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Stock market today LIVE Updates: Markets open weak, Sensex down over 300 points, Nifty opens below 9450; Wipro announces new CEO

startup news May 28, 2020

09:13 (IST)

How to get PAN card easily

09:08 (IST)

Markets at pre-opening session

The benchmark indices are trading lower in the pre-opening session.

At 09:01 IST, the Sensex was down 331.74 points or 1.03% at 31868.85, and the Nifty was down 11.45 points or 0.12% at 9478.65.

09:07 (IST)

Wipro appoints new CEO; Neemuchwala to leave on 1 June

09:05 (IST)

Finolutions Wealthcare ties up with Australian family business advisors

FinolutionsWealthcare LLP, a business consulting firm for wealth managers, has announced its partnership with Australian family business advisors FINH to provide strategic advisory support for their endeavour in India. Finolutions is a business consulting firm aspiring to be a single point reference for wealth managers and investment advisors in India.

The partnership between both the companies seeks to broaden and strengthen an existing suite of services across the Indian Network and shorten the time to market for a world leading consultant to Indian business families.  

Commenting on the partnership Mr Apoorva Vora, Founder & CEO of Finolutions Wealthcare LLP said “the union of the two companies in India will strengthen and retain the relationship between all stakeholders.  It will demonstrate an ability to proactively serve an end client need whilst maintaining complete independence.” Finh will work independent of the family’s financial capital management, acting for the family, and alongside family’s trusted financial advisors.

FINH seeks to reach out to those families in India who have the intention of developing and then passing wealth/business to the next generation. This will include families with a net wealth of approximately $50 – 150 million and above. 

09:02 (IST)

US-China tensions to impact Asian stocks

09:00 (IST)

March quarter GDP data to be out today

08:58 (IST)

GDP data set to show economy grew at its slowest pace in 2 years in March quarter

The gross domestic product (GDP) data out later on Friday is expected to show the economy grew at its slowest pace in at least two years in the March quarter as the coronavirus pandemic weakened already declining consumer demand and private investment.The median forecast from a Reuters poll of economists put annual economic growth at 2.1 percent in the March quarter, lower than 4.7 percent in the December quarter. Forecasts ranged between +4.5 percent and -1.5 percent.

Prime Minister Narendra Modi has maintained the lockdown ordered on 25 March to curb the spread of COVID-19 in the world’s second most populous country, though many restrictions were eased for manufacturing, transport and other services from 18 May.

The full impact of the lockdown on manufacturing and services will become more apparent in the June quarter, with Goldman Sachs predicting a 45 percent contraction from a year ago. Economists expect the fiscal year that began in April will see the worst economic contraction in four decades.

08:46 (IST)

Markets likely to open weak

Aditya Agarwala, Senior Technical Analyst, YES Securities, said, "The Indian markets are expected to open on a slightly weak note as the trend in the SGX Nifty indicates a Gap down opening of 50 points following massive gains in the past two trading sessions. The Asian pack is also trading soft at the moment barring the SHANGHAI and JAKARTA which are trading marginally in the green. Overnight the US Indices ended trade in red led by late sell off. Currently, the Dow Jones Futures is trading in the red with a cut of 0.40%.

   

"The Nifty ended yet another session on a strong note gaining 1.90%; making it almost 5% gains in just 2 trading sessions. However, following this sharp ascend in two sessions Index has reached overbought territory on shorter time frame pointing towards a temporary pause before it resumes it upward journey. Following a GAP down opening if bears push the Index below the 9430 support level then further corrections could drag the Index lower to levels of 9350-9300. On the flip side if bulls protect the immediate support zone of 9430 then a pullback maybe witnessed taking the Index higher to levels of 9580-9670. On a higher time i.e. daily chart the trend looks strong and RSI too suggests that following a minor pullback Nifty is likely to resume its upwards journey. Moreover, while headline Indices consolidate stock specific activity can continue,” Agarwala said.

08:44 (IST)

Stocks to watch out for today

08:41 (IST)

Market may open flat

Deepak Jasani, Head Retail Research, HDFC securities said, "The markets could open flat to mildly lower in line with most other Asian markets as US indices corrected from highs on Thursday to end in the negative ahead of Trump’s conference on China later today. The Indian markets could open flat to mildly lower in line with most other Asian markets today and following negative US indices on Thursday.

"US stocks closed lower Thursday, skidding into negative territory in the final hour of trade, after President Donald Trump said he would hold a news conference on China on Friday, rattling investors who had been enjoying a rally on optimism about an economic recovery from the coronavirus pandemic. U.S., Australia, Canada and the U.K. governments issued a joint statement Thursday reiterating their “deep concern regarding Beijing’s decision to impose a national security law on Hong Kong. New York Federal Reserve Bank President John Williams, speaking at an online event, said that the central bank has “more powerful” tools than negative interest rates.

"Japan’s retail sales fell 13.7% year-on-year in April. India is set to release its gross domestic product for the January to March period at 5:30 p.m. IST on Friday, where the country is expected to report a sharp slowdown. Estimates vary between 0.5% by CRISIL to 1.2% by SBI to 1.9% by ICRA.

"Indian equity markets ended the May F&O series on a firm note on Thursday. It clocked its second straight day of gains. The NSE Nifty 50 index ended just below the 9,500 mark at 9,490, up by 1.9%. Technically the Nifty has filled the downgap made on May 14. Now the next resistance is at 9533-9584 band, while 9334-9383 could be a support in the near-term, Jasani said.

Stock market today LIVE Updates: Markets open weak, Sensex down over 300 points, Nifty opens below 9450; Wipro announces new CEO

New York: Asian shares were set to dip in choppy trade on Friday as worries about worsening US-China ties offset the fillip from hopes massive government stimulus can jump-start the world economy.

E-Mini futures for the S&P 500 ESc1 edged down 0.12 percent in early Asian trade, while Nikkei futures pointed to a loss of 10 points. Weaker Australian stock futures also indicated a softer open.

Underscoring the ambivalence in markets, US stocks slid from a near three-month high in a late sell-off overnight, after US President Donald Trump signed an executive order that would weaken laws protecting social media companies, and said he’d hold a news conference about China on Friday.

In the latest dispute between the world’s two biggest economies, the US government has signaled plans to punish Beijing for proceeding with a national security law for Hong Kong that critics fear would erode the city’s freedoms.

All eyes are now on Friday’s press conference hosted by Trump where he will address his response to China over its treatment of Hong Kong.

It is not clear if Trump will rescind some, none, or all of the US economic privileges that Hong Kong enjoys under US law. Larry Kudlow, Trump’s top economic adviser, said on Thursday Hong Kong may now need to be treated like China on trade and other financial matters, which could have implications for tariffs and stock market listings.

“Risk appetite quickly disappeared after President Trump announced he would address China tomorrow at a press conference. It didn’t take much to help traders rush to exits,” Edward Moya, a senior market analyst at currency trader Oanda, wrote in a note.

If tensions between China and the United States intensify, a build-up of short positions in the S&P 500 index, or bets that the index will fall, could spark a sell-off in shares, Moya added.

Stock markets have rebounded from lows hit in mid-March on hopes that enormous government stimulus could help the world economy recover more quickly than expected from the coronavirus shutdown. Some analysts have warned, however, that such optimism is misplaced given the extent of economic devastation.

Indeed, the latest US data showed the economy may be stabilising, but at a much lower level.

Figures released overnight showed the number of Americans seeking jobless benefits fell for an eighth straight week last week, but claims remained astonishingly high.

In a sign investors are undecided about how much risk to take on, prices for safe-haven gold rose, even as the US dollar and Japanese yen — in demand when investors shy from risk — softened.

Spot gold was slightly firmer at $1,718.87 per ounce from $1,712.35 seen overnight.

The dollar index slipped 0.4 percent to 98.51, held back in part by a stronger euro, as the common currency continued to bask in the glow of a 750-billion-euro coronavirus recovery fund for the European Union.

The euro was firm at $1.1073 against the dollar, near a two-month high of $1.1087, while the yen edged down 0.07 percent to 107.07 on the dollar.

US Treasury yields were steady after inching higher overnight as gains in stocks softened demand for bonds. Benchmark 10-year yields held at 0.7050 percent.

Oil prices gave up some of their gains overnight, as concerns that Trump could impose sanctions on China over Hong Kong and a surprise build in inventories overshadowed a steady improvement in US refining activity.

In early Friday trade, US West Texas Intermediate crude CLc1 had slipped 0.18 percent to $33.65.



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