Stocks are off to another unpredictable day with the Nifty and the Sensex striking limitation down within the very first hour of trading as issues loom that the coronavirus pandemic might close down the global economy.
Experts have brought out various estimates about the likely financial impact of the pandemic. Let’s simply state things do not look great at the moment.
Join us as we cover the top service stories through the day.
12: 15 PM
RBI may quickly allow repo operations in corporate bonds
Corporate bond yields have surged amidst the financial uncertainty surrounding the coronavirus pandemic, however the RBI may be actioning in soon to get things under control.
Reuters reports: “The Reserve Bank of India may quickly permit business bonds as security for repurchase operations in an effort to cool the recent sharp uptick in corporate bond yields in the wake of the coronovirus break out, two sources told Reuters.
” We need to work it out. Under the RBI Act, we are not permitted to take any other collateral besides government securities. We are not looking upon that as an obstacle,” a senior official stated.”
12: 00 PM
Why has the rupee fallen versus the dollar?
The story up until now: The rupee dropped on Friday to a record closing low of 75.20 against the U.S. dollar as deepening issues about the financial fallout of the COVID-19 pandemic sent out global investors scurrying to dump most assets, especially emerging market holdings, and select cash and the relative security of the greenback. The rupee has actually now depreciated by more than 5.3%in 2020, with the bulk of its losses, a 4.1%slide, having actually occurred in March.
11: 30 AM
Stock market update: Stocks continue to plunge after trading resumes
The Sensex and the Nifty are down over 11%at the moment after trading resumed following the 45- minute break.
The Sensex is down over 3,300 points while the Nifty is trading at around 7,700, well below its essential support level of 8,00 0.
The Sensex hit the lower circuit earlier today as coronavirus worries overcame investors who fear a worldwide recession.
11: 00 AM
International economy struck by worst shock since 1930 s
As worries of a worldwide economic crisis loom amid the rapidly spreading coronavirus pandemic, how does the current economic slump compare again