It has been yet another unpredictable day for the markets with stocks down over 5%given that open.
Both the Nifty and the Sensex are down near 25%from their peak in January, a sign that stocks have entered a bearishness.
The US Federal Reserve’s interest rate cut over the weekend have actually failed to impress Asian markets today, and early signs recommend that markets in the west are likely to open greatly at a loss later today.
Join us as we track the leading company stories throughout the day.
1: 45 PM
February wholesale inflation drops to 2.26%
Increasing inflation has actually recently tied the hands of the Reserve Bank of India from providing aggressive rate of interest to increase the economy. As pressure mounts on the RBI to cushion the economy from the coronavirus pandemic, there’s some excellent news as cost inflation shows some signs of reducing.
PTI reports: “India’s yearly inflation rate based on wholesale prices decreased to 2.26 per cent in February from a rise of 3.10 per cent in January, official data showed on Monday.
Similarly, on a year-on-year (YoY) basis, the Wholesale Cost Index (WPI) data furnished by the Ministry of Commerce and Industry on Monday showed a decelerating trend throughout February, as inflation had actually risen to 2.93 percent during the corresponding month of 2019.”
1: 00 PM
Vodafone Concept pays Rs 3,354 crore to govt in AGR fees, claims primary quantity totally paid now
Piyush Pandey and Yuthika Bhargava report:
Vodafone Idea on Monday paid Rs 3,354 crore to the Department of Telecom (DoT) the amount being the balance part of the primary quantity towards adjusted gross income (AGR) liability as self-assessed by the business.
” Hence the company has actually paid the complete principal amount of Rs. 6,854 crores towards the AGR due,” the business stated in filing to the exchanges.
The company had actually submitted its self-assessment of the AGR liabilities with the DoT on 6 March, 2020, in which AGR liability principal amount of Rs.6,854 crores was figured out for the period from FY 2006-07 to FY 2018-19
The company had previously paid an amount of Rs.2,500 crores on 17 February 2020 and an additional amount of Rs.1,00 0 crores on 20 February 2020 towards this liability.
12: 30 PM
Futures suggest weak opening in developed markets
It appears like the unanticipated rate cut by the United States Federal Reserve has just handled to alarm financiers even more rather than allaying their fears.
Investors have likely interpreted the emergency rate cut as an admission coming from the Federal Reserve that the coronavirus pandemic will have considerable effect on the worldwide economy.
On the other hand, Dow futures hit limitation down on Sunday after the Fed announced stimulus procedures.
Markets in panic mode as Fed returns to 2008 w/unexpected cut by 1ppt & more QE. Fed act