Stock market today LIVE Updates: Sensex rises 270 points, Nifty above 9,350; Vistara employees to go on leave without pay up to 4 days

Stock market today LIVE Updates: Sensex rises 270 points, Nifty above 9,350; Vistara employees to go on leave without pay up to 4 days thumbnail
Auto Refresh Feeds Stock Market Latest Updates: Benchmark indices erase early gains; petrol price up Rs 1.67, diesel Rs 7.10 per litre in Delhi New York: A late Wall Street rally is expected to lead Asian stocks higher on Tuesday after tech shares and oil rose on easing coronavirus restrictions and prospects of an economic…

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Stock Market Latest Updates: Benchmark indices erase early gains; petrol price up Rs 1.67, diesel Rs 7.10 per litre in Delhi
New York: A late Wall Street rally is expected to lead Asian stocks higher on Tuesday after tech shares and oil rose on easing coronavirus restrictions and prospects of an economic recovery, overcoming concerns about renewed Sino-US trade tensions.
Futures on major US, Hong Kong and Australian indexes were up about 0.3 percent in early Asia trade after major Wall Street indexes ended up Monday. The tech-heavy Nasdaq Composite closed up 1.2 percent.
Oil rose as much as 5 percent as countries announced they would began easing coronavirus lockdowns and crude supply cuts took effect.
The upturn for stocks came on more optimistic statements from the governors of California and New York for reopening businesses. Andrew Cuomo of New York on Monday outlined a phased reopening in the US state hardest hit by the COVID-19 pandemic.
Representational image. Reuters.
“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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Updated Date: May 05, 2020 16:08:30 IST

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