MARKET WRAP: Sensex tanks 1,710 pts, ends below 29K; Nifty settles at 8,469
All that happened in markets today
 "Markets")
Of 30 constituents, 28 declined and only two - ONGC and ITC ended in the green
9:02 AM
Rupee opening
Rupee opens higher at 73.99/$ vs Tuesday's close of 74.25 against the US dollar
8:58 AM
YES Bank looks to recover Rs 8,500 cr from loan defaulters in next fiscal
YES Bank is hoping to recover about Rs 8,500 crore from its loan defaulters, mostly corporate entities, in the coming financial year (which begins April 1), said the bank’s administrator on Tuesday. READ MORE
8:52 AM
Morgan Stanley, Goldman declare global recession underway
Morgan Stanley’s team, led by Chetan Ahya, said a worldwide recession is now its “base case,” with growth expected to fall to 0.9% this year. At Goldman Sachs, Jan Hatzius and colleagues predict a weakening of growth to 1.25%. S&P Global added its voice to the chorus with a report expecting that growth would range 1% to 1.5%. READ MORE
8:49 AM
Coronavirus may spark global recession; worst since 2001: Morgan Stanley
Global economy is likely to slip into a recession triggered by the fast-spreading coronavirus (COVID-19) with growth dipping to 0.9 per cent year-on-year (YoY) in 2020, said analysts at Morgan Stanley in a recent report. The global recession, they said, will be deeper than seen in 2001. “Assuming this outlook of Covid-19, we expect 2020 global growth to dip to 0.9 per cent, the lowest since the global financial crisis (GFC). The global recession this year would be deeper than in 2001. We expect global growth to contract by 0.3 per cent in the first quarter (January – March) of 2020 (Q1-20) and 0.6 per cent in 2Q20,” wrote Chetan Ahya, chief economist and global head of economics at Morgan Stanley in a co-authored report with Derrick Y Kam, Nora Wassermann and Frank Zhao. READ MORE
8:46 AM
Commodity prices extend declines amid market volatility led by silver
The spot price of silver has fallen 24.7 per cent in 2020 so far. On the MCX, gold futures for delivery in April declined by nearly two per cent to Rs 38,743 per 10g in late afternoon trade. Silver futures for delivery in May dived 4.8 per cent to Rs 34,470 a kg. Gold and silver have lost 15 per cent and 25 per cent, respectively, since Covid-19 was first reported in China during January. READ MORE
8:37 AM
S&P lowers India's growth forecast to 5.2% for 2020 amid Covid-19 pandemic
The agency had earlier projected a growth rate of 5.7 per cent during the 2020 calendar.
Asia-Pacific economic growth in 2020 will be more than halve to less than 3 per cent as the "global economy enters a recession", S&P said in a statement. READ MORE
8:34 AM
WEB EXCLUSIVE :: RBI's MPC to resume monetary easing amid risks to growth, uncertain outlook
In India, growth outlook over the next couple of quarters has become more uncertain on the prospects of a global recession and severe investor risk aversion and downside risks have increased due to a local outbreak. At this stage, India is relatively less affected from a global outbreak, due to lower trade dependence and participation in global value chains and smaller tourism receipts. READ MORE
8:29 AM
WEB EXCLUSIVE :: Pace of flow into equity unsustainable as investors cut leveraged positions
Foreign portfolio investors (FPIs) are selling and cutting their exposure to emerging markets (EMs) given virus fears and crash in oil prices, as they are unwinding their aggressive bets and India is no exception. Generally when the oil price crashes, India tends to relatively outperform peers. This time the situation is bit murky for India given weak macro already. Brent crude oil at $30/barrel means a nearly $42 billion (1.4 per cent of GDP) boost to India’s economy, according to our macro strategist. This can help government revenues as government may retain most of the gains by increasing taxes. READ MORE
8:18 AM
FII/FPI & DII trading activity on NSE, BSE and MSEI
8:14 AM
Rupee check
8:13 AM
Oil Check
>> Oil prices steadied early on Wednesday after sliding to their lowest in four years
>> Brent crude was up 8 cents, or 0.3%, at $28.81 a barrel by 6:00 am, after falling earlier to $28.40, the lowest since early 2016.
>> Brent crude was up 8 cents, or 0.3%, at $28.81 a barrel by 6:00 am, after falling earlier to $28.40, the lowest since early 2016.
8:06 AM
SGX Nifty
>> At 8:05 am, the Singaporean Exchange for Nifty Futures was at 8,998.25, up 98 points or 1.1 per cent.
8:04 AM
Asian Market Check
Source: Reuters
Topics : Markets MARKET WRAP
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First Published: Mar 18 2020 | 7:47 AM IST
