Top Headlines: Stocks suffer worst day in history; 19 states lock down

Business Standard brings to you the top headlines of the day.

1. Investor wealth plunges over Rs 10 trn; equity markets see massive sell-off

Investor wealth plummeted by over Rs 10 trillion in the first hour of trade on Monday as the equity markets went into a tailspin and sank 10 per cent. Rising cases of coronavirus (Covid-19) has hit market sentiment negatively, with the equity markets starting the week with a massive selloff.

The market capitalisation of BSE-listed firms dropped by Rs 10,29,847.17 crore to Rs 1,05,79,296.12 crore just before the trading was halted for 45 minutes. Markets took a heavy beating as the BSE benchmark index plunged 2,991.85 points or 10 per cent -- its lower circuit limit. Read more... 

Domestic flights to be suspended

Domestic flights in India will stop at midnight Tuesday, as authorities strengthen a lockdown that has shuttered large parts of the country against the spread of the coronavirus. Read More

2. Coronavirus: Please save yourself by taking lockdown seriously, says Modi

Prime Minister Narendra Modi on Monday appealed to state governments to ensure that rules and regulations of the coronavirus lockdown are enforced as he noted that many people are not taking the measure seriously.

"Many people are still not taking the lockdown seriously. Please save yourself, save your family, follow the instructions seriously. I request state governments to ensure rules and laws are followed," he said in a tweet in Hindi.

The Centre and state governments have decided to completely lock down 80 districts across the country where coronavirus cases have been reported. Read on...

3. Will take relook at GDP forecasts for FY20, FY21, but it's too early: CEA

"In the Indian context what I would say is, looking at the data and an event like this you always have to be very careful about tomorrow versus today. But based on data today, if you look at all the other countries, and follow statistical modelling, there is a way this is happening. That is stage I, then stage II. We are at stage II currently," says Chief Economic Advisor Krishnamurthy Subramanian. Read more...

4. RBI advances OMO date, announces repo of Rs 1 trn in two tranches

The Reserve Bank of India (RBI) will be holding repo operations of Rs 1 trillion in two tranches to meet frictional liquidity needs, the central bank said on Monday even as it advanced a secondary bond buying plan scheduled next week.

The variable rate 16-day repo operations, in which the central bank infuses liquidity in the system, will be held on Monday and Tuesday, “as a pre-emptive measure to tide over any frictional liquidity requirements on account of dislocations due to COVID-19,” the central bank said in a communiqué. Read on...

5. Lok Sabha passes Finance Bill by voice vote without discussion

The Lower House of the Parliament, Lok Sabha, on Monday passed the Finance Bill by voice vote without any discussion.

Many political parties, including the Trinamool Congress, decided not to attend the session on Monday due to the coronavirus scare amid lockdowns announced by many states, a Press Trust of India report said, quoting sources. Read more...

6. Global corporate revenue to take $12 trillion hit due to coronavirus

US companies are likely to take a $4 trillion blow due to coronavirus (COVID-19) pandemic, says the latest report from Bridgewater Associates – a US-based hedge fund that manages nearly $160 billion in global investments for approximately 350 institutional clients. The global impact, according to Bridgewater is far higher. Read on...

7. Covid-19: Tokyo Olympics postponement may be 'inevitable', says Japan PM

Postponing the Olympics over the coronavirus pandemic may become "inevitable", Japan's prime minister conceded Monday, after the International Olympic Committee said a delay was being considered as pressure grows from athletes and sports bodies.

The comments from Shinzo Abe were his first acknowledgement that the 2020 Games may not open as scheduled on July 24, as the coronavirus marches across the globe causing unprecedented chaos.  Read more...