to see if more federal action was needed.
Ahead of the Asian open, Hong Kong's Hang Seng index futures climbed 0.16 percent, Australian S&P/ASX 200 futures rose 0.85 percent, while Japan's Nikkei 225 futures were down 0.15 percent.
Representational image. Reuters.
'“We’re expecting to see a positive situation evolve here,” said Ryan Felsman, a senior economist at CommSec in Sydney, noting that Asian equities would likely follow the positive Wall Street lead, driven in part by gains in banking and energy.
The Dow Jones Industrial Average rose 1.62 percent, the S&P 500 gained 1.15 percent, and the Nasdaq Composite rose 0.91 percent.
Stock markets have rallied more than 30 percent since their March lows following unprecedented government stimulus measures and central bank intervention to counter the impact of economic lockdowns. Federal Reserve Chairman Jerome Powell quashed talk of US interest rates going negative to kick-start investment.
Optimism over potential stimulus spurred investors to look past a report from the US Labor Department, which showed just under 3 million new jobless claims last week, pushing the seven-week tally well over 36 million.
Investors also shrugged off bellicose remarks from President Trump regarding US-China trade and a whistleblower’s dire warnings that the United States could face “the darkest winter” if it does not improve its response to the pandemic.
Investors on Friday are awaiting monthly data from China that tracks industrial production, fixed asset investment and retail sales. The retail data will be an especially insightful indicator of China’s recovery as its economy reopens, Felsman said.
Residents in Wuhan, the Chinese city where the novel coronavirus emerged, braved pouring rain in queues of more than an hour to take part in a government-led exercise to test the city’s 11 million people for the novel coronavirus, a scale health experts describe as unprecedented.
The Japanese yen remained strong on the back of increased safe-haven demand, but is set to slip below the 107 yen per dollar mark, Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note.
In commodity markets, oil prices settled higher on Thursday after the International Energy Agency (IEA) forecast lower global stockpiles in the second half of 2020, although worries remain that a second surge in coronavirus infections could occur in coming months.
Brent crude futures LCoc1 settled up $1.94, or 6.7 percent, to $31.13 a barrel.
US West Texas Intermediate crude futures settled up $2.27, or 9 percent, to $27.56 a barrel.
Emerging market stocks lost 0.92 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 1.32 percent lower.
Against a basket of its rivals, the dollar rose 0.20 percent, hitting a three-week high.
Benchmark 10-year US Treasury notes last fell 1/32 in price to yield 0.6218 percent.
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