After the other day’s enormous rally, which saw stocks acquire over 8%, the benchmark indices are a little up after trading with gains of over 3%today.
Growth and unemployment quotes coming from different companies paint a bleak picture of the economy in the middle of the 21- day financial lockdown.
Join us as we follow the leading business news through the day.
3: 45 PM
Maruti cuts production by 32%in March
The country’s biggest carmaker Maruti Suzuki India has reduced production by 32.05%in March, according to a regulative filing by the company.
The company produced an overall of 92,540 units in March as against 1,36,201 units in the year-ago month, the car major said.
Traveler vehicle production last month stood at 91,602 units as versus 1,35,236 units in March 2019, a dip of 32.26%, it included.
Production of mini and compact sector cars, consisting of Alto, S-Presso WagonR, Celerio, Ignis, Swift, Baleno and Dzire stood at 67,708 units as versus 98,602 systems in March last year, down 31.33%
3: 30 PM
Stocks end day with losses
The benchmark stock indices ended today’s trading session down 0.5%, after being up well over 3%in the early morning session, as they had a hard time to break past their newest highs.
The Sensex was down 150 points at the end of trading, while the Nifty ended the day at around the 8,750 mark.
36%, US 10 y flat at 0.71%. Gold $1652, Bitcoin 7.3 k. pic.twitter.com/SmkKE3RUr5
— Holger Zschaepitz (@Schuldensuehner) April 8, 2020
3: 00 PM
Rupee settles 70 paise lower at 76.34 against United States dollar
The rupee has slipped further given that the weak opening today, damaging past the 76/ USD mark, due to the weakness in domestic equities and greater oil prices.
PTI reports: “The Indian rupee settled 70 paise lower at 76.34(provisional) against the United States dollar on Wednesday in the middle of rise in coronavirus cases in the country and weak domestic equities.
Forex traders stated rising brent prices and firm United States dollar index likewise weighed on the local system.
At the interbank foreign exchange, the rupee opened weak at 75.83, then lost more ground and lastly settled for the day at 76.34, registering a fall of 70 paise over its previous close.
On Tuesday, the rupee had settled at 75.64 versus the United States dollar.
Domestic bourses were trading on an unfavorable note on Wednesday with benchmark indices Sensex was trading 177.93 points lower at 29,88928 and Nifty down by 73 points at 8,71920″
2: 30 PM
Market requires stimulus plan of Rs 9-10 lakh crore: FICCI survey
Industry body FICCI estimates that Indian organisations will need a massive stimulus bundle, totaling up to 4-5%of GDP, to hold up against the impact of the continuous lockdown.
IANS reports: “The Indian market needs an immediate stimulus bundle of Rs 9-10 lakh crore, which would account for 4-5 per cent of the nation’s GDP, to recuperate from the impact of the coronavirus crisis and the continuous nationwide lockdown, according to a survey by FICCI.
The report kept in mind that other nations have also taken similar steps. The debt-to-GDP ratio of India is manageable, it added.
” This money to be injected for relief & rehab across all levels of the economy including individuals at the bottom of the pyramid, casual workers, micro, little and medium business and big corporates,” it said.
It stated that provided the complete breakdown of businesses there is a need to evaluate the circumstance and if required the timeline for loan moratorium should be extended.
The study also recommended that all tax payments consisting of GST payments must be delayed by 6 months without welcoming any penalty.”
2: 00 PM
COVID-19 set to derail India’s budget-friendly housing segment
The budget friendly housing sector, which has currently remained in trouble after the shadow banking crisis, is s