Stock Markets Latest Updates: Benchmark indices rebound from early losses as Sensex jumps over 200 points, Nifty close to 9,000-mark

Sensex jumps over 200 points, Nifty close to 9,000-mark
 

The market rebounded from the opening losses as the Sensex jumped 222.80 points or 0.73 percent to 30,602.61 while the broader Nifty was up 67.50 points or 0.76 percent at 8992.80 at close.

NTPC was the top gainer in the Sensex pack rising nearly 6 percent. Other gainers included ICICI Bank Titan, L&T, SBI, Sun Pharma, Nestle India and IndusInd Bank.

As many as 1,596 shares advanced, 743 shares declined, and 148 shares remained unchanged during the session.

Except IT and FMCG, all other sectoral indices ended in the green.

'Index tried to recover early losses'

After a negative opening on back of global cues, the index tried to recover its early losses and gave a sudden spurt on back of its large constituents, said Sumeet Bagadia, executive director, Choice Broking.

"Moreover, most of the time of the first half, the index traded in a range bound move, though after giving a breakout of the same, we saw a high near to 9,090 level. During the trading session, we saw a good move in BankNifty compared to Nifty and settled with the gain of 2.30 percent," he said.

At present level, the index has good support at 8,800 while upside resistance comes at 9,100, if the Index sustains above 9,100 then we may see an upside movement up to the level of 9,300.

Microsoft adds 5 Indian languages to Microsoft Translator 

Microsoft India has announced that Microsoft Translator will now offer real time translation in five additional languages viz., Gujarati, Marathi, Kannada, Malayalam and Punjabi.

This takes the total number of Indian languages supported to 10, including Bengali, Hindi, Tamil, Telugu, and Urdu. With this, the service will now allow over 90 percent of Indians to access information and work in their native/preferred languages, making computing language-agnostic and more inclusive in the country.

Users can avail the benefits of AI and Deep Neural Networks-enhanced, real time translation in all these languages whileusing Bing and the Microsoft

Translator website, as well as the Microsoft Translator App for Android, IOS and Windows. The Microsoft Translator app can recognise and translate languages from text, speech and even photos. Microsoft is also rolling out support for these languages in the Microsoft Office 365 and the Swiftkey keyboard.

E-commerce firms likely to resume full operations soon

ICICI Bank deploys two mobile ATM vans in Mumbai

ICICI Bank today announced that it has deployed two mobile ATM vans in Mumbai to bring key banking services to the doorstep of the residents in wake of the coronavirus outbreak.

These vans will be stationed at the various localities in consultations with government authorities from 10 am to 7 pm. So far, residents of Worli, Thane, Dombivali and Goregaon among others have availed the services. The Bank will continue to offer this service till the lockdown continues.

The mobile ATMs will offer all the services that are available at regular ATMs. Apart from cash withdrawals, key services which can be availed by the customers are – transferring funds to registered payee, change of PIN, recharge pre-paid mobile, book fixed deposits, among others.

Life sciences firm Hikal contributes Rs 1 cr to PM-CARES Fund

Global life sciences company Hikal on Thursday said it has contributed Rs 1 crore to the PM-CARES Fund to aid the government’s initiatives in fighting against the deadly COVID-19.

The company also announced that its employees have voluntarily pledged their one-day salary towards Chief Minister’s Relief Fund of Maharashtra, Karnataka and Gujarat.

The company would also add a sizable amount to the funds pledged by its employees, Hikal said.

The company has also contributed for the well-being of healthcare service providers, corporation staff, affected daily wage workers and the underprivileged community around the Hikal plants in Maharashtra, Karnataka and Gujarat.

India's sugar export, domestic sales hit due to lockdown: ISMA

India's sugar sales in both domestic and overseas markets have taken a beating in view of the nationwide lockdown imposed by the government for preventing the spread of the deadly COVID-19, industry body ISMA said on Thursday.

However, fall in overseas sales of sugar during the lockdown is expected to 'partially or largely' get compensated by the extra sales to Indonesia, which is likely to meet its sugar demand from India in view of shortages in Thailand, it said.

Meanwhile, the country''s total sugar production has reached 24.78 million tonne till 15 April of the 2019-20 marketing year (October-September), down by 20 percent from 31.17 million tonne in the year-ago period, it added.

"The exports have been affected due to sudden drop in global sugar prices, but the recent depreciation of rupee is giving some relief to the exporters," Indian Sugar Mills Association (ISMA) said in a statement.

China central bank will continue to support smaller firms

China’s central bank said on Thursday it will continue to guide credit to support the real economy, especially smaller firms, via measures including targeted cuts in banks’ reserve requirement ratios (RRR) and re-lending.

Since early February, the central bank has unveiled a raft of measures from cutting lending rates and making cheap loans at subsidized rates to providing payment relief to firms that have been hardest hit by the coronavirus outbreak and containment measures.

Dollar consolidates gains before US jobless data release

The dollar consolidated its gains against other currencies on Thursday before the release of weekly US jobless data, which are likely to provide more evidence of a deep recession in the world’s biggest economy.

The dollar edged up 0.1 percent to 99.774 against a basket of major currencies, after snapping a four-day losing streak the previous day as equity market gains hit a wall.

However, stabilising oil prices and some improvement in risk sentiment on stock markets helped temper the dollar’s gains. 

Economists forecast US weekly jobless claims of 5.1 million, lifting total filings during the crisis above 20 million.

Infosys to announce Q4, annual results on 20 April 

Cargill India to provide 16 mn meals, donates to PM CARES Fund

Cargill India, which is part of US food major Cargill, on Thursday said it has donated contributed to PM-CARES Fund to support the fight against coronavirus and, will provide 16 million meals to feed the most vulnerable sections of the society.

Cargill India has a presence in India since 1987 and sells wheat flour under the ''Nature Fresh'' brand. It markets edible oils under various brands such as Nature Fresh, Gemini, Sweekar, Leonardo Olive Oil and Rath.

"COVID-19 continues to spread, there is a growing need to feed the most vulnerable communities in our society. In line with its purpose of nourishing the world, Cargill has pledged 16 million meals to feed families through dry ration kits and cooked meals," Cargill India said in a statement.

IndusInd Bank pledges Rs 30 cr towards COVID-19 relief efforts

Private sector lender IndusInd Bank on Thursday said it has committed Rs 30 crore towards COVID-19 relief efforts.

The bank did not specify if it is contributing to any corpus like the PM CARES Fund and limited itself to saying that it is working with both the central and state governments to fight the pandemic.

It can be noted that a slew of corporates and banks have announced help to the relief efforts since the outbreak last month. 

IndusInd Bank said it has supplied relief materials such as face masks, hand sanitisers and gloves to the affected areas to and is also working on facilitating personal protective equipment (PPE) for medical officials on duty.

It has also been given a mandate of opening an account towards the collection of contributions towards Prime Minister''s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund), an official statement said.

Sensex soars over 300 points, Nifty reclaims 9,000-mark 

The market staged a comeback as Sensex surged 340.19 points or 1.12 percent to 30,720 while while the Nifty was up 107.40 points or 1.2 percent at 9,032.70 at around 2.30 pm.

Govt may come up with norms on refunds for cancelled flight tickets

Private healthcare sector in financial distress, in need of stimulus: Study

Rupee ends at record low of 76.86

Lockdown: Britannia utilises 65% of installed capacity   

IEX contributes Rs 5 cr  to PM CARES Fund 

The Indian Energy Exchange (IEX) on Thursday said it has contributed Rs 5 crore to the PM CARES Fund to support relief measures in the fight against COVID 19 pandemic. 

As we face an unprecedented crisis, support and solidarity from citizens as well as corporates during these times will go a long way in supplementing the various efforts undertaken by the government, the IEX said in a statement.

“We are facing one of the toughest global humanitarian and economic crisis. During this time, each one of us must do our part. We acknowledge the all-round efforts of the government and extend our humble contribution to support COVID-19 relief measures,” Indian Energy Exchange CEO and MD Rajiv Srivastava said.

Bosch India pledges Rs 50 cr to combat COVID-19 pandemic

Bosch India on Wednesday said it has pledged Rs 50 crore to combat COVID-19 spread in India.

As a part of its Corporate Social Responsibility initiatives, Bosch Group in India immediately donated Rs five crore to PM CARES FUND and pledged additional Rs 45 crore for various community welfare initiatives, the company said in a statement.

Stating that Bosch India has also started various welfare initiatives to help the underprivileged, it said, the company has been supplying cooked meals from its kitchen in Bidadi plant and through the Art of Living Foundation to about 4,000 migrant workers and other needy individuals, on a daily basis.

Till date, Bosch has already supported around 1,500 needy families by supplying ration packets during the current nationwide lockdown, it added.

Sensex up 223 points, Nifty gives up 9,000-mark

The market trimmed some gains as Sensex was trading 223.45 points or 0.74 percent higher at 30,603.26 while the Nifty was up 72.20 points or 0.81 percent at 8,997.50 at around 2 pm.

Tea auction centre in Guwahati allowed to operate after 20 April 

The Guwahati Tea Auction Centre (GTAC) has been permitted to restart operations in a limited manner after 20 April, according to officials.

An order issued by the Kamrup (Metro) administration said e-auctions can begin from 16 April but later deputy commissioner Biswajit Pegu directed the centre to begin operations after 20 April, a GTAC official said on Thursday.

Besides the auction centre, permission has also been granted to related stakeholders with certain conditions, according to the order issued by Additional Deputy Commissioner and CEO of Kamrup District Disaster Management Authority Chinmoy Nath.

Emami forays into hand sanitiser segment under BoroPlus brand

Kolkata-based FMCG major Emami Ltd on Thursday announced its foray into the hand sanitiser segment in the wake of coronavirus pandemic with the launch of the disinfectant under its flagship skincare brand BoroPlus.
 

Emami has prioritised the launch of this hand sanitiser, an essential commodity in midst of the COVID-19 pandemic, ensuring maximum available production capacity to bring this product to consumers in the shortest possible time given the dire need for the same, the company said in a statement.

The BoroPlus Advanced anti-germ hand sanitizer, powered by natural antiseptic qualities of neem and tulsi, has an alcohol base of 70 percent and is clinically proven to kill 99.99 per cent of illness-causing germs within seconds, Emami claimed.

Domestic equities recover led by gains in US markets

Indian markets have recovered and are trading in the green with gains of almost a 1 percent, following a weak opening mainly led by a recovery seen in the US markets Dow Futures which is trading with gains of 0.80 percent, said Aditya Agarwala, Senior Technical Analyst, YES Securities.

"Further, broader markets continue to outperform the headline indices for second day in a row, both Midcap and Smallcap Indices are up between 1.4 percent-1.8 percent respectively. Sectoral gainers are pharma, metal and realty," he said.

IT sector is under pressure as the results of IT majors starts to trickle in. Nifty, if continues to sustained above 9,025 can witness more short covering rallies to levels of 9130-9300, Agarwala.

"On the downside immediate supports are at 8,900-800. European markets are also suggesting a positive start. All the three major Indices i.e. FTSE, CAC and DAX are trading with gains in excess of 0.6 percent," he said.

Benchmark indices stay in green zone as Sensex jumps 322 points 

The market continued to trade in the green zone as Sensex surged 321.84 points or 1.06 percent to 30,701.65 while the Nifty was up 83.35 points or 0.93 percent at 9,008.65 at around 1.15 pm.

MG Motor India ties up with Medklinn for vehicle cabin sterilisation

MG Motor India on Thursday said it has partnered with Singapore-based Medklinn to explore natural sterilisation of cabin air and surfaces in its cars.

The carmaker said it will evaluate the viability of installing Medklinn''s patented cabin sterilisation technology, Cerafusion, in its India products, the HECTOR and the ZS EV.

The coronavirus pandemic has raised the need for having sterilisation and disinfection features in vehicles.

"As part of our commitment to innovation and safety, we are partnering with Medklinn, one of the top global players in this domain, to explore world-class cabin sterilisation solution in our vehicles," MG Motor India President and Managing Director Rajeev Chaba said in a statement.

Maruti Suzuki gains 4% in afternoon trade

Toyota comes out with restart manual for manufacturing sector

Japan PM leans toward blanket cash payouts

Japanese Prime Minister Shinzo Abe has decided to change a draft supplementary budget to allow blanket cash payouts to all citizens, a government official said, as the coronavirus pandemic bites deeper in the world’s third-largest economy.

Under the current supplementary budget plan, the government sets aside money to fund cash payouts of 300,000 yen ($2,784) but only for households whose income is judged to have been hit by the coronavirus.

Abe’s administration will change the plan and instead deliver 100,000 yen each to every citizen, the official with direct knowledge of the matter told Reuters.

The change would be a nod to growing calls from ruling and opposition lawmakers for Abe to take bolder steps to soften the economic blow of the coronavirus, such as by handing out more cash to more people.

Sri Lanka reduces banks' emergency funding rate for the first time since 2003

Sri Lanka’s central bank said on Thursday it will immediately adjust its bank rate, the emergency funding rate for commercial banks, to 10%, an effective reduction of 500 basis points, to align it with falls in key rates since last May. The move underlines efforts by policymakers globally to provide support to economies hit by the coronavirus crisis.

The bank rate has been at 15 percent since August 2003 and this is the first time since then that any adjustment in being made.

The bank rate is the emergency rate at which the Central Bank of Sri Lanka (CBSL) provides credit to commercial banks against acceptable collateralised assets.

It acts as a penalty rate, which is higher than other market rates and is known as a Lender of Last Resort rate at which emergency loans are provided to banks.

IndusInd Bank extends support to COVID-19 relief work

IndusInd Bank has been working with the government and its agencies across several states as well as at the national level, in their efforts to fight against the COVID-19 pandemic. IndusInd Bank has committed Rs 30 crore towards this cause and is monitoring the requirements closely.

As part of the commitment, the bank has already supplied relief materials such as face masks, hand sanitisers and gloves to the affected areas to combat the Corona Virus pandemic. The Bank is also working on facilitating personal protective equipment (PPE) for medical officials on duty.

The bank has been given a mandate of opening an account towards the collection of contributions towards ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund).

Grocery shops hike prices on supply crunch

Govt sets foodgrain production target at record 298.3 mn tonne

The agriculture ministry aims to increase foodgrain production by 6.35 million tonnes to record 298.3 million tonnes in the 2020-21 crop year riding high on hopes of normal monsoon.

The foodgrain output in the 2019-20 crop year (July-June) is estimated at an all-time high 291.95 million tonnes, as per the second advance estimates released by the ministry in February.

"IMD has forecast the June to September southwest monsoon rainfall over the country as a whole is likely to be normal. This augurs well for rain-fed kharif crops," Agriculture Commissioner SK Malhota said at a national level video conference organised to plan for sowing of kharif (summer) crops.

In view of COVID-19 lockdown, Malhotra informed state governments about the exemptions given for farm activities and the need to follow social distancing and sanitisation during the sowing of kharif crops.

Motherson Sumi to raise up to Rs 500 cr via issue of securities

Dutch new unemployment claims soar 42%

The number of people filing for unemployment benefits in the Netherlands soared 42 percent in March as many businesses were shut down in an attempt to contain the spread of the coronavirus in the country.

The Dutch federal employment agency on Thursday said it had paid benefits to 37,800 new unemployed in March, an increase of 11,200 from the month before.

The strongest increases were among people who used to work in restaurants and bars and among people under 25 years of age, the agency said.

Market extends gains as Sensex surges over 300 points, Nifty holds 9,000-level

Benchmark indices extended the gains as Sensex surged 311.55 points or 1.03 percent to 30,691.36 while the broader Nifty was up 97.90 points or 1.1 percent at 9,023.20 at around 12.40 pm.

European markets open higher

L&T wins 'significant' contracts in January-March quarter

Larsen & Toubro on Thursday said its heavy engineering arm has won ''significant'' contracts in the January-March quarter of this year including a coal gasification project.

Though the company did not specify the exact amount of the orders, an order under the ''significant'' category ranges between Rs 1,000 crore and Rs 2,500 crore.

"The unit secured orders for key gasification equipment from Wuhan Engineering Ltd, China against stiff Chinese competition for Talcher Fertilizer, which is the first-of-its-kind Coal gasification project in India. It will produce 1.27 MTPA (million tonne per annum) of Urea through the gasification of the mixed feedstock of Indian coal with high ash content and pet coke," the company said in a statement.

L&T Heavy Engineering has already delivered key gasification equipment for Indian, Chinese and Vietnam markets in the past.

Sensex jumps over 250 points, Nifty above 9,000-mark

Benchmark indices continued the rally in the afternoon trade as Sensex jumped 277.11 points or 0.91 percent to 30,656.92 while the broader Nifty was up 88.45 points or 0.99 percent at 9,013.75 at around 12.15 pm.

Real estate industry sentiment plunges to record low during January-March: Survey

The real estate industry sentiment plunged to an all-time low during January-March as stakeholders turned pessimistic, foreseeing an adverse impact of the COVID-19 pandemic on demand-supply and liquidity in the market, a survey showed.

According to property consultant Knight Frank and industry bodies FICCI and Naredco, the real estate sector, which showed signs of revival during the October-December quarter of 2019, has suffered a huge setback because of the COVID-19 crisis with both current and future sentiment index falling to an all-time low in pessimistic zone.

"With the crisis playing havoc on the economy and real estate sector, the current sentiments of the real estate stakeholders in India have dropped to an all-time low of 31 in the first quarter (January – March) 2020," said the 24th Knight Frank-Ficci-Naredco Real Estate Sentiment Index Q1 2020 Survey report.

Market rebounds as Sensex rises 141 points, Nifty above 8,950-mark

Benchmark indices rebounded in the morning trade as Sensex rose 141.53 points or 0.47 percent to 30,521.34 while the Nifty was up 55.85 points or 0.63 percent at 8,981.15 at around 11.30 am.

L&T, ICICI Bank, PowerGrid, Nestle India and IndusInd Bank were the top gainers in the Sensex pack

Coronavirus Outbreak: Asia to see 0% growth in 2020, says IMF

Asia is expected to witness zero per cent growth in 2020 due COVID-19 pandemic, its worst growth performance in almost 60 years, but still the world's largest and most populous continent is likely to fare better than other regions in terms of activity, the International Monetary Fund (IMF) has said.

The IMF in a blog titled ''COVID-19 Pandemic and the Asia-Pacific Region: Lowest Growth Since the 1960s' further said the impact of the coronavirus on the region will be "severe and unprecedented".

"Growth in Asia is expected to stall at zero percent in 2020. This is the worst growth performance in almost 60 years, including during the Global Financial Crisis (4.7 percent) and the Asian Financial Crisis (1.3 percent)," it said.

ICICI Bank gains 5% in intra-day trade

Steel minister instructs PSUs to ensure lockdown guidelines, social distancing at plants

To contain the spread of COVID-19, Steel Minister Dharmendra Pradhan has instructed state-run steel companies to ensure lockdown guidelines and social distancing are followed at their plants and townships.

Pradhan, through a video conference with the chiefs of steel public sector undertakings (PSUs) also took stock of the situation at the plants and their mines, and reviewed the arrangements to deal with COVID-19 spread.

"The minister in a review meeting with CMDs of all PSUs has instructed to ensure lockdown guidelines are followed, social distancing is maintained in steel plants and colonies. He also reviewed the ongoing activities of steel sector towards the fight against the pandemic," an official said.

There are seven PSUs under control of ministry of steel.

IndusInd Bank rallies over 4% after Goldman Sachs buys shares

The scrip of IndusInd Bank on Thursday went rose over 4 percent after Goldman Sachs (Singapore) picked up shares worth over Rs 176 crore in the company through an open market transaction.

The scrip gained 4.17 percent to Rs 441.80 on the BSE. On the NSE, it climbed 4.22 percent to Rs 442.

According to the bulk deal data on the National Stock Exchange (NSE), Goldman Sachs (Singapore) Pte-ODI bought 14 lakh shares of the private lender, at an average price of Rs 430.3 apiece.

This took the total deal value to Rs 176.42 crore.

Wipro shares decline 6% post Q4 earnings

Shares of IT major Wipro on Thursday dropped 6 per cent after the company posted 6 percent decline in net profit for March quarter that was battered by the fallout of COVID-19.

The scrip plunged 6 percent to Rs 175.30 on the BSE. On the NSE, shares of the company fell 3.51 percent to Rs 180.

"Wipro’s results were weak along expected lines. The company desisted from its usual practice of providing quarterly revenue guidance," Emkay Global Financial Services Ltd said in a report.

The IT major did not provide revenue forecast for the current quarter due to business uncertainty caused by the pandemic.

Sensex down 49 points, Nifty holds 8,900-mark

Market trimmed the early losses as Sensex was trading 48.71 points or 0.16 percent down at 30,331.10 while the Nifty was down 4.15 points or 0.05 percent at 8,921.15 at around 11 am.

Jet fuel prices slashed by 17% in Delhi

Jet fuel demand to remain low as airlines struggle to survive

Demand for flights and jet fuel could take years to recover from the coronavirus crisis as airlines struggle to survive their worst downturn, haunted by possible changes in the habits of tourists and business travellers.

Among the various fuels, jet has been hit hardest and industry leaders warn it will take years for all-important airline-industry demand to return to 2019 levels.

“Jet fuel consumption will be impacted for a longer time and maybe not recover fully even next year, as travellers remain concerned about long-haul vacations, and businesses get used to online meetings,” said Per Magnus Nysveen, head of analysis at Rystad Energy, a consultancy.

Exemptions for agriculture and freight from widespread lockdowns have offered some support to diesel and fuel oil, but jet demand remains weak as a significant slice of the world’s 23,000-strong commercial plane fleet is in storage.

Biocon Biologics receives EIR from USFDA for 2 manufacturing facilities

Biocon Biologics India Ltd., a subsidiary of Biocon Ltd., said on Thursday it has received the Establishment Inspection Report (EIR) from the USFDA (the United States Food and Drug Administration) for the pre- approval inspection at two of its biologics manufacturing facilities in Bengaluru.

The inspection was conducted between 10 September and 19 September 2019, a company spokesperson said, adding, Biocon Biologics has responded to the regulator on the eight observations from this inspection, in October last year.

Subsequently, Biocon Biologics has received approvals for the two products Trastuzumab (Drug Product) and Pegfilgrastim (Drug Substance) from the USFDA in 2019.

"The receipt of the EIR indicates a successful closure of the inspection," the spokesperson said. "The formal closure of the USFDA inspection is expected to enable filing of marketing authorisation applications for our biosimilar products in several global markets."

L&T shares up

Larsen & Toubro share price was up 3 percent after the heavy engineering arm of the company had won significant contracts in Q4 of FY20.

The unit secured orders for Key Gasification Equipment from Wuhan Engineering Ltd, China which is the first-of-its-kind Coal gasification project in India.

Have not seen a deluge of patients, says Suneeta Reddy of Apollo Hospitals

Rupee slips to record low

'Some NBFCs may be able to hold on in this crisis'

TCS to announce results today

Google to slow hiring for rest of 2020, CEO tells staff

Alphabet Inc’s Google will slow hiring for the rest of the year, Chief Executive Officer Sundar Pichai told the company’s staff in a memo on Wednesday, Reuters said.

“We’ll be slowing down the pace of hiring, while maintaining momentum in a small number of strategic areas, and onboarding the many people who’ve been hired but haven’t started yet”, a Google spokesperson said.

'Big bang package can wait, small measures need of hour'

Sensex slumps further, Nifty down

Jobs to be axed: Air New Zealand to axe all Boeing 777 cabin crew

Health, motor insurance policies can be renewed till 15 May

IT stocks slip

India GDP numbers by World Bank, IMF 'too optimistic'

Former chief economic adviser Arvind Subramanian on Wednesday said the GDP numbers being projected by the World Bank and IMF for India are far "too optimistic" and the country would require additional expenditure of Rs 10 lakh crore to bring the coronavirus-hit economy back on track.

As per the World Bank's latest assessment, India is expected to grow 1.5 per cent to 2.8 per cent during the current fiscal due to the impact of the COVID-19 pandemic and consequent lockdown.

Similarly, the IMF on Tuesday projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s.

With these subdued projections, India is likely to record its worst growth performance since the 1991 liberalisation of the economy.

"The number given by the World Bank and IMF in terms of the changes are way too optimistic because even if we lose one month's output, we are talking about pretty negative rate of growth and that is what should determine how we respond," Subramanian said in a webinar organised by economic think-tank NCAER.
 Former chief economic adviser Arvind Subramanian on Wednesday said the GDP numbers being projected by the World Bank and IMF for India are far "too optimistic" and the country would require additional expenditure of Rs 10 lakh crore to bring the coronavirus-hit economy back on track.

As per the World Bank's latest assessment, India is expected to grow 1.5 per cent to 2.8 per cent during the current fiscal due to the impact of the COVID-19 pandemic and consequent lockdown.

Similarly, the IMF on Tuesday projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s.

With these subdued projections, India is likely to record its worst growth performance since the 1991 liberalisation of the economy.

"The number given by the World Bank and IMF in terms of the changes are way too optimistic because even if we lose one month's output, we are talking about pretty negative rate of growth and that is what should determine how we respond," Subramanian said in a webinar organised by economic think-tank NCAER.

Oil bounces back as rising stockpiles seen pointing to lower output

Oil rose on Thursday, with US crude rebounding from near-20-year lows in the previous session on hopes that a big build-up in US inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.

Brent crude was up 69 cents, or 2.5 percent, at $28.38 a barrel by 0102 GMT. US West Texas Intermediate was up 56 cents, or 2.8 percent, at $20.43.

With official data showing US inventories surging the most on record, WTI fell on Wednesday to its lowest since February 2002, with Brent slumping more than 6 percent.

Pharma sector has been doing well

Sensex plunges, Nifty dips lower

Sensex, Nifty open weak

At 09:16 hrs IST, the Sensex is down 208.73 points or 0.69 percent at 30171.08.

The Nifty is down 60.20 points or 0.67 percent at 8865.10.

About 402 shares have advanced, 318 shares declined, and 37 shares are unchanged.

World stock markets slide after virus-driven plunge in US retail sales

World stock markets fell on Thursday, while bonds and the dollar held on to hefty gains, after a coronavirus-driven plunge in US retail sales and factory production and increasing gloomy economic outlooks for Asia.

US retail sales fell the most on record last month, while manufacturing output fell by the most in 74 years, raising fears of a deep recession.

In Asia, growth will grind to zero for the first time in 60 years in 2020, the International Monetary Fund said on Thursday, as exporters are pounded by slumping demand and anti-virus measures force consumers to stay home and shops to shut down.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6 percent. In Japan, where a Reuters survey showed most firms feel stimulus measures announced so far are insufficient, the Nikkei fell 1.3 percent.

E-mini futures for the S&P 500 were 0.3 percent lower following a 2.2 percent drop on Wall Street overnight

IMF supports India's 'proactive' decision of nationwide lockdown

The International Monetary Fund (IMF) on Wednesday said that it supports India's proactive decision of a imposing a nationwide lockdown in its fight against coronavirus.

A day earlier, the IMF in its World Economic Outlook had forecast India's growth rate to be 1.9 percent in 2020.

"India entered the pandemic turmoil in the midst of a credit crunch-induced slowdown and its recovery prospect becomes more uncertain," Chang Yong Rhee, the Director of the IMF's Asia and Pacific Department, told reporters during a news conference here.

"Despite the economic slowdown, the government implemented a nationwide lockdown and we support India's proactive decision," Rhee said.

US retail sales data impacts Wall Street

Nifty below 8,875 will bring fresh selling pressure, drag it lower 

Aditya Agarwala, Senior Technical Analyst, YES Securities.said, "SGX Nifty is indicating a weak start for our markets which is currently trading with cuts of 60 points from its previous session close. Overnight the European and US markets ended trade with deep cuts of 2 percent-3 percent triggering a weak start to trade on the Asian Indices.

"Early risers in Asia are mostly trading lower as NIKKEI, HANG SENG, TAIWAN and JAKARTA markets are trading in the red with cuts of 1 percent-1.70 percent, while Shanghai is mildly in the green. Dow Jones Fut. and S&P500 Fut. are also trading soft down 0.80 percent at the moment which keep our markets under pressure. 

"Coming back to our markets, Nifty ended Wednesday’s session in the red amidst sharp and sudden wild swings in the second half of the trading session. On the upside 9,300 continues to act as a stiff resistance while 8,875 is an immediate support. If Nifty sustains below 8,875, fresh selling pressure will drag it lower to levels of 8750-8720 on the downside. A move above 8,875 may trigger minor pullback rally to levels of 9,000," Agarwala said