Live Updates: COVID-19 Cases
  • World 19,847,800
    World
    Confirmed: 19,847,800
    Active: 6,367,044
    Recovered: 12,750,384
    Death: 730,372
  • USA 5,150,879
    USA
    Confirmed: 5,150,879
    Active: 2,347,118
    Recovered: 2,638,673
    Death: 165,088
  • Brazil 3,013,369
    Brazil
    Confirmed: 3,013,369
    Active: 818,533
    Recovered: 2,094,293
    Death: 100,543
  • India 2,167,420
    India
    Confirmed: 2,167,420
    Active: 634,832
    Recovered: 1,489,005
    Death: 43,583
  • Russia 887,536
    Russia
    Confirmed: 887,536
    Active: 179,183
    Recovered: 693,422
    Death: 14,931
  • South Africa 553,188
    South Africa
    Confirmed: 553,188
    Active: 138,410
    Recovered: 404,568
    Death: 10,210
  • Mexico 475,902
    Mexico
    Confirmed: 475,902
    Active: 105,258
    Recovered: 318,638
    Death: 52,006
  • Peru 471,012
    Peru
    Confirmed: 471,012
    Active: 130,997
    Recovered: 319,171
    Death: 20,844
  • Chile 371,023
    Chile
    Confirmed: 371,023
    Active: 16,879
    Recovered: 344,133
    Death: 10,011
  • Spain 361,442
    Spain
    Confirmed: 361,442
    Active: 332,939
    Recovered: ?
    Death: 28,503
  • Iran 326,712
    Iran
    Confirmed: 326,712
    Active: 23,914
    Recovered: 284,371
    Death: 18,427
  • UK 309,763
    UK
    Confirmed: 309,763
    Active: 263,197
    Recovered: ?
    Death: 46,566
  • Saudi Arabia 288,690
    Saudi Arabia
    Confirmed: 288,690
    Active: 33,484
    Recovered: 252,039
    Death: 3,167
  • Pakistan 284,121
    Pakistan
    Confirmed: 284,121
    Active: 17,791
    Recovered: 260,248
    Death: 6,082
  • Bangladesh 257,600
    Bangladesh
    Confirmed: 257,600
    Active: 105,831
    Recovered: 148,370
    Death: 3,399
  • Italy 250,103
    Italy
    Confirmed: 250,103
    Active: 12,953
    Recovered: 201,947
    Death: 35,203
  • Turkey 239,622
    Turkey
    Confirmed: 239,622
    Active: 11,137
    Recovered: 222,656
    Death: 5,829
  • Germany 216,896
    Germany
    Confirmed: 216,896
    Active: 10,235
    Recovered: 197,400
    Death: 9,261
  • France 197,921
    France
    Confirmed: 197,921
    Active: 84,761
    Recovered: 82,836
    Death: 30,324
  • Canada 119,221
    Canada
    Confirmed: 119,221
    Active: 6,679
    Recovered: 103,566
    Death: 8,976
  • China 84,619
    China
    Confirmed: 84,619
    Active: 817
    Recovered: 79,168
    Death: 4,634
  • Netherlands 58,564
    Netherlands
    Confirmed: 58,564
    Active: 52,407
    Recovered: ?
    Death: 6,157
  • Australia 21,084
    Australia
    Confirmed: 21,084
    Active: 9,228
    Recovered: 11,561
    Death: 295
  • S. Korea 14,598
    S. Korea
    Confirmed: 14,598
    Active: 651
    Recovered: 13,642
    Death: 305
  • New Zealand 1,569
    New Zealand
    Confirmed: 1,569
    Active: 23
    Recovered: 1,524
    Death: 22

Markets vault after RBI’s liquidity boost; post weekly gains

Author at TechGenyz Ecommerce
Sensex Market
Market Soars Amid Coronavirus Outbreak

The BSE Sensex soared over 986 points on Friday after RBI’s second batch of stimulus measures lifted sentiment amid the coronavirus gloom.

Announcing a slew of liquidity-boosting measures for NBFCs and other segments, the RBI further eased bad-loan rules, froze dividend payments by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points.

After starting over 1,116 points higher, the 30-share BSE Sensex pared some early gains to end 986.11 points or 3.22 per cent higher at 31,588.72.

Similarly, the NSE Nifty zoomed 273.95 points, or 3.03 per cent, to finish at 9,266.75.

Axis Bank was the top gainer in the Sensex pack, surging 13.45 percent, followed by ICICI Bank (9.89 percent), IndusInd Bank (9.13 percent), Maruti (7.36 percent), TCS (5.32 percent), Kotak Bank (4.96 percent)and Reliance Industries (4.86 percent).

On the other hand, Nestle India, HUL, Tech Mahindra and Sun Pharma ended in the red, shedding up to 3.15 per cent.

Interest rate-sensitive banking, financial, auto and realty indices on the BSE settled up to 6.83 per cent higher.

In his second televised address since the nationwide lockdown began on March 25, Reserve Bank of India (RBI) Governor Shaktikanta Das pledged to boost liquidity and expand bank credit.

He announced measures including a cut in the reverse repo rate, Rs 50,000-crore targeted long-term repo operations (TLTRO) and refinancing facilities for Nabard, Sidbi and NHB.

The rupee rebounded 48 paise to provisionally settle at 76.39 against the US dollar, buoyed by RBI announcements.

During the holiday-shortened week, the Sensex rose 429.10 points or 1.37 per cent, while Nifty advanced 154.85 points or 1.69 per cent.

Market ended on a firm note tracking positive global cues and announcement of stimulus package by the RBI, said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Further, reports from the US that a drug from Gilead is showing great results in treating Covid-19 cases also led to positive sentiments, he added.

“NBFCs are clear beneficiaries of these measures. For investors in banks, the provision of higher liquidity and relaxation in provisioning norms are welcome, but the bar on dividend distribution and new provisioning norms are negatives for the time being.

“While the RBI is doing its part in providing reliefs in the current times, the street could keep expecting more and there could also be some concern about the time it would take for these measures to have an impact at the ground level,” said Deepak Jasani – Head Retail Research, HDFC Securities.

BSE bankex, finance, auto, realty, energy indices rallied up to 6.83 per cent, while FMCG and healthcare closed in the red.

Broader BSE midcap and smallcap indices jumped up to 2.44 per cent.

TCS posted a smart gain of 5.32 per cent after the IT major on Thursday reported a marginal dip in March quarter net at Rs 8,049 crore.

On the global front, markets shrugged off China’s GDP contraction data and looked ahead to the gradual reopening of economies, including the US.

China’s gross domestic product (GDP) contracted 6.8 per cent in the first quarter of 2020 as the Covid-19 outbreak brought economic activity to a halt.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with significant gains. Stock exchanges in Europe were also trading on a strong note.

Meanwhile, Brent crude futures, the global oil benchmark, rose marginally to USD 27.84 per barrel.

The death toll due to COVID-19 rose to 437, while the number of cases in the country climbed to 13,387.

Global tally of the infections has crossed 21 lakh, with over 1.45 lakh deaths.

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