Stock market today LIVE Updates: Sensex plunges over 1,900 points, Nifty down 547 points; rupee closes lower at Rs 75.71

14:29 (IST)

Crude oil futures fall on weak global cues

Crude oil futures on Monday plummeted 6.39 percent to Rs 1,421 per barrel as participants trimmed their positions in line with weak trend overseas.

On the Multi Commodity Exchange, crude oil for May delivery fell by Rs 97, or 6.39 per cent, to Rs 1,421 per barrel with a business volume of 7,770 lots.

Crude oil for June delivery was quoting lower by Rs 78, or 4.48 per cent, at Rs 1,664 per barrel with an open interest of 1,323 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid low demand.

14:24 (IST)

Sensex plunges over 1,900 points, Nifty down 547 points 

Sensex nosedived 1911.32 points or 5.67 percent to 31,806.30 while the Nifty was down 547.15 points or 5.55 percent at 9,312.75 at around 1.30 pm.

14:18 (IST)

Gold futures surge on domestic demand

 

Gold prices on Monday rose Rs 213 to Rs 45,740 per 10 gram in futures trade as speculators indulged in creating fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 213, or 0.47 percent, to Rs 45,740 per 10 gram in a business turnover of 13,764 lots.

The yellow metal for August delivery edged up by Rs 328, or 0.72 percent, to Rs 46,024 per 10 gram in a business turnover of 6,221 lots.

Fresh positions built up by participants on spot demand mainly led to rise in gold prices, analysts said.

14:17 (IST)

Rupee ends lower at Rs 75.71

Pompeo did not provide evidence, or dispute US Intelligence agencies’ conclusion that the virus was not man-made. But the comments double down on Washington’s pressure on China over the virus’ origin as US deaths and economic damage mount.

A $50 billion dollar quarterly loss at Warren Buffett’s Berkshire Hathaway, and the legendary investor announcement that he had liquidated holdings in the four largest US airlines also did little for investor confidence.

“The risk of a pullback has increased this week,” said Chris Weston, head of research at Melbourne brokerage Pepperstone.

“The United States is not alone in publicly taking aim at China, but whether it’s Trump, Kudlow or Pompeo the narrative is more frequent, and traders are selling yuan,” he said.

With onshore markets shut, the yuan extended Friday’s slump and fell about 0.2 percent to a six-week low of 7.1510 per dollar. The Australian dollar dropped below the 64-cent mark for the first time in a week, falling 0.5 percent to $0.6387.

The Korean won sat by a one-week low at 1,224.76 per dollar, after an exchange of gunfire between North Korea and South Korea at the Demilitarized Zone (DMZ) raised tensions, a day after North Korean state media reported Kim Jong Un’s first public appearance since 11 April.

Elsewhere in currency markets, the Japanese yen was steady at 106.80 per dollar and the euro was a touch weaker at $1.0969. The pound and New Zealand dollar slipped.

In commodity markets, US crude futures sank in early trade on worries about oil oversupply, even as some US states and cities around the world start to ease coronavirus pandemic restrictions.

West Texas Intermediate crude futures last sat at $18.59 per barrel, down $1.19, while Brent futures were down 2.4 percent, or 64 cents, at $25.80.

US manufacturing plunged to an 11-year low last month, consumer spending has collapsed and some 30.3 million Americans have filed claims for unemployment in the last six weeks.

“There is a sense of caution, if not foreboding as signs of economic weakness continue to emanate,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.

“What’s really chilling is the risk that an almost quadrupling of unemployment to above 16 percent may prove sticky.”

The US April jobs report will be released on Friday, but some analysts say it may not fully reflect how many people have been thrown out of work.

 




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