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Stock market today LIVE Updates: Sensex up 200 points, Nifty above 9,350-level in opening session; bank stocks in focus

startup news May 27, 2020

09:29 (IST)

Log 9 Materials’ ‘CoronaOven’ goes global

Log 9 Materials, a nanotechnology start-up, has decided to go global with its indigenously manufactured “CoronaOven” product range. ‘CoronaOven’ is the ln an attempt to prevent or limit the threat of surface-to-human-transmission of COVID-19. According to the startup,it is a scientifically-designed disinfection/sanitization chamber which makes use of multi-focal UV-C rays to kill coronaviruses and other pathogens it takes as low as 2 minutes (after any object is placed inside the chamber). 


Log 9 has already deployed a number of variants of its ‘CoronaOven’ product in hospitals, police stations, airports, among other public spaces across India, and is now extending footprints to the European and American markets. As a first step towards this goal, Log 9 has collaborated with Versailles, France-headquartered SSI Group -- a conglomerate dealing in surveillance and security solutions — to process bulk orders for multiple clients in France. SSI Group has already placed orders for a few paid samples of CoronaOven; notably, one of these initial samples will be placed at Élysée Palace, i.e. the President of France Emmanuel Macron’s official residence, the startup said.

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09:24 (IST)

L&T, ICICI Bank top gainers at this hour

09:18 (IST)

Markets open on positive note

09:10 (IST)

Google faces antitrust case in India

India’s antitrust body is looking into allegations that Alphabet Inc’s Google is abusing its market position to unfairly promote its mobile payments app in the country, five sources familiar with the case told Reuters.The complaint was filed in February and the Competition Commission of India (CCI) has kept the identity of the complainant confidential, the first source with direct knowledge of the case said.

The complaint alleges the US tech giant more prominently showcases its Google Pay app inside its Android app store in India, giving it an unfair advantage over apps of competitors which hurts consumers, the source added.

Google did not respond to a request for comment. Two of the sources said the watchdog informed Google about the case being filed a few days ago and the company will respond in due course.

09:06 (IST)

Indices trade higher in pre-opening session

Benchmark indices are trading higher in the pre-opening session.

At 09:01 IST, the Sensex was up 350.00 points or 1.11% at 31955.22, and the Nifty was up 86.40 points or 0.93% at 9401.35.

09:03 (IST)

Traders should also be entitled for loans: CAIT

The Confederation of All India Traders  while thanking the Central Government today for including traders under the Rs 3 lakh crore MSME credit package said that the scope of the scheme should be widened to include all traders and not only those who are existing borrowers of the Banks as the current provisions of the scheme are applied only to existing borrowers of the Banks whereas large section of traders are not the borrowers of Banks and as such will be deprived from the benefit of the scheme. 

CAIT National President BC Bhartia and Secretary General Praveen Khandelwal said the trader's body had written to the Finance Minister and the Commerce Minister to include the seven crore traders of India under the MSME 3 Lakh crore package announced by the FM on 12 May. 

08:59 (IST)

Clay pots sales go down in Hyderabad

08:57 (IST)

Intain, IN-D, Vindhya Partner to launch Prarambh Platform for college admissions

Intain Technologies Ltd, (Intain), provider of blockchain-based technology for automating the management of capital markets transactions; IN-D, an artificial intelligence enabled operations platform built by Intain AI Pvt Ltd and Vindhya e-Infomedia Private Limited, a social impact venture, has announced they have collaborated to launch Prarambh, a digital platform for credible and convenient admissions process.

Prarambh aims to address this challenge through the use of artificial intelligence (AI) for automation and blockchain for ensuing integrity and privacy.  According to a press release, students will be able to submit their educational details on Prarambh which will authenticate their profile through an AI based KYC process. Students can, then, submit their educational certificates and marksheets, which will also be read by IN-D's AI engine. The applicants can select the colleges which can access their profile. The record of these documents will be immutable as it will be cryptographically hashed on the blockchain developed by Intain. All records will be reviewed first by the students themselves. In case there are any edits,then it will be reviewed by the staff at Vindhya which employs specially-abled people.The use of blockchain ensures that the privacy of data is maintained and colleges have access to records of only those students who have applied to them.

Prarambh will be available to students at a starting fee of Rs. 50.For Colleges,there will be a registration fee of Rs. 10,000, ten percent of which will be donated to PM-CARES and another ten percent to the respective state's CM Relief Fund.

08:52 (IST)

Boeing cuts 12,000 jobs,reveals plans for more layoffs

Boeing is cutting more than 12,000 US jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry. And the aircraft maker says more cuts are coming. Shortly after disclosing the job cuts, Boeing announced Wednesday that it has resumed production of the grounded 737 Max jetliner. Two deadly crashes of Max jets pushed Boeing into a financial crisis months before the coronavirus squeezed global air travel to a trickle.

Boeing, one of the nation's biggest manufacturers, said it will lay off 6,770 US employees this week, and another 5,520 workers are taking buyout offers to leave voluntarily in the coming weeks. The company had said it would cut 10 percent of a workforce that numbered about 160,000. A Boeing spokesperson said Wednesday''s actions represent the largest number of job cuts, but several thousand additional jobs will be eliminated in the next few months.

Nearly 10,000 of the layoffs and buyouts are concentrated in the Seattle area, home to Boeing's commercial-airplanes business. The company previously announced more than 600 jobs cuts in Canada and Australia.

08:51 (IST)

Firms to declare Jan-Mar quarter results today

08:50 (IST)

SGX Nifty indicates Gap up opening

08:49 (IST)

Govt may need to pump $20 bn into coronavirus-hit state banks

India may need to inject up to Rs 1.5 lakh crore ($19.81 billion) into its state-owned lenders as their pile of soured assets is expected to double during the coronavirus pandemic, three government and banking sources told Reuters.

The government initially considered a budget of around Rs 250 lakh crore for bank recapitalisation but that has risen significantly, a senior government source with direct knowledge of the matter said, with loan defaults likely to rise as businesses take a severe hit from nationwide lockdowns to tackle the coronavirus. “The situation is very grim,” the source said, adding that banks would require fresh funds soon.

All the sources asked not to be identified as the discussions are private, the Reuters report said. The Finance Ministry did not respond to a request for comment during working hours on Wednesday, the report said.

The capital plans were still being discussed and a final decision could be taken in the second half of the fiscal year, a second government source said. India’s fiscal year runs from 1 April.

08:37 (IST)

Markets expected to extend upward journey

Aditya Agarwala, Senior Technical Analyst, YES Securities, said, "The markets are expected to extend its upward journey following a strong close in the previous session as the trend in the SGX Nifty indicates a Gap up opening of 75 points. The entire Asian pack is trading in the green barring the Hang Seng which is in the red. Gains are led by the Nikkei which is trading up by 2%. Overnight, the US and the European markets continued its rising streak to shut shop on an extremely strong note. Currently, Dow Jones Futures are trading in the green with gains of 0.80%.   

"The Nifty ended the previous session with a bang as bulls took charge of the proceedings taking the Nifty higher by 3%  and BankNIfty higher by a mammoth 7%. Further, Nifty has broken out of a downward sloping channel resistance line suggesting a trend reversal favoring the bulls. Following a 75 points Gap up opening, the Index is expected to trade above the crucial hurdle of 9350-9360; a sustained trade beyond this resistance may force the bears to run for cover and take the Index higher to levels 9450-9600.

"On the flipside, if bulls fail to push the Index beyond the 9,350-9,360 resistance zone, minor profitbooking may be witnessed dragging the Nifty lower to levels of 9260-9200. RSI indicator has turned northwards after taking support at 40 level which is considered as the lower end of the bull zone clearly suggesting a range shift in the markets favoring the bulls in the offering. Broader markets are also expected to participate and pickup pace in today’s session,” Agarwala said.

08:27 (IST)

Stocks to watch out for

08:26 (IST)

Markets may open mildly higher

Deepak Jasani, Head Retail Research, HDFC securities, said, "The markets could open mildly higher in line with most other Asian markets as Dow Jones index rose sharply for the second consecutive day and European Commission announced a Euro 750 bn stimulus program. 

"Major US stock benchmarks roared higher on Wednesday, despite the battered state of the American economy and rising tensions between Beijing and Washington as investors focused on efforts to reopen more states for business. US-China tensions flared up and fresh economic data showed how badly American businesses have been thrown off course by the coronavirus pandemic, but major stock indexes still marched higher.

"US Secretary of State Mike Pompeo on Wednesday officially determined that Hong Kong is no longer autonomous from China, a move that could revoke the city’s two decades of U.S. economic privileges and fray economic ties between the two superpowers. Lawmakers in Washington also are pushing ahead with legislation that would require all companies listed on U.S. stock exchanges to submit to audits reviewable by the U.S. Public Company Accounting Oversight Board — a move that could force a number of Chinese companies to delist.

"Indian indices ended strong on May 27 with Nifty closing 285.9 points or 3.17% higher at 9314.95 and Sensex closing above 31,000 mark at 31605.2. This was on the penultimate day of the May series F&O expiry. Technically the Nifty seems to have made an intermediate bottom at 8806 on May 18 going by the extent of rise on Wednesday. It could now face resistance at the downgap resistance of 9351 and later at 9553. On falls it could take support at 9179.," Jasani said.

Stock market today LIVE Updates: Sensex up 200 points, Nifty above 9,350-level in opening session; bank stocks in focus

New York: Asian shares are likely to dip on Thursday after remarks by US Secretary of State Mike Pompeo that Hong Kong no longer warranted special treatment under US law reignited worries about worsening relations with Beijing.

After posting early losses, E-Mini futures for the S&P 500 ESc1 edged up 0.03 percent, while Nikkei futures NKc1 pointed to a loss of 10 points.

Pompeo said overnight that China had undermined Hong Kong’s autonomy so fundamentally that the territory no longer warranted special treatment, a potentially big blow to the city’s status as a financial hub.

Some investors worry a punitive US response to China on the issue of Hong Kong could result in a tit-for-tat reaction from Beijing, further straining ties between the world’s two biggest economies and further hobbling global growth.

“All eyes remain on the US-China relationship,” said Chris Weston, the head of research at Pepperstone, a currency broker. “This is a risk for markets...one questions if the equity markets are too complacent here.”

The S&P 500 had closed above 3,000 for the first time in almost 12 weeks, bolstered by bank stocks, as investors hoped that the world economy can recover as it re-opens.

The S&P 500 has leapt about 36 percent since the global coronavirus pandemic dragged it to the year’s low on 23 March, but there are concerns the rally may be overdone and susceptible to a protracted pullback given the US economy is mired in its worst downturn since the Great Depression.

Bond investors seemed to agree more circumspection is needed. Ten-year US yields dipped to 0.6770 percent from 0.6802 percent overnight. Although 10-year yields are up from an all-time low of 0.4980 percent struck in March, they are still a whopping 120 basis points below highs seen in January.

President Donald Trump will now decide how many US economic privileges Hong Kong should still enjoy. Sources have said the US government may suspend Hong Kong’s preferential tariff rates for exports to the United States, a far less severe response than formally revoking Hong Kong’s special status under US law.

Trump said he’d announce a response to China’s policies towards Hong Kong later this week.

Oil futures took a beating as investors fretted about Trump’s response to China. US crude oil futures CLc1 fell more than 1 percent to $31.45 early Thursday.

Uncertainty over Hong Kong's future dragged the yuan in offshore trade to a record low of 7.1966 per dollar. It recouped some of its losses by early Thursday and was firmer at 7.1792.

The euro, however, was buoyed by a 750 bullion euro plan to shore up economies hammered by the coronavirus pandemic.

That pushed the euro to an eight-week high and by early Thursday, the common currency had nudged up 0.1 percent to 1.1014, while the US dollar index was down 0.09 percent at 98.927.

Gold investors, on the other hand, appeared to shrug off geopolitical risks and focused instead on optimism around the re-opening of the world economy, paring their holdings of the safe-haven metal. Prices extended overnight losses and spot gold traded at $1,708.60 per ounce.



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