08:56 (IST)
RBI governor Shaktikanta Das to address PC at 10 AM
A day after Finance Minister announced a Rs 1.7 lakh crore relief package for the poor due to the economic hardships faced by the poor in the backdrop of the coronavius pandemic, the Reserve Bank of India (RBI) Governor Shaktikanta will address the media at 10 AM.
Coronavirus will impact India''s economic growth "severely", as the COVID-19 lockdown is causing significant disruption across multiple sectors, including manufacturing, oil, financial, among others, said reports.
.@RBI Governor @DasShaktikanta to hold press conference at 10 am pic.twitter.com/4U6ay9RzhK
— CNBC-TV18 (@CNBCTV18Live) March 27, 2020
09:37 (IST)
Sensex, Nifty surge ahead of RBI governor presser at 10 AM
Sensex jumped over 1,100 points or 3.25 percent to reclaim 31,000-mark
The broader Nifty 50 index soared to trade above 9,000 level in the morning session.
09:29 (IST)
Coronavirus pandemic to bruise Indian economy further: Report
India’s already-slowing economy weakened to at least an eight-year low this quarter and will slow even more sharply in the next six months due to the global coronavirus pandemic, a Reuters poll found.
With the virus spreading rapidly, Prime Minister Narendra Modi announced a three-week nationwide lockdown on Tuesday which will have a huge detrimental impact on businesses. The informal sector, the backbone of the economy, will be hardest hit as economic activity comes to a standstill.
“Just as everywhere else in the world, the Indian economy is bracing for the fallout (from) this unprecedented event. We expect the lockdown to dramatically reduce GDP in ... subsequent quarters, while there will be prolonged economic gloom throughout the rest of the year,” said Prakash Sakpal, Asia economist at ING.
According to the Reuters poll of economists taken 25-26 March, the economy will expand just 4.0 percent annually on a year ago in the quarter that ends on 31 March, the weakest since comparable records began in early 2012.
That is also slower than the 4.7 percent recorded in the last three months of 2019. The economy was forecast to grow 2.0% next quarter and 3.3% in the July-September quarter.
09:24 (IST)
Sensex up 1,000 points, Nifty opens above 9,000-level
#CNBCTV18Market | Market opens with healthy gains, #Nifty and #Sensex up over 3% each ahead of RBI Governor's press conference at 10 am pic.twitter.com/fCpN6l7Mdp
— CNBC-TV18 (@CNBCTV18Live) March 27, 2020
09:18 (IST)
Rupee opens higher
#Rupee opens higher Vs yesterday's close pic.twitter.com/hys67ufNLM
— CNBC-TV18 (@CNBCTV18Live) March 27, 2020
09:14 (IST)
#Rupee rises to the highest level since March 18 ahead of @RBI's media briefing pic.twitter.com/CkwFSUsU3c
— CNBC-TV18 (@CNBCTV18Live) March 27, 2020
09:11 (IST)
Sensex, Nifty open on positive note
Benchmark indices are trading positive in the pre-opening session with Nifty around 8900.
At 09:01 hrs IST, the Sensex is up 855.49 points or 2.86 percent at 30802.26, and the Nifty up 257.95 points or 2.99 percent at 8899.40.
Stock Market LIVE Updates: Sensex jumps over 1,100 points, Nifty above 9,000-level; Rupee surges ahead of RBI governor's presser at 10 AM
Tokyo: Asian stocks rose on Friday as investors wagered policymakers will roll out additional stimulus measures to combat the coronavirus pandemic after US unemployment filings surged to a record.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.0 percent. Australian shares were up 2.02 percent, while Japan’s Nikkei stock index rose 3.65 percent.
E-Mini futures for the S&P 500 rose 0.81 percent in Asia following three consecutive days of gains in the S&P 500 on Wall Street.
The dollar nursed losses against major currencies as central banks’ steps to solve a dollar shortage in funding markets started to gain traction.
The US House of Representatives is expected to pass a $2 trillion stimulus package later on Friday that will flood the world’s largest economy with money to stem the damage caused by the pandemic.
The US Federal Reserve has already slashed rates to zero and launched quantitative easing. The Fed will also take the unprecedented step of offering a direct backstop for corporate loans.
The United States is now the country with the most coronavirus cases, surpassing even China, where the flu-like illness first emerged late last year. Policymakers may need to offer more stimulus as the virus slams the brakes on economic activity and increases healthcare spending.
“I’m not sure what measures are left, but the reaction in stocks shows some people hoping for more stimulus thought the market was a little oversold,” said Yukio Ishizuki, FX strategist at Daiwa Securities in Tokyo. “Currencies tell a different story. The dollar is the lead actor. The mad rush to buy dollars due to liquidity concerns is starting to fade.”
The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, data showed on Thursday.
The jobless blowout was announced shortly after Federal Reserve Chairman Jerome Powell said that the United States “may well be in recession,” an unusual acknowledgement by a Fed chair that the economy may be contracting even before data confirms it.
Global equity markets took the data in their stride, partly because most central banks have already aggressively eased policy and governments are backing this up with big fiscal spending.
Leaders of the Group of 20 major economies pledged on Thursday to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and “do whatever it takes to overcome the pandemic.”
In the currency market, the greenback fell 0.25 percent to 109.34 yen in Asia on Friday, on pace for a 1.3 percent weekly decline.
The dollar was also headed for weekly declines against the Swiss franc, the pound, and the euro.
The US currency’s fall after two weeks of gains suggests that the Fed’s efforts to relieve a crunch in the dollar funding market are working, some analysts said.
The yield on benchmark 10-year Treasury notes rose slightly in Asia to 0.8383 percent, while the two-year yield edged up to 0.2946 percent.
Yields were still headed for a weekly decline, taking cues from the Fed’s extraordinary steps to bolster markets and the $2 trillion stimulus package.
US crude ticked up 1.77 percent to $23 a barrel in Asia. Energy markets have been caught in a tug-of-war between hopes for stimulus spending and worries about excess supplies of crude.
Gold, normally bought as a safe haven, was slightly lower. Spot gold fell 0.30 percent to $1,626.58 per ounce.
Gold market participants remained concerned about a supply squeeze following a sharp divergence between prices in London and in New York. The coronavirus has grounded planes normally used to transport gold and closed precious metals refineries.
from Firstpost Business Latest News https://ift.tt/2WLkaTq
No comments:
Post a Comment