Stock market today LIVE Updates: Sensex up 318 points, Nifty above 9,350-mark; domestic airlines may resume operations post-lockdown

10:59 (IST)

Air Canada CEO sees ‘darkest period’ in aviation history

Canada’s largest airline on Monday announced a billion-dollar loss and announced mandatory temperature checks for customers amid the coronavirus pandemic.
“We’re now living through the darkest period ever in the history of commercial aviation, significantly worse than 9/11, SARS and the 2008 financial crisis,” CEO Calin Rovinescu said on a conference call with analysts Monday.
The US-Canada border remains closed to all nonessential travel.
Since mid-March, the airline has slashed its flight schedule by more than 90 per cent and grounded more than 200 aircraft, cutting service internationally to just five airports.
The company burned $22 million Canadian ($million) in cash per day in March.

10:53 (IST)

Indices trim early gains; Sensex up 318 points, Nifty above 9,350-mark 

Equity indices trimmed gains as the BSE Sensex was trading 317.75 points or 1 percent higher at 32,033.10 while the Nifty was up 85 points or 0.91 percent at 9,378.50 at around 10.45 am.

ONGC, Mahindra & Mahindra, PowerGrid and Reliance were the top gainers in the Sensex pack.

10:47 (IST)

Karnataka sees liquor sales worth Rs 45 cr on Day 1

Liquor sale of Rs 45 crore was recorded on the first day of the opening of liquor shops in the state under relaxations during extended lockdown, Karnataka Excise Department informed.

As per the orders of the Karnataka government, liquor shops started operating today across the state from 9 am to 7 pm with some restrictions.

The government has taken the decision to open liquor shops in order to mobilise revenue. However, bars, pubs, restaurants remained closed.

Wine store, MRP store and MSIL stores were allowed to sell liquor in Karnataka. Only five people were allowed at a time and they have to maintain a distance of six feet.

10:41 (IST)

Domestic flight services may resume post-lockdown

“Can you lift restrictions and begin to phase in economic activity and yet keep the number of cases at bay? That is what the market is focused on right now,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

Early on Tuesday trading in Asia, futures for the S&P 500 were up 0.1 percent and the Australian S&P/ASX 200 futures were up 0.32 percent. Hong Kong’s Hang Seng index futures rose 0.24 percent. Japan and mainland China markets are closed for public holidays.

The Australian dollar fell 0.02 percent versus the greenback at $0.643.

The shift in sentiment came too late for European stocks with the pan-European STOXX 600 ending 2.7 percent lower. There were also concerns about declines in manufacturing in Europe and the US.

MSCI’s gauge of stocks across the globe shed 0.69 percent on Monday. Emerging market stocks lost 3.14 percent.

The Dow Jones Industrial Average rose 0.11 percent on Monday while the S&P 500 gained 0.42 percent.

The S&P 500 rise was powered by Microsoft, Apple and Amazon. Their strength overcame drops in airline shares of between 5 percent to 8 percent after legendary investor Warren Buffett said his Berkshire Hathaway had sold its carrier holdings.

US crude was up 3.87 percent at $21.18 per barrel and Brent was at $27.97, up 5.79 percent on the day. “The market continues to price in the idea that things are improving,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.

Still, an ambivalence about countervailing forces dominated in the US Treasury market. Heavy corporate debt issuance weighed on bond prices after an early round of safe-haven buying and left the yield on 10-year USTreasury notes barely changed at 0.63 percent compared with 0.64 percent late on Friday.

“To me that really speaks to…a deep lack of conviction over what comes next,” said Jon Hill, an interest rate strategist at BMO Capital Markets in New York.

The US dollar index rose 0.258 percent, and the euro was down 0.03 percent to $1.0903. Spot gold added 0.1% to $1,701.44 an ounce.

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