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Gravitas: Wuhan Coronavirus: Global economy takes a hit

Domestic stock market indices on Thursday continued its bear run with the BSE Sensex plunging over 16,00 points.

The plunge in the equity market can be attributed to a similar trend in global markets on persistent fears of the economic impact of the coronavirus epidemic.

At 9:45 am, the S&amp;P BSE Sensex was down over 1,681.15 points, or 4.71%, at 34,016.25 levels. The NSE Nifty too cracked 505.25 points, or 4.83%, to 9,953.15.

Meanwhile, Rupee falls by 82 paise to 74.50 against US dollar in early trade as markets tank over global selloff.

(With inputs from agencies)

Domestic stock market indices on Thursday continued its bear run with the BSE Sensex plunging over 16,00 points. The plunge in the equity market can be attributed to a similar trend in global markets on persistent fears of the economic impact of the coronavirus epidemic.

Domestic stock market indices on Thursday continued its bear run with the BSE Sensex plunging over 16,00 points. The plunge in the equity market can be attributed to a similar trend in global markets on persistent fears of the economic impact of the coronavirus epidemic. At 9:45 am, the S&P BSE Sensex was down over 1,681.15 points, or 4.71%, at 34,016.25 levels. The NSE Nifty too cracked 505.25 points, or 4.83%, to 9,953.15. Meanwhile, Rupee falls by 82 paise to 74.50 against US dollar in early trade as markets tank over global selloff. (With inputs from agencies)

Stock Market bloodbath continues: Sensex plummets 1600 points, Nifty below 10000

Airlines bore the brunt of a dramatic expansion of the coronavirus crisis on Thursday, as U.S. travel curbs on much of continental Europe deepened the sector's misery and piled more pressure on governments to offer emergency support.

The 30-day restrictions will badly disrupt transatlantic traffic key to the earnings of major European carriers and their U.S. airline partners, analysts warned, as the move hit travel stocks already battered by the virus outbreak.

Those routes account for 20-30% of large European operators' revenue and a majority of profit, Credit Suisse analyst Neil Glynn warned, "highlighting the damage to revenue lines for the coming weeks and potentially well into the summer."

Glynn added: "A ban on travel to the U.S. will likely mean heavier cuts" than the drastic capacity reductions already ordered as airlines scrapped flights - first to China and then to other destinations including Italy as the virus spread.

Also read:&nbsp;<a href="https://www.wionews.com/world/qatar-bans-arrivals-from-14-countries-including-india-over-coronavirus-fears-285153">Qatar bans arrivals from 14 countries including India over coronavirus fears</a>

Shares in European and U.S. airlines slumped in turn to new lows, with Delta and United Airlines down more than 13% and American Airlines 7.2% lower.

Air France-KLM was down 9.1% at 1506 GMT, with British Airways parent IAG down 10.7% and Lufthansa 11.5% lower. Troubled Norwegian Air and U.S.-dependent Icelandair both plunged more than 20%.

The U.S. curbs on travel from the 26-country Schengen Area - which excludes Britain and Ireland - are similar to restrictions on China that took effect on Feb. 1 and do not apply to U.S. residents or their immediate family.

"The ban effectively stops travel from the Schengen Area to the USA," said Bernstein analyst Daniel Roeska - predicting a "more substantial" earnings impact than European carriers had suffered from the earlier China flight suspensions.

Also see:&nbsp;<a href="https://www.wionews.com/world/trump-suspends-travel-from-europe-to-us-in-coronavirus-crisis-285714">Trump suspends travel from Europe to US in coronavirus crisis</a>

U.S. airlines had already cut flight schedules to Italy and will take another hit from lower demand for flights from major destinations such as France and Germany.

Among them, American Airlines could be relatively spared by its alliance with British Airways (BA) and a higher share of UK traffic, while Air France-KLM partner Delta and Lufthansa ally United Airlines are likely to suffer more, analysts say.

U.S. Vice President Mike Pence defended the travel curbs on Thursday after the European Union complained they had been imposed "unilaterally and without consultation".

The virus has taken root in the United States after spreading from China to Italy, South Korea, Iran and elsewhere.

Also read:&nbsp;<a href="https://www.wionews.com/world/whole-of-italy-under-coronavirus-lockdown-public-gatherings-banned-285372">Whole of Italy under coronavirus lockdown, public gatherings banned</a>

TOTAL MELTDOWN

Airlines had already been scrambling to respond to a global travel slump that looks increasingly likely to require government aid to avoid widespread insolvencies. The EU will publish new state-aid guidelines on Friday.

Germany may extend loans and other support to airlines, a government official said on Thursday. The French government also stands ready to help Air France-KLM, Finance Minister Bruno Le Maire said.

"There is a need for measures from many governments," said Norwegian pilots' union president Yngve Carlsen. "This could lead to a total meltdown."

Scandinavian carrier SAS is in talks with the Swedish and Danish governments about potential support measures, a company spokeswoman said.

Also see:<a href="https://www.wionews.com/world/coronavirus-outbreak-could-get-bigger-in-winters-study-285720">&nbsp;Coronavirus outbreak could get bigger in winters: Study</a>

EU airlines have seized on the crisis to push back on green taxes designed to help the bloc meet climate goals - including proposals to end current tax exemptions on jet fuel.

"New fiscal burdens should be postponed until the industry is back on a sound operational and financial footing," lobby group Airlines for Europe said.

CRITICAL TIME

The latest travel clampdown could make coronavirus worse than previous aviation crises including the 9/11 attacks of 2001, UK-based consultant John Strickland said.

"It's coming at the end of the northern hemisphere winter, which is a weak period for airline finances (when) they should be sowing seeds of a strong summer season by getting the bookings in," he said.

Air France-KLM and Lufthansa said they were still studying the implications of the U.S. move for flight schedules. IAG is potentially less impacted thanks to BA's Heathrow base.

There were panicky European airport scenes as travellers scrambled to fly to the United States before the restrictions take effect late on March 13.

The fallout is also spreading fast from travel and tourism to the aerospace and other industries.

Safran, the world's third-biggest aerospace group, sees a growing threat&nbsp;

Airlines bore the brunt of a dramatic expansion of the coronavirus crisis on Thursday, as U.S. travel curbs on much of continental Europe deepened the sector's misery and piled more pressure on governments to offer emergency support.

Airlines bore the brunt of a dramatic expansion of the coronavirus crisis on Thursday, as U.S. travel curbs on much of continental Europe deepened the sector's misery and piled more pressure on governments to offer emergency support. The 30-day restrictions will badly disrupt transatlantic traffic key to the earnings of major European carriers and their U.S. airline partners, analysts warned, as the move hit travel stocks already battered by the virus outbreak. Those routes account for 20-30% of large European operators' revenue and a majority of profit, Credit Suisse analyst Neil Glynn warned, "highlighting the damage to revenue lines for the coming weeks and potentially well into the summer." Glynn added: "A ban on travel to the U.S. will likely mean heavier cuts" than the drastic capacity reductions already ordered as airlines scrapped flights - first to China and then to other destinations including Italy as the virus spread. Also read: Qatar bans arrivals from 14 countries including India over coronavirus fears Shares in European and U.S. airlines slumped in turn to new lows, with Delta and United Airlines down more than 13% and American Airlines 7.2% lower. Air France-KLM was down 9.1% at 1506 GMT, with British Airways parent IAG down 10.7% and Lufthansa 11.5% lower. Troubled Norwegian Air and U.S.-dependent Icelandair both plunged more than 20%. The U.S. curbs on travel from the 26-country Schengen Area - which excludes Britain and Ireland - are similar to restrictions on China that took effect on Feb. 1 and do not apply to U.S. residents or their immediate family. "The ban effectively stops travel from the Schengen Area to the USA," said Bernstein analyst Daniel Roeska - predicting a "more substantial" earnings impact than European carriers had suffered from the earlier China flight suspensions. Also see: Trump suspends travel from Europe to US in coronavirus crisis U.S. airlines had already cut flight schedules to Italy and will take another hit from lower demand for flights from major destinations such as France and Germany. Among them, American Airlines could be relatively spared by its alliance with British Airways (BA) and a higher share of UK traffic, while Air France-KLM partner Delta and Lufthansa ally United Airlines are likely to suffer more, analysts say. U.S. Vice President Mike Pence defended the travel curbs on Thursday after the European Union complained they had been imposed "unilaterally and without consultation". The virus has taken root in the United States after spreading from China to Italy, South Korea, Iran and elsewhere. Also read: Whole of Italy under coronavirus lockdown, public gatherings banned TOTAL MELTDOWN Airlines had already been scrambling to respond to a global travel slump that looks increasingly likely to require government aid to avoid widespread insolvencies. The EU will publish new state-aid guidelines on Friday. Germany may extend loans and other support to airlines, a government official said on Thursday. The French government also stands ready to help Air France-KLM, Finance Minister Bruno Le Maire said. "There is a need for measures from many governments," said Norwegian pilots' union president Yngve Carlsen. "This could lead to a total meltdown." Scandinavian carrier SAS is in talks with the Swedish and Danish governments about potential support measures, a company spokeswoman said. Also see: Coronavirus outbreak could get bigger in winters: Study EU airlines have seized on the crisis to push back on green taxes designed to help the bloc meet climate goals - including proposals to end current tax exemptions on jet fuel. "New fiscal burdens should be postponed until the industry is back on a sound operational and financial footing," lobby group Airlines for Europe said. CRITICAL TIME The latest travel clampdown could make coronavirus worse than previous aviation crises including the 9/11 attacks of 2001, UK-based consultant John Strickland said. "It's coming at the end of the northern hemisphere winter, which is a weak period for airline finances (when) they should be sowing seeds of a strong summer season by getting the bookings in," he said. Air France-KLM and Lufthansa said they were still studying the implications of the U.S. move for flight schedules. IAG is potentially less impacted thanks to BA's Heathrow base. There were panicky European airport scenes as travellers scrambled to fly to the United States before the restrictions take effect late on March 13. The fallout is also spreading fast from travel and tourism to the aerospace and other industries. Safran, the world's third-biggest aerospace group, sees a growing threat

Airline crisis worsens as US puts Europeans in coronavirus quarantine

Trading in Wall Street was stopped for the second time this week after stocks plunged due to the coronavirus scare.

<a href="https://www.wionews.com/world/coronavirus-death-toll-in-iran-climbs-to-429-italy-shuts-stores-285891">Also Read:&nbsp;Coronavirus: Death toll in Iran climbs to 429; Italy shuts stores</a>

Trading was stopped after the Dow Jones Industrial Average plunged 7.2 per cent to 21,856.91 and the Nasdaq Composite Index tumbled 7.0 per cent to 7,393.25.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/coronavirus-pandemic-donald-trump-cancels-trip-to-nevada-colorado-285899/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The S&amp;P 500 dropped 7.0 per cent to 2,549.05 leading to an automatic 15-minute suspension of trading in Wall Street.

The Paris and Frankfurt stock exchanges also fell more than 10 per cent on Thursday afternoon. Paris CAC 40 went down 10.2 per cent while the German DAX 30 in Frankfurt had tumbled 10.3 per cent as the European Central Bank unveiled plans to boost Eurozone economy.

<a href="https://www.wionews.com/photos/namaste-coronavirus-outbreak-forces-change-in-social-interaction-by-world-leaders-285865">In Pics:&nbsp;'Namaste', coronavirus outbreak forces change in social interaction by world leaders</a>

European stock markets dived more than five per cent at the start of trading Thursday as the Dow sank into bear territory on Wednesday amid the coronavirus outbreak in the United States. The Dow Jones Industrial Average had plunged around 1,465 points, or 5.9 per cent, to 23,553.22 on Wednesday.

Meanwhile, oil prices fell more than 6 per cent on Thursday after Russia and OPEC failed to reach and deal compounded by US President Trump's announcement of restrictions on travel from Europe due to the coronavirus.

Brent crude was down $2.33, or 6.5 per cent, at $33.46 a barrel.&nbsp;

Trading in Wall Street was stopped for the second time this week after stocks plunged due to the coronavirus scare. Also Read: Coronavirus: Death toll in Iran climbs to 429; Italy shuts stores Trading was stopped after the Dow Jones Industrial Average plunged 7.

Trading in Wall Street was stopped for the second time this week after stocks plunged due to the coronavirus scare. Also Read: Coronavirus: Death toll in Iran climbs to 429; Italy shuts stores Trading was stopped after the Dow Jones Industrial Average plunged 7.2 per cent to 21,856.91 and the Nasdaq Composite Index tumbled 7.0 per cent to 7,393.25. Watch Video: The S&P 500 dropped 7.0 per cent to 2,549.05 leading to an automatic 15-minute suspension of trading in Wall Street. The Paris and Frankfurt stock exchanges also fell more than 10 per cent on Thursday afternoon. Paris CAC 40 went down 10.2 per cent while the German DAX 30 in Frankfurt had tumbled 10.3 per cent as the European Central Bank unveiled plans to boost Eurozone economy. In Pics: 'Namaste', coronavirus outbreak forces change in social interaction by world leaders European stock markets dived more than five per cent at the start of trading Thursday as the Dow sank into bear territory on Wednesday amid the coronavirus outbreak in the United States. The Dow Jones Industrial Average had plunged around 1,465 points, or 5.9 per cent, to 23,553.22 on Wednesday. Meanwhile, oil prices fell more than 6 per cent on Thursday after Russia and OPEC failed to reach and deal compounded by US President Trump's announcement of restrictions on travel from Europe due to the coronavirus. Brent crude was down $2.33, or 6.5 per cent, at $33.46 a barrel.

Trading in Wall Street halted for second time this week over coronavirus scare

Indian markets witnessed a massive fall on Thursday a day after the World Health Organisation (WHO) declared the coronavirus outbreak as a pandemic.&nbsp;

Sensex crashed 2,919.26 points to end at 32,778.14, while, Nifty shed 868.25 points to closed at 9,590.15.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sensex-crashes-over-2700-points-nifty-falls-below-9700-285812">Sensex crashes over 2,700 points; Nifty falls below 9,700</a>

All the stocks on Sensex and Nifty ended in the red, with State Bank of India, Axix Bank, ONGC the major losers with upto 13.23 fall in the share value.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/stock-markets-turn-flat-amid-volatile-trade-285539">Stock markets turn flat amid volatile trade</a>

The gulf markets also tumbled on Thursday with Saudi shares declining more than 4.0 per cent after global losses due to fear over the coronavirus pandemic and an oil price war.&nbsp;

Asian markets also witnessed a sea of red with Tokyo's benchmark Nikkei shedding 4.41 per cent today at closing.&nbsp;

The novel coronavirus has spread to 115 countries with global infections standing at 125,293 and death toll at 4,600, as per AFP.&nbsp;

(With agency inputs)

Indian markets witnessed a massive fall on Thursday a day after the World Health Organisation (WHO) declared the coronavirus outbreak as a pandemic. Sensex crashed 2,919.

Indian markets witnessed a massive fall on Thursday a day after the World Health Organisation (WHO) declared the coronavirus outbreak as a pandemic. Sensex crashed 2,919.26 points to end at 32,778.14, while, Nifty shed 868.25 points to closed at 9,590.15. Also read: Sensex crashes over 2,700 points; Nifty falls below 9,700 All the stocks on Sensex and Nifty ended in the red, with State Bank of India, Axix Bank, ONGC the major losers with upto 13.23 fall in the share value. Also read: Stock markets turn flat amid volatile trade The gulf markets also tumbled on Thursday with Saudi shares declining more than 4.0 per cent after global losses due to fear over the coronavirus pandemic and an oil price war. Asian markets also witnessed a sea of red with Tokyo's benchmark Nikkei shedding 4.41 per cent today at closing. The novel coronavirus has spread to 115 countries with global infections standing at 125,293 and death toll at 4,600, as per AFP. (With agency inputs)

Indian markets bleed as Sensex loses 2,919.26 points amid coronavirus fears

Equity benchmark Sensex crashed over 2,700 points and the broader Nifty sank below 9,700 (intra-day) on Thursday, wiping off over Rs 9 lakh crore worth investor wealth, after WHO declared COVID-19 a pandemic, spiking fears of a global economic recession.

After opening around 1,200 points lower, equities continued their downward spiral, with domestic BSE Sensex plummeting 2,707.39 points to 32,990.01 in the morning session.

The 30-share index was trading 2,267.21 points, or 6.35 per cent, lower at 33,430.19 at 1230 hours.

Similarly, the broader NSE Nifty hit a low of 9,648.65, cracking 809.75 points. It was trading 658.55 points, or 6.30 per cent, down at 9,799.85.

The rupee plunged up to 82 paise to 74.50 against US dollar in the morning session. It, however, pared some losses, quoting 46 paise down at 74.14.

The carnage on Dalal Street eroded investor wealth worth Rs 9,15,113 crore, taking the total m-cap to Rs 1,27,98,444.93 crore on the BSE.

The m-cap of BSE-listed companies stood at Rs 1,37,13,558.72 crore at the end of trading on Wednesday.

The day's selloff was triggered after the World Health Organization (WHO), late Wednesday night, termed the new coronavirus or COVID-19 outbreak as a pandemic, and expressed deep concern over the "alarming levels of inaction".

Following the announcement, US President Donald Trump suspended all travel from Europe, excluding the UK, to the US for the next 30 days to stop the spread of the virus.

Brent crude oil futures were around 4 per cent down at USD 34.37 per barrel, after the travel ban.

All Sensex components were trading in the red. Axis Bank was the top loser, tanking over 10 per cent, followed by SBI, Hero MotoCorp, ITC, M&amp;M, Bajaj Auto and Titan.

According to traders, volatility peaked in global markets after WHO's announcement describing the coronavirus outbreak as a pandemic.

Besides selloff in global equities, massive plunge in international oil prices and depreciating rupee added to investor concerns, they added.

Incessant foreign fund outflow also spooked market participants, traders said.

On a net basis, foreign institutional investors sold equities worth Rs 3,515.38 crore on Wednesday, data available with stock exchanges showed.

Elsewhere in Asia, bourses in Shanghai dropped over 1.50 per cent, Hong Kong 3.50 per cent, Seoul 3.80 per cent and Tokyo cracked up to 4.40 per cent.

In overnight trade, the Dow fell into a bear market, and futures pointed Thursday to another rout in New York and Europe.

"Globally, a fall of 20 per cent from the recent peak is normally considered as a bear market. However, the definition does not hold good in India. Given its high beta, Indian markets have corrected by 25-30 per cent number of times as recovered quite quickly to resume the uptrend," said Gaurav Dua, Sr Vp, Head? Capital Market Strategy &amp; Investments, Sharekhan by BNP Paribas.

COVID-19 has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories. China remains the hardest-hit with over 80,000 infections and 3,000 deaths.

Equity benchmark Sensex crashed over 2,700 points and the broader Nifty sank below 9,700 (intra-day) on Thursday, wiping off over Rs 9 lakh crore worth investor wealth, after WHO declared COVID-19 a pandemic, spiking fears of a global economic recession.

Equity benchmark Sensex crashed over 2,700 points and the broader Nifty sank below 9,700 (intra-day) on Thursday, wiping off over Rs 9 lakh crore worth investor wealth, after WHO declared COVID-19 a pandemic, spiking fears of a global economic recession. After opening around 1,200 points lower, equities continued their downward spiral, with domestic BSE Sensex plummeting 2,707.39 points to 32,990.01 in the morning session. The 30-share index was trading 2,267.21 points, or 6.35 per cent, lower at 33,430.19 at 1230 hours. Similarly, the broader NSE Nifty hit a low of 9,648.65, cracking 809.75 points. It was trading 658.55 points, or 6.30 per cent, down at 9,799.85. The rupee plunged up to 82 paise to 74.50 against US dollar in the morning session. It, however, pared some losses, quoting 46 paise down at 74.14. The carnage on Dalal Street eroded investor wealth worth Rs 9,15,113 crore, taking the total m-cap to Rs 1,27,98,444.93 crore on the BSE. The m-cap of BSE-listed companies stood at Rs 1,37,13,558.72 crore at the end of trading on Wednesday. The day's selloff was triggered after the World Health Organization (WHO), late Wednesday night, termed the new coronavirus or COVID-19 outbreak as a pandemic, and expressed deep concern over the "alarming levels of inaction". Following the announcement, US President Donald Trump suspended all travel from Europe, excluding the UK, to the US for the next 30 days to stop the spread of the virus. Brent crude oil futures were around 4 per cent down at USD 34.37 per barrel, after the travel ban. All Sensex components were trading in the red. Axis Bank was the top loser, tanking over 10 per cent, followed by SBI, Hero MotoCorp, ITC, M&M, Bajaj Auto and Titan. According to traders, volatility peaked in global markets after WHO's announcement describing the coronavirus outbreak as a pandemic. Besides selloff in global equities, massive plunge in international oil prices and depreciating rupee added to investor concerns, they added. Incessant foreign fund outflow also spooked market participants, traders said. On a net basis, foreign institutional investors sold equities worth Rs 3,515.38 crore on Wednesday, data available with stock exchanges showed. Elsewhere in Asia, bourses in Shanghai dropped over 1.50 per cent, Hong Kong 3.50 per cent, Seoul 3.80 per cent and Tokyo cracked up to 4.40 per cent. In overnight trade, the Dow fell into a bear market, and futures pointed Thursday to another rout in New York and Europe. "Globally, a fall of 20 per cent from the recent peak is normally considered as a bear market. However, the definition does not hold good in India. Given its high beta, Indian markets have corrected by 25-30 per cent number of times as recovered quite quickly to resume the uptrend," said Gaurav Dua, Sr Vp, Head? Capital Market Strategy & Investments, Sharekhan by BNP Paribas. COVID-19 has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories. China remains the hardest-hit with over 80,000 infections and 3,000 deaths.

Sensex crashes over 2,700 points; Nifty falls below 9,700

Domestic stock market indices edged higher in volatile trade on Wednesday, as Reliance Industries Ltd gained on the back of a bounce in oil prices.&nbsp;

At 11:15 am, the S&amp;P BSE Sensex was down over 100 points, or 0.28%, at 35,534.38 levels. The NSE Nifty too cracked 46.20 points, or 0.44%, to 10,405.25.

Petrol price at Rs 70.29, reduced by Rs 2.69. Diesel price at Rs 63.01, reduced by Rs 2.33.

The rupee recovered 33 paise to 73.84 against US dollar in early trade on Wednesday amid positive opening in domestic equities and weakening of the American dollar in the overseas market.

The Rupee had fallen to a 17-month low of 74.17 against the US dollar amid mounting fears of a coronavirus-led economic slowdown.

The forex market was closed on Tuesday on account of Holi.

(With inputs from agencies)

Domestic stock market indices edged higher in volatile trade on Wednesday, as Reliance Industries Ltd gained on the back of a bounce in oil prices. At 11:15 am, the S&P BSE Sensex was down over 100 points, or 0.

Domestic stock market indices edged higher in volatile trade on Wednesday, as Reliance Industries Ltd gained on the back of a bounce in oil prices. At 11:15 am, the S&P BSE Sensex was down over 100 points, or 0.28%, at 35,534.38 levels. The NSE Nifty too cracked 46.20 points, or 0.44%, to 10,405.25. Petrol price at Rs 70.29, reduced by Rs 2.69. Diesel price at Rs 63.01, reduced by Rs 2.33. The rupee recovered 33 paise to 73.84 against US dollar in early trade on Wednesday amid positive opening in domestic equities and weakening of the American dollar in the overseas market. The Rupee had fallen to a 17-month low of 74.17 against the US dollar amid mounting fears of a coronavirus-led economic slowdown. The forex market was closed on Tuesday on account of Holi. (With inputs from agencies)

Stock markets turn flat amid volatile trade

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday.

<a href="https://www.wionews.com/business-economy/mukesh-ambani-becomes-poorer-by-over-rs-41-700-crores-after-sensex-crash-285284">Also Read: Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash</a>

Reliance Industries is primarily engaged in oil refining and petrochemicals business. It took a direct hit&nbsp;as crude oil prices crashed on Monday.&nbsp;Oil prices&nbsp;fell&nbsp;by 30 per cent, its lowest in years following a price war&nbsp;between the two largest oil producers - Saudi Arabia and Russia.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ambani-loses-56-bn-in-a-single-day-no-more-asias-richest-man-285491/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The price war comes as a double whammy for the global economy already suffering due to the coronavirus.

Ambani's crown of the richest Asian has now gone to China's Alibaba founder Jack Ma.&nbsp;

The Alibaba group founder has a fortune of $44.5 billion dollars, a comfortable lead of about $2.6 billion over Mukesh Ambani's wealth.

While Jack Ma's Alibaba has also shed in value, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

<a href="https://www.wionews.com/business-economy/oil-takes-biggest-daily-dive-in-over-a-decade-as-russia-opec-split-284881">Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split</a>

Mukesh Ambani's sources of wealth are multiple. He is the chairman and managing director Reliance industries limited. The company is the first-ever Indian company to have crossed a market cap of Rs 10 lakh crore. Currently, it is capped at just over Rs 7 lakh crores.&nbsp;

Mukesh Ambani currently holds 42 per cent shares in the company. The conglomerate is engaged in several businesses including retail, telecom, broadband, media and others.

However, the major chunk of Reliance Industries revenues comes from its operations in the oil and petrochemicals sector. The Mumbai-based company claims that it has the largest oil refinery complex in the world.

Their petrochemical and natural gas business is often used to support other subsidiaries of the conglomerate. However, in a pivot towards diversification and new businesses, Reliance Industries has piled on billions of dollars of debt over the years.

In order to clear off the liabilities, the company has entered into a deal with Saudi Aramco putting up 20 per cent of its shares for sale but the deal is on the back burner for now.

With oil consumption going down and prices also suffering, Reliance Industries was bound to take a hit.

After Monday's oil crash, Mukesh Ambani is now the nineteenth richest man in the world, just a spot below Jack Ma.

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday.

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday. Also Read: Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash Reliance Industries is primarily engaged in oil refining and petrochemicals business. It took a direct hit as crude oil prices crashed on Monday. Oil prices fell by 30 per cent, its lowest in years following a price war between the two largest oil producers - Saudi Arabia and Russia. Watch Video: The price war comes as a double whammy for the global economy already suffering due to the coronavirus. Ambani's crown of the richest Asian has now gone to China's Alibaba founder Jack Ma. The Alibaba group founder has a fortune of $44.5 billion dollars, a comfortable lead of about $2.6 billion over Mukesh Ambani's wealth. While Jack Ma's Alibaba has also shed in value, the damage has been mitigated by increased demand for its cloud computing services and mobile apps. Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split Mukesh Ambani's sources of wealth are multiple. He is the chairman and managing director Reliance industries limited. The company is the first-ever Indian company to have crossed a market cap of Rs 10 lakh crore. Currently, it is capped at just over Rs 7 lakh crores. Mukesh Ambani currently holds 42 per cent shares in the company. The conglomerate is engaged in several businesses including retail, telecom, broadband, media and others. However, the major chunk of Reliance Industries revenues comes from its operations in the oil and petrochemicals sector. The Mumbai-based company claims that it has the largest oil refinery complex in the world. Their petrochemical and natural gas business is often used to support other subsidiaries of the conglomerate. However, in a pivot towards diversification and new businesses, Reliance Industries has piled on billions of dollars of debt over the years. In order to clear off the liabilities, the company has entered into a deal with Saudi Aramco putting up 20 per cent of its shares for sale but the deal is on the back burner for now. With oil consumption going down and prices also suffering, Reliance Industries was bound to take a hit. After Monday's oil crash, Mukesh Ambani is now the nineteenth richest man in the world, just a spot below Jack Ma.

Mukesh Ambani loses crown of richest Asian to Alibaba founder Jack Ma

A sharp bounce in the price of oil Tuesday provided some support to under-pressure stocks in early Asian trade, a day after global equities suffered their biggest losses in more than a decade.

Also read: <a href="https://www.wionews.com/business-economy/mukesh-ambani-becomes-poorer-by-over-rs-41-700-crores-after-sensex-crash-285284" hreflang="en">Mukesh Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash</a>

World stock markets had capitulated on what has become known as "Black Monday", with the Dow Jones Index in the US losing more than 2,000 points, and the crash even triggering the emergency break in early trade amid panic selling.

Also read: <a href="https://www.wionews.com/business-economy/oil-takes-biggest-daily-dive-in-over-a-decade-as-russia-opec-split-284881" hreflang="en">Oil takes biggest daily dive in over a decade as Russia, OPEC split</a>

But there was some relief on Tuesday as oil prices jumped around six per cent after plunging by a third the previous day, in their worst session since the 1991 Gulf War.

Japan's main Nikkei index opened three per cent lower following the dizzying falls on Wall Street but later pared back losses by more than half.

An hour and a half into trade, the Nikkei stood at 19,622.05 points, a loss of 0.4 per cent compared to the previous day.

The Nikkei was helped by a sell-off in the yen, which is normally heavily bought during times of market uncertainty. A weaker yen is positive for exporters on the Japanese market and usually boosts their share prices.

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The market in Seoul was down 0.4 per cent and the ASX in Australia pared losses to around one per cent after opening lower by nearly four per cent.

In China, where authorities reported the lowest number of fresh coronavirus cases since data started being reported in late January, the benchmark Shanghai Composite Index opened 0.61 per cent higher at 2,961.38 points.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, opened 0.63 per cent higher, up 11.68 points, at 1,854.34.

Market panic had been driven by uncertainty over the spreading coronavirus but also a spat between Saudi Arabia and Russia over oil production that had battered prices.

Top exporter Saudi Arabia slashed the prices it charges customers following a bust-up with Russia over crude production cuts, starting a price war that sent traders into a tailspin.

Stephen Innes, the chief market strategist at AxiCorp, described Monday's market reaction as the "sum of all fears" and warned the panic had not stopped yet amid "growing evidence that an oil shock of historic proportions is now underway."

"Severe weakness in energy markets is quickly cascading into broader declines in commodity markets, high-yield credit, and equities," he said.

The panic on Monday was felt around the world, with the Dax blue-chip index in Frankfurt seeing its sharpest single fall since 2001.

London's FTSE index closed down more than seven per cent while in Paris, the CAC-40 index lost over eight per cent, its worst daily drop since the 2008 financial crisis.

"The markets have passed from panic mode into pure hysteria," said Ayush Ansal, chief investment officer at trading firm Crimson Black Capital.

"Markets were at breaking point before Saudi Arabia's decision to launch an oil price war but this latest development has taken them beyond that."

A sharp bounce in the price of oil Tuesday provided some support to under-pressure stocks in early Asian trade, a day after global equities suffered their biggest losses in more than a decade.

A sharp bounce in the price of oil Tuesday provided some support to under-pressure stocks in early Asian trade, a day after global equities suffered their biggest losses in more than a decade. Also read: Mukesh Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash World stock markets had capitulated on what has become known as "Black Monday", with the Dow Jones Index in the US losing more than 2,000 points, and the crash even triggering the emergency break in early trade amid panic selling. Also read: Oil takes biggest daily dive in over a decade as Russia, OPEC split But there was some relief on Tuesday as oil prices jumped around six per cent after plunging by a third the previous day, in their worst session since the 1991 Gulf War. Japan's main Nikkei index opened three per cent lower following the dizzying falls on Wall Street but later pared back losses by more than half. An hour and a half into trade, the Nikkei stood at 19,622.05 points, a loss of 0.4 per cent compared to the previous day. The Nikkei was helped by a sell-off in the yen, which is normally heavily bought during times of market uncertainty. A weaker yen is positive for exporters on the Japanese market and usually boosts their share prices. The market in Seoul was down 0.4 per cent and the ASX in Australia pared losses to around one per cent after opening lower by nearly four per cent. In China, where authorities reported the lowest number of fresh coronavirus cases since data started being reported in late January, the benchmark Shanghai Composite Index opened 0.61 per cent higher at 2,961.38 points. The Shenzhen Composite Index, which tracks stocks on China's second exchange, opened 0.63 per cent higher, up 11.68 points, at 1,854.34. Market panic had been driven by uncertainty over the spreading coronavirus but also a spat between Saudi Arabia and Russia over oil production that had battered prices. Top exporter Saudi Arabia slashed the prices it charges customers following a bust-up with Russia over crude production cuts, starting a price war that sent traders into a tailspin. Stephen Innes, the chief market strategist at AxiCorp, described Monday's market reaction as the "sum of all fears" and warned the panic had not stopped yet amid "growing evidence that an oil shock of historic proportions is now underway." "Severe weakness in energy markets is quickly cascading into broader declines in commodity markets, high-yield credit, and equities," he said. The panic on Monday was felt around the world, with the Dax blue-chip index in Frankfurt seeing its sharpest single fall since 2001. London's FTSE index closed down more than seven per cent while in Paris, the CAC-40 index lost over eight per cent, its worst daily drop since the 2008 financial crisis. "The markets have passed from panic mode into pure hysteria," said Ayush Ansal, chief investment officer at trading firm Crimson Black Capital. "Markets were at breaking point before Saudi Arabia's decision to launch an oil price war but this latest development has taken them beyond that."

Asian Stock Market supported after sharp bounce in Oil prices

Oil&nbsp;prices&nbsp;surged&nbsp;more&nbsp;than&nbsp;six&nbsp;per cent&nbsp;in&nbsp;Asian&nbsp;trade&nbsp;Tuesday&nbsp;following&nbsp;heavy&nbsp;losses&nbsp;a&nbsp;day&nbsp;earlier&nbsp;after&nbsp;top&nbsp;exporter&nbsp;Saudi&nbsp;Arabia&nbsp;began&nbsp;a&nbsp;price&nbsp;war&nbsp;with&nbsp;Russia.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/oil-bounce-supports-asia-stocks-after-black-monday-285351" hreflang="en">Oil bounce supports Asia stocks after 'Black Monday'</a>

West Texas Intermediate was trading up 6.1 per cent&nbsp;at&nbsp;more&nbsp;than&nbsp;$33 a barrel while Brent crude advanced 6.6 per cent&nbsp;to over $36 a barrel.&nbsp;

Prices&nbsp;had plunged by almost a third Monday, the biggest drop since the 1991 Gulf&nbsp;War&nbsp;after&nbsp;Riyadh drove through massive&nbsp;price&nbsp;cuts in a bid to win market share.

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That came&nbsp;after&nbsp;Russia&nbsp;rejected calls from&nbsp;oil-exporting group OPEC, which includes&nbsp;Saudi&nbsp;Arabia, for deeper output cuts to combat a coronavirus-fuelled slump in demand.&nbsp;

The bust-up signals the disintegration of an alliance between OPEC and&nbsp;Russia, the world's second-biggest&nbsp;oil&nbsp;producer, which sought to control supply to support&nbsp;prices.&nbsp;

"Investors are buckling in for a protracted and precarious battle of the&nbsp;oil&nbsp;mega powers for world dominance," said Stephen Innes, chief market strategist at AxiCorp.

He said it was unclear whether the&nbsp;Saudi&nbsp;move was "a short-term strategy or will be sustained for a prolonged period -- which makes the outlook for crude&nbsp;prices&nbsp;extraordinarily uncertain".

Oil prices surged more than six per cent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia.

Oil prices surged more than six per cent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. Also read: Oil bounce supports Asia stocks after 'Black Monday' West Texas Intermediate was trading up 6.1 per cent at more than $33 a barrel while Brent crude advanced 6.6 per cent to over $36 a barrel. Prices had plunged by almost a third Monday, the biggest drop since the 1991 Gulf War after Riyadh drove through massive price cuts in a bid to win market share. That came after Russia rejected calls from oil-exporting group OPEC, which includes Saudi Arabia, for deeper output cuts to combat a coronavirus-fuelled slump in demand. The bust-up signals the disintegration of an alliance between OPEC and Russia, the world's second-biggest oil producer, which sought to control supply to support prices. "Investors are buckling in for a protracted and precarious battle of the oil mega powers for world dominance," said Stephen Innes, chief market strategist at AxiCorp. He said it was unclear whether the Saudi move was "a short-term strategy or will be sustained for a prolonged period -- which makes the outlook for crude prices extraordinarily uncertain".

Oil prices claw back ground post crash

Tanker rates to ship oil in very large crude carriers (VLCCs) are surging as oil traders hunt for ships to store cheap oil in as they take advantage of a 25% plunge in prices on Monday amid a price war between top oil producers Saudi Arabia and Russia.

Shipping rates from the Middle East to Asia, for instance, have risen by more than 25% since last Friday, while several traders are making enquiries to lease tankers to temporarily store oil offshore, traders and shipping sources told Reuters on Tuesday.

The cost of renting a VLCC, which can carry 2 million barrels of crude and can be used for floating storage, was assessed Tuesday at around $38,700 per day, compared with around $30,700 per day on Friday and $14,800 a month ago, shipbroker sources said.

Also Read: <a href="https://www.wionews.com/business-economy/oil-prices-surge-after-us-strike-kills-iranian-general-271775">Oil prices surge after US strike kills Iranian general Soleimani</a> 
&nbsp;

"Tanker offers are quite high today," said a Singapore-based crude oil trader. "Now the contango market structure supports (oil storage), but shipowners are raising prices."

Oil tanker charter rates jump as traders hunt for ships to store cheap oil.

The rise in tanker chartering rates is a boon for shipowners who have seen demand walloped recently by the fast-spreading coronavirus outbreak which choked commodity and semi-finished goods imports into top consumer China.

Also Read: <a href="https://www.wionews.com/world/oil-prices-surge-after-trump-tears-up-iran-deal-135734">Oil prices surge after Trump tears up Iran deal</a>

We are seeing several deals being negotiated for short-term (6-12 months) charters, with one already concluded. The fall in oil prices has made floating storage more attractive, although the margins are still relatively thin," energy shipbroker and consultancy Poten &amp; Partners said in a research note.

A Pareto Securities shipping note to clients said: "while actual fixing activity was rather limited yesterday, the 'floating storage' interest has boosted shipowners' sentiment and rate ideas have thus been increased substantially."

Another shipbroker in Singapore said his firm had not secured any fixtures yet "but there a is huge expectation of firming of the spot market. It's the older tonnage that will be more likely to be engaged for floating storage."

Crude oil's forward curve change from backwardation to contango.

Crude oil prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply.

Major milestones for big moves in light crude oil prices.

Also Read: <a href="https://www.wionews.com/videos/venezulea-crisis-crude-oil-prices-surge-195411">Venezulea Crisis: Crude oil prices surge</a>

Several refiners are already looking to maximise imports of Middle Eastern purchase to take advantage of cheap crude after the Saudis slashed their official selling prices (OSPs) for April in an attempt to lure buyers.

"The VLCC rates are climbing up but it's mainly sentiment-driven right now, it's main traders who are enquiring for storage," a Singapore-based ship broker told Reuters.

The Worldscale index rate for shipping crude on a VLCC from the Middle East to North Asia rose to 54 points on Tuesday, from 49 points on Monday, according to trade and shipping sources.

Time charter equivalent rates for a 2,70,000 deadweight tonnes tanker on the Middle East to China route increased by 27 per cent in one day on Monday, said Ralph Leszczynski, head of research at shipbroker Banchero Costa in Singapore.

The flip in the crude oil market's forward curve to a contango where deferred prices are above spot prices has been a key factor spurring demand for storage.

Also Read: <a href="https://www.wionews.com/business-%26-economy/oil-prices-fall-on-dip-in-china-demand-surging-us-output-143077">Oil prices fall on dip in China demand, surging US output</a>

The recent steep fall in spot Brent oil prices has made storing oil for later sale economical.

In the Middle East benchmark Dubai crude oil market, the April, May Dubai inter-month spread widened to 77 cents a barrel as of noon on Tuesday, making oil storage profitable. Brent crude prices are in a similar structure.

In addition to floating storage, countries like China and India could move to exploit the weak prices and increase imports for strategic reserves, boosting tanker demand, said Ralph Leszczynski, head of research at shipbroker Banchero Costa in Singapore.

"China, in particular, was the first to suffer from the coronavirus outbreak, but now also seems to be the first to put it behind them. The situation seems increasingly under control," he said.

&nbsp;

Tanker rates to ship oil in very large crude carriers (VLCCs) are surging as oil traders hunt for ships to store cheap oil in as they take advantage of a 25% plunge in prices on Monday amid a price war between top oil producers Saudi Arabia and Russia.

Tanker rates to ship oil in very large crude carriers (VLCCs) are surging as oil traders hunt for ships to store cheap oil in as they take advantage of a 25% plunge in prices on Monday amid a price war between top oil producers Saudi Arabia and Russia. Shipping rates from the Middle East to Asia, for instance, have risen by more than 25% since last Friday, while several traders are making enquiries to lease tankers to temporarily store oil offshore, traders and shipping sources told Reuters on Tuesday. The cost of renting a VLCC, which can carry 2 million barrels of crude and can be used for floating storage, was assessed Tuesday at around $38,700 per day, compared with around $30,700 per day on Friday and $14,800 a month ago, shipbroker sources said. Also Read: Oil prices surge after US strike kills Iranian general Soleimani "Tanker offers are quite high today," said a Singapore-based crude oil trader. "Now the contango market structure supports (oil storage), but shipowners are raising prices." Oil tanker charter rates jump as traders hunt for ships to store cheap oil. The rise in tanker chartering rates is a boon for shipowners who have seen demand walloped recently by the fast-spreading coronavirus outbreak which choked commodity and semi-finished goods imports into top consumer China. Also Read: Oil prices surge after Trump tears up Iran deal We are seeing several deals being negotiated for short-term (6-12 months) charters, with one already concluded. The fall in oil prices has made floating storage more attractive, although the margins are still relatively thin," energy shipbroker and consultancy Poten & Partners said in a research note. A Pareto Securities shipping note to clients said: "while actual fixing activity was rather limited yesterday, the 'floating storage' interest has boosted shipowners' sentiment and rate ideas have thus been increased substantially." Another shipbroker in Singapore said his firm had not secured any fixtures yet "but there a is huge expectation of firming of the spot market. It's the older tonnage that will be more likely to be engaged for floating storage." Crude oil's forward curve change from backwardation to contango. Crude oil prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply. Major milestones for big moves in light crude oil prices. Also Read: Venezulea Crisis: Crude oil prices surge Several refiners are already looking to maximise imports of Middle Eastern purchase to take advantage of cheap crude after the Saudis slashed their official selling prices (OSPs) for April in an attempt to lure buyers. "The VLCC rates are climbing up but it's mainly sentiment-driven right now, it's main traders who are enquiring for storage," a Singapore-based ship broker told Reuters. The Worldscale index rate for shipping crude on a VLCC from the Middle East to North Asia rose to 54 points on Tuesday, from 49 points on Monday, according to trade and shipping sources. Time charter equivalent rates for a 2,70,000 deadweight tonnes tanker on the Middle East to China route increased by 27 per cent in one day on Monday, said Ralph Leszczynski, head of research at shipbroker Banchero Costa in Singapore. The flip in the crude oil market's forward curve to a contango where deferred prices are above spot prices has been a key factor spurring demand for storage. Also Read: Oil prices fall on dip in China demand, surging US output The recent steep fall in spot Brent oil prices has made storing oil for later sale economical. In the Middle East benchmark Dubai crude oil market, the April, May Dubai inter-month spread widened to 77 cents a barrel as of noon on Tuesday, making oil storage profitable. Brent crude prices are in a similar structure. In addition to floating storage, countries like China and India could move to exploit the weak prices and increase imports for strategic reserves, boosting tanker demand, said Ralph Leszczynski, head of research at shipbroker Banchero Costa in Singapore. "China, in particular, was the first to suffer from the coronavirus outbreak, but now also seems to be the first to put it behind them. The situation seems increasingly under control," he said.

Tanker rates surge as traders hunt for ships to store cheap oil

Oil prices rose ten per cent on Tuesday after Russia indicated that it was open to cooperation with OPEC, a day after prices recorded biggest one-day percentage decline since the first Gulf War in 1991.

<a href="https://www.wionews.com/business-economy/oil-takes-biggest-daily-dive-in-over-a-decade-as-russia-opec-split-284881">Also Read:&nbsp;Oil takes biggest daily dive in over a decade as Russia, OPEC split</a>

Russian energy minister Alexander Novak told state television that various tools including reduction and increasing production could take place after Saudi Arabia indicated it would increase production from current level of &nbsp;9.7 million bpd.

Watch Video:

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"Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April," the company said in a statement.

Brent crude futures were up $3.36, nearly 10%, to $37.72 a barrel.

"The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect," the statement.

Saudi Arabia's decision to ramp up oil output is set to trigger an all-out price war in a sector which has been hit due to fall in demand due to the coronavirus in China and large scale oil inventory present in the world markets with demand not likely to take place in the near future.

Oil prices rose ten per cent on Tuesday after Russia indicated that it was open to cooperation with OPEC, a day after prices recorded biggest one-day percentage decline since the first Gulf War in 1991.

Oil prices rose ten per cent on Tuesday after Russia indicated that it was open to cooperation with OPEC, a day after prices recorded biggest one-day percentage decline since the first Gulf War in 1991. Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split Russian energy minister Alexander Novak told state television that various tools including reduction and increasing production could take place after Saudi Arabia indicated it would increase production from current level of 9.7 million bpd. Watch Video: "Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April," the company said in a statement. Brent crude futures were up $3.36, nearly 10%, to $37.72 a barrel. "The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect," the statement. Saudi Arabia's decision to ramp up oil output is set to trigger an all-out price war in a sector which has been hit due to fall in demand due to the coronavirus in China and large scale oil inventory present in the world markets with demand not likely to take place in the near future.

Oil prices rise 10% after Russia indicates 'open to cooperation with OPEC'

In order to counter the economic impact from the ongoing coronavirus crisis, government&nbsp;and policy-makers need to implement substantial measures

That's the word from international monetary fund's chief economist Gita Gopinath.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/trade-impact-of-coronavirus-epidemic-for-india-estimated-at-348-million-dollars-un-report-284461" hreflang="en">Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report</a>

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In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures.

Also read:&nbsp;<a href="https://www.wionews.com/world/global-growth-to-fall-below-last-years-level-due-to-coronavirus-imf-284325" hreflang="en">Global growth to fall below last year's level due to coronavirus: IMF</a>

Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs.

She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries.

Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same.

She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine.

In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.&nbsp; 
&nbsp;

In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath.

In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath. Also read: Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures. Also read: Global growth to fall below last year's level due to coronavirus: IMF Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs. She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries. Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same. She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine. In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.

IMF's chief economist Gita Gopinath suggest ways to counter economic impact from coronavirus

Equity benchmark <a href="https://www.wionews.com/business-economy/sensex-nosedives-over-1400-points-on-global-carnage-nifty-below-11000-284630">Sensex plummeted</a> over 1,500 points in the opening session on Monday led by a deepening rout in global markets amid volatility due to rapidly-spreading coronavirus and free-falling oil prices.

Global oil benchmark Brent crude futures plunged nearly 30 per cent to $32.11 per barrel after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.

Also read:<a href="https://www.wionews.com/business-economy/sensex-closes-over-890-points-down-over-yes-bank-coronavirus-fears-284748"> Sensex closes over 890 points down over Yes Bank, coronavirus fears</a>

Continuing its downward spiral, the 30-share index was plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40.

In the previous session, the 30-share BSE barometer settled 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45.

On a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore, while domestic institutional investors bought shares worth Rs 2,543.78 crore on Friday, data available with stock exchanges showed.

Also read: <a href="https://www.wionews.com/world/south-korean-pm-says-turning-point-near-in-coronavirus-fight-285173">South Korean PM says 'turning point' near in coronavirus fight</a>

ONGC was the top laggard in the Sensex pack, nosediving up to 11 per cent, followed by IndusInd Bank, RIL, PowerGrid, Tata Steel, L&amp;T, SBI and Tech Mahindra. 
Sun Pharma was the sole gainer.

According to traders, investor sentiment took fresh beating tracking the heightened volatility in global markets amid concerns over the rapidly-spreading coronavirus and sinking crude prices.

Incessant foreign fund outflow also spooked market participants, traders said.

Bourses in Shanghai dropped over 2.41 per cent, Hong Kong 3.53 per cent, Seoul 3.89 per cent and Tokyo cracked up to 5.65 per cent.

As oil prices plunged nearly 30 per cent, adding to

Global crude prices tanked after Saudi Arabia on Monday cut its price for April delivery by $4-6 a barrel to Asia and $7 to the United States, with Aramco selling its

Arabian Light at an unprecedented $10.25 a barrel less than Brent to Europe, reports said.

Back home, the Yes Bank crisis has raise concerns over the stability of the country's banking system, adding to the woes of domestic investors, traders said.

The rupee, meanwhile, was trading flat at 73.89 against the US dollar in morning session.

Equity benchmark Sensex plummeted over 1,500 points in the opening session on Monday led by a deepening rout in global markets amid volatility due to rapidly-spreading coronavirus and free-falling oil prices.

Equity benchmark Sensex plummeted over 1,500 points in the opening session on Monday led by a deepening rout in global markets amid volatility due to rapidly-spreading coronavirus and free-falling oil prices. Global oil benchmark Brent crude futures plunged nearly 30 per cent to $32.11 per barrel after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets. Also read: Sensex closes over 890 points down over Yes Bank, coronavirus fears Continuing its downward spiral, the 30-share index was plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40. In the previous session, the 30-share BSE barometer settled 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45. On a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore, while domestic institutional investors bought shares worth Rs 2,543.78 crore on Friday, data available with stock exchanges showed. Also read: South Korean PM says 'turning point' near in coronavirus fight ONGC was the top laggard in the Sensex pack, nosediving up to 11 per cent, followed by IndusInd Bank, RIL, PowerGrid, Tata Steel, L&T, SBI and Tech Mahindra. Sun Pharma was the sole gainer. According to traders, investor sentiment took fresh beating tracking the heightened volatility in global markets amid concerns over the rapidly-spreading coronavirus and sinking crude prices. Incessant foreign fund outflow also spooked market participants, traders said. Bourses in Shanghai dropped over 2.41 per cent, Hong Kong 3.53 per cent, Seoul 3.89 per cent and Tokyo cracked up to 5.65 per cent. As oil prices plunged nearly 30 per cent, adding to Global crude prices tanked after Saudi Arabia on Monday cut its price for April delivery by $4-6 a barrel to Asia and $7 to the United States, with Aramco selling its Arabian Light at an unprecedented $10.25 a barrel less than Brent to Europe, reports said. Back home, the Yes Bank crisis has raise concerns over the stability of the country's banking system, adding to the woes of domestic investors, traders said. The rupee, meanwhile, was trading flat at 73.89 against the US dollar in morning session.

Sensex nosedives over 1,500 points on global equity rout

Trading at the Wall Street was halted for 15 minutes as US stocks nosedived amid the coronavirus scare.

<a href="https://www.wionews.com/business-economy/market-plunges-1942-points-in-worst-day-for-sensex-ongc-reliance-industries-top-losers-285272">Also Read:&nbsp;Market plunges 1,942 points in worst day for Sensex</a>

The Dow Jones Industrial Average sank 7.3 per cent to 23,979.90, while the Nasdaq Composite Index fell 6.9 per cent to 7,987.44.

Watch Video:

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In Brazil, Sao Paulo exchange suspended trading on Monday after stocks plunged more than 10 per cent amid the coronavirus scare.

Shares of Brazil's state-controlled oil giant Petrobras fell over 24 per cent after global oil prices fell more than 30 per cent.

In India too there was bloodbath at the markets with the Sensex plummeting over 1,942 points following global market plunge triggered by a rapidly-spreading coronavirus.

After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95.

Oil prices fell thirty per cent after Saudi Arabia signalled it would hike output to win market share sending shockwaves in world markets.

OPEC and Russia had earlier failed to reach an agreement over output cut due to the coronavirus outbreak.

Bourses across Asia had also fallen earlier in the day with Tokyo closing more than five per cent lower and Sydney down over seven per cent. 
&nbsp;

Trading at the Wall Street was halted for 15 minutes as US stocks nosedived amid the coronavirus scare. Also Read: Market plunges 1,942 points in worst day for Sensex The Dow Jones Industrial Average sank 7.

Trading at the Wall Street was halted for 15 minutes as US stocks nosedived amid the coronavirus scare. Also Read: Market plunges 1,942 points in worst day for Sensex The Dow Jones Industrial Average sank 7.3 per cent to 23,979.90, while the Nasdaq Composite Index fell 6.9 per cent to 7,987.44. Watch Video: In Brazil, Sao Paulo exchange suspended trading on Monday after stocks plunged more than 10 per cent amid the coronavirus scare. Shares of Brazil's state-controlled oil giant Petrobras fell over 24 per cent after global oil prices fell more than 30 per cent. In India too there was bloodbath at the markets with the Sensex plummeting over 1,942 points following global market plunge triggered by a rapidly-spreading coronavirus. After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95. Oil prices fell thirty per cent after Saudi Arabia signalled it would hike output to win market share sending shockwaves in world markets. OPEC and Russia had earlier failed to reach an agreement over output cut due to the coronavirus outbreak. Bourses across Asia had also fallen earlier in the day with Tokyo closing more than five per cent lower and Sydney down over seven per cent.

US stock trading halted as Dow, Nasdaq plunge over coronavirus fears

Asia's richest person Mukesh Ambani became poorer by over Rs 41, 700 crores on Monday as shares of Reliance Industries plunged 13 per cent, falling most since October 2008.

According to Forbes real-time net worth, the world's 20th richest man's net worth stood at $42.2 billion, down 11.68% as of 17:28 on Monday. In a single day, his net worth fell by $5.6 billion, according to Forbes.

Shares of Reliance Industries saw massive selloff on Monday after crude oil prices fell as much as 31 per cent following the Saudi's move to start a price war after talks with Russia on reducing oil output&nbsp;failed to reach a consensus.

With the crash, the market capitalization of RIL fell below that of TCS, at Rs 7.05 lakh crore. The market values TCSNSE -6.81 % at Rs 7.31 lakh crore.&nbsp;

<a href="https://www.wionews.com/business-economy/market-plunges-1942-points-in-worst-day-for-sensex-ongc-reliance-industries-top-losers-285272">Shareholders of the company</a> lost over Rs 1.08 lakh crore in a single day.

In November 2019, RIL became the first Indian company to hit a market capitalisation of Rs 10 lakh crore. In this year so far, RIL's market value fell by Rs 3 lakh crore.

Similarly, shares of state-owned oil explorer ONGC also fell nearly 14% to a fresh 52-week low of Rs 76.25 on worries over refining margin.

Asia's richest person Mukesh Ambani became poorer by over Rs 41, 700 crores on Monday as shares of Reliance Industries plunged 13 per cent, falling most since October 2008.

Asia's richest person Mukesh Ambani became poorer by over Rs 41, 700 crores on Monday as shares of Reliance Industries plunged 13 per cent, falling most since October 2008. According to Forbes real-time net worth, the world's 20th richest man's net worth stood at $42.2 billion, down 11.68% as of 17:28 on Monday. In a single day, his net worth fell by $5.6 billion, according to Forbes. Shares of Reliance Industries saw massive selloff on Monday after crude oil prices fell as much as 31 per cent following the Saudi's move to start a price war after talks with Russia on reducing oil output failed to reach a consensus. With the crash, the market capitalization of RIL fell below that of TCS, at Rs 7.05 lakh crore. The market values TCSNSE -6.81 % at Rs 7.31 lakh crore. Shareholders of the company lost over Rs 1.08 lakh crore in a single day. In November 2019, RIL became the first Indian company to hit a market capitalisation of Rs 10 lakh crore. In this year so far, RIL's market value fell by Rs 3 lakh crore. Similarly, shares of state-owned oil explorer ONGC also fell nearly 14% to a fresh 52-week low of Rs 76.25 on worries over refining margin.

Mukesh Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash

Investor wealth around 7 lakh crore was wiped off on Monday as Sensex plummeted over 1,942&nbsp;points following global market plunge triggered by a rapidly-spreading coronavirus and free-fall in oil prices after Saudi Arabia launched a price war.

After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95.

Likewise, Nifty slumped 538 points or 4.90 per cent to close at 10,451.45.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/sensex-plummets-2400-points-nifty-plunges-below-10400-285212">Sensex plummets 2,400 points, Nifty plunges below 10,400</a>

ONGC was the top loser&nbsp;in the Sensex pack, losing over 16 per cent, followed Reliance Industries, IndusInd Bank, Tata Steel, TCS, SBI, ICICI Bank and Bajaj Auto.

Stocks of Reliance Industries registered the biggest fall in <a href="https://www.wionews.com/business-economy/sensex-nosedives-over-1500-points-on-global-equity-rout-285189">over 10 years </a>as it fell to Rs 1,094.95 per share or 12 per cent.&nbsp;

Shares of SBI plunged over 6 per cent after it said it will pick up a 49 per cent stake in Yes Bank for Rs 2,450 crore.

Yes Bank, on the other hand, gained over 31 per cent.

According to traders, domestic stocks faced massive selloff as the global market rout continued to intensify amid concerns over the adverse impact of the rapid spread of coronavirus on the world economy, reported news agency PTI.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo sank up to 5 per cent.

European benchmarks also plunged up to 6 per cent their morning sessions.

Volatility was also fuelled by the sharp plunge in crude oil prices after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.

After tanking up to 30 per cent earlier in the day, Brent crude oil futures recovered marginally and were 18.33 per cent down at USD 36.97 per barrel.

On the currency front, the Indian rupee depreciated 13 paise to 74 per US dollar (intra-day).&nbsp;

The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of the economic impact of the coronavirus epidemic.

Investor wealth around 7 lakh crore was wiped off on Monday as Sensex plummeted over 1,942 points following global market plunge triggered by a rapidly-spreading coronavirus and free-fall in oil prices after Saudi Arabia launched a price war.

Investor wealth around 7 lakh crore was wiped off on Monday as Sensex plummeted over 1,942 points following global market plunge triggered by a rapidly-spreading coronavirus and free-fall in oil prices after Saudi Arabia launched a price war. After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95. Likewise, Nifty slumped 538 points or 4.90 per cent to close at 10,451.45. Also read | Sensex plummets 2,400 points, Nifty plunges below 10,400 ONGC was the top loser in the Sensex pack, losing over 16 per cent, followed Reliance Industries, IndusInd Bank, Tata Steel, TCS, SBI, ICICI Bank and Bajaj Auto. Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share or 12 per cent. Shares of SBI plunged over 6 per cent after it said it will pick up a 49 per cent stake in Yes Bank for Rs 2,450 crore. Yes Bank, on the other hand, gained over 31 per cent. According to traders, domestic stocks faced massive selloff as the global market rout continued to intensify amid concerns over the adverse impact of the rapid spread of coronavirus on the world economy, reported news agency PTI. Bourses in Shanghai, Hong Kong, Seoul and Tokyo sank up to 5 per cent. European benchmarks also plunged up to 6 per cent their morning sessions. Volatility was also fuelled by the sharp plunge in crude oil prices after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets. After tanking up to 30 per cent earlier in the day, Brent crude oil futures recovered marginally and were 18.33 per cent down at USD 36.97 per barrel. On the currency front, the Indian rupee depreciated 13 paise to 74 per US dollar (intra-day). The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points. The plunge in the domestic indices was in line with the global markets on persistent fears of the economic impact of the coronavirus epidemic.

Market plunges 1,942 points in worst day for Sensex; ONGC, Reliance Industries top losers

The bank has come under serious liquidity crisis, majorly because of two things happening simultaneously. Firstly, several borrowers of the bank defaulted their payment, and secondly, the public started taking out money from their accounts.

The bank has come under serious liquidity crisis, majorly because of two things happening simultaneously. Firstly, several borrowers of the bank defaulted their payment, and secondly, the public started taking out money from their accounts. Since March 2019, more than Rs. 1 lakh crore has been withdrawn by its depositors which includes Rs. 77,000 crores of Fixed Deposits. On the other hand, loans worth Rs. 17,134 crores have gone bad i.e. the borrowers have defaulted on their payments. Thus, the bank is not in a comfortable position to pay back depositors’ money and thus feeling the heat. However, it is not yet a big crisis but a proactive step to control one. Is the bank running into losses? No, it’s not! But that the depositor’s money is blocked due to loans given by the bank and some of them becoming bad. As per it’s 2018-19 annual report, Yes Bank had public deposits of around Rs. 2.26 lakh crores while the bank has given out loans worth Rs. 2.36 lakh crores. Also read | Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI Currently, the deposits have come down further to around Rs. 2.09 lakh crores, thus making it less than the cumulative loan granted by the bank. This means that, if all the money is recovered, it will have more than what it needs to pay back. Moreover, the bank’s net profit grew steadily from Rs. 1618 crores in 2014 to Rs. 4225 crores in 2018 but plunged to Rs. 1720 in 2019. It is expected to have gone down further but is still positive. How did this happen? Problems which lead to this crisis: Bad Loans/NPAs: The bank has been understating its non-performing assets (NPAs) and RBI has questioned it more than once in the past for the same. In FY’19 alone, it reported a divergence of Rs 3,277 crore in bad loans and Rs 978 crore in NPA provisions. Currently out of the Rs. 2.25 lakh crores loan, more than Rs. 17,000 crores have gone bad i.e. their recovery is very difficult. Poor Management: The corporate governance of the bank and management practices have deteriorated in the past. Several directors have resigned in the past, some blaming its MD & CEO, Senior Group President Governance & Controls and others. On top of it, people started withdrawing money from the bank and it also failed to raise additional money to save it from the crisis. What is the bank’s spread? It is India’s fourth-largest private sector bank in the country with a pan-India presence across all the states and Union Territories in India. Yes Bank has a footprint of 1122 branches and more than 1300 ATMs. It started in functioning in 2004 as a small bank and slowly grew into a full-fledged bank. Its customer base is not very clear but could run around several lakhs or even a few crores. What now? For a depositor of the bank, there is no need to worry as the bank still has more assets than liabilities. Moreover, even if the bank goes bust, as per the amended scheme, your deposits up to Rs. 5,00,000 is insured and the government will pay your money back if the bank is incapable to do so. Also, the State Bank of India is expected to invest Rs 2,450 Crore and take over the management of the bank. This will help Yes Bank recover from the trust deficit which is a major reason for the crisis. Having said so, those who need any amount in excess of Rs. 50,000 from their Yes Bank account could face the constraint since till 3rd April 2020, it would not be possible. However, once the situation is accessed, RBI could issue some relaxation.

Explainer: What is the Yes Bank crisis? 

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia balked at OPEC's proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus, and OPEC responded by removing limits on its own production.

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia balked at OPEC's proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus, and OPEC responded by removing limits on its own production. More than 1 million US crude contracts changed hands during the session, as the three-year pact between OPEC and Russia ended in acrimony. "Prices plunged because the OPEC confab ended up being an epic fail on the part of all involved. Russia has clearly decided to employ a scorched earth approach to the oil market: every country for itself," said John Kilduff, partner at Again Capital LLC in New York. Brent futures had their its biggest daily percentage fall since December 2008, down $4.72, or 9.4%, to settle at $45.27 a barrel. It was Brent's lowest closing price since June 2017. US West Texas Intermediate crude dropped $4.62, or 10.1%, to $41.28, its lowest close since August 2016 and the largest daily percentage loss since November 2014. More than 4.58 million US front-month crude contracts changed hands this week, the busiest week ever for that contract. Both Brent and WTI are down over 30% so far this year. The number of people infected with coronavirus across the world surpassed 100,000 as the outbreak reached more countries and the economic damage intensified. Business districts began to empty and stock markets tumbled. The split between OPEC and Russia revived fears of a 2014 oil price crash, when Saudi Arabia and Russia fought for market share with U.S. shale oil producers, which have never participated in output-limiting pacts. OPEC was pushing for an additional 1.5 million barrels per day (bpd) of cuts until the end of 2020. Non-OPEC states were expected to contribute 500,000 bpd to the overall extra cut, OPEC ministers said. The new deal would have meant OPEC+ production curbs amounting to a total of 3.6 million bpd, or about 3.6% of global supply. "From (April 1) all oil producers are allowed to produce as much as they like," analysts at ABN AMRO said in a report. The Dutch bank cut its Brent oil price forecast for 2020 by 15.5% to $49 a barrel from the previous forecast of $58. The bank noted that OPEC Secretary-General Mohammad Barkindo indicated there will be more informal meetings on the proposed cuts in coming weeks, however.

Oil takes biggest daily dive in over a decade as Russia, OPEC split

China's exports plummeted in the first two months of this year on the back of a coronavirus epidemic that forced businesses to suspend operations, disrupting the world's supply chains.

Exports fell 17.2 percent, the biggest drop since February 2019 during the trade war with the United States, and imports dropped 4 percent, according to official data released Saturday.

A Bloomberg poll of economists had expected exports to drop less, by 16.2 percent, but had forseen a much starker drop on imports of 16.1 percent.

Consumers stayed home during the Lunar New Year break at the end of January and businesses saw a much slower return to work, as the country struggled to contain the spread of the deadly coronavirus, which has killed more than 3,000 people in China alone.

China's trade surplus with the US -- a key point of contention in the trade dispute between the two countries -- sharply narrowed 40 percent in the first two months, from $42 billion last year to $25.4 billion.

Chinese authorities said last month that January and February's data would be combined.

This is in line with how some other indicators are released, to smooth over distortions from the holiday break.

In an early sign of the economic impact to come, China's manufacturing activity fell to its lowest level on record in February, with non-manufacturing activity plummeting as well.

China's exports plummeted in the first two months of this year on the back of a coronavirus epidemic that forced businesses to suspend operations, disrupting the world's supply chains.

China's exports plummeted in the first two months of this year on the back of a coronavirus epidemic that forced businesses to suspend operations, disrupting the world's supply chains. Exports fell 17.2 percent, the biggest drop since February 2019 during the trade war with the United States, and imports dropped 4 percent, according to official data released Saturday. A Bloomberg poll of economists had expected exports to drop less, by 16.2 percent, but had forseen a much starker drop on imports of 16.1 percent. Consumers stayed home during the Lunar New Year break at the end of January and businesses saw a much slower return to work, as the country struggled to contain the spread of the deadly coronavirus, which has killed more than 3,000 people in China alone. China's trade surplus with the US -- a key point of contention in the trade dispute between the two countries -- sharply narrowed 40 percent in the first two months, from $42 billion last year to $25.4 billion. Chinese authorities said last month that January and February's data would be combined. This is in line with how some other indicators are released, to smooth over distortions from the holiday break. In an early sign of the economic impact to come, China's manufacturing activity fell to its lowest level on record in February, with non-manufacturing activity plummeting as well.

China exports plunge 17.2% in January-February on virus hit

Equity benchmark Sensex plummeted over 1,400 points in the opening session on Friday led by a <a href="https://www.wionews.com/business-economy/sensex-crashes-939-points-over-coronavirus-fears-283761">massive selloff in global stocks</a> as volatility peaked amid rising concerns over the economic strain of the coronavirus outbreak.

The rupee too depreciated 53 paise to 73.86 against the US dollar in the morning session. <a href="https://www.wionews.com/business-economy/sensex-nifty-crash-as-global-markets-dive-over-spread-of-coronavirus-283314">Incessant foreign fund outflow</a> also spooked market participants, traders said.

After sinking 1,459.52 points in early trade, the 30-share index was down 1052.33 points, or 2.74 per cent, at 37,418.28, and the NSE Nifty plunged 318.30 points, or 2.82 per cent, to 10,950.70.

Also read: <a href="https://www.wionews.com/world/trump-says-us-economy-could-take-hit-from-coronavirus-284605">Trump says US economy could take hit from coronavirus</a>

In the previous session, the 30-share BSE barometer settled 61.13 points or 0.16 per cent higher at 38,470.61, and the Nifty advanced 18 points or 0.16 per cent to finish at 11,269.

On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 2,476.75 crore, while domestic institutional investors bought shares worth Rs 2,510.89 crore on Thursday, data available with stock exchanges showed.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/coronavirus-poses-risks-to-fragile-recovery-in-global-economy-imf-281671">Coronavirus poses risks to fragile recovery in global economy: IMF</a>

Shares of Yes Bank tanked 25 per cent after the capital-starved lender was placed under a moratorium, with the Reserve Bank of India (RBI) capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. 
The rare move, made by the RBI and the government, came hours after finance ministry sources confirmed that State Bank of India (SBI) was directed to bail out the troubled lender.

SBI cracked over 6 per cent, and was among the top losers on Sensex. IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank and Ultratech Cement were also in the red.

According to traders, investor sentiment was hit by intense selling in global equities as heightened volatility on concerns over the economic impact of coronavirus on world economies plagued markets.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo cracked up to 3 per cent.Stock exchanges in the US too ended up to 3 per cent lower on Thursday. Global oil benchmark Brent crude futures cracked 1.04 per cent to USD 49.47 per barrel.

Equity benchmark Sensex plummeted over 1,400 points in the opening session on Friday led by a massive selloff in global stocks as volatility peaked amid rising concerns over the economic strain of the coronavirus outbreak.

Equity benchmark Sensex plummeted over 1,400 points in the opening session on Friday led by a massive selloff in global stocks as volatility peaked amid rising concerns over the economic strain of the coronavirus outbreak. The rupee too depreciated 53 paise to 73.86 against the US dollar in the morning session. Incessant foreign fund outflow also spooked market participants, traders said. After sinking 1,459.52 points in early trade, the 30-share index was down 1052.33 points, or 2.74 per cent, at 37,418.28, and the NSE Nifty plunged 318.30 points, or 2.82 per cent, to 10,950.70. Also read: Trump says US economy could take hit from coronavirus In the previous session, the 30-share BSE barometer settled 61.13 points or 0.16 per cent higher at 38,470.61, and the Nifty advanced 18 points or 0.16 per cent to finish at 11,269. On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 2,476.75 crore, while domestic institutional investors bought shares worth Rs 2,510.89 crore on Thursday, data available with stock exchanges showed. Also Read: Coronavirus poses risks to fragile recovery in global economy: IMF Shares of Yes Bank tanked 25 per cent after the capital-starved lender was placed under a moratorium, with the Reserve Bank of India (RBI) capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. The rare move, made by the RBI and the government, came hours after finance ministry sources confirmed that State Bank of India (SBI) was directed to bail out the troubled lender. SBI cracked over 6 per cent, and was among the top losers on Sensex. IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank and Ultratech Cement were also in the red. According to traders, investor sentiment was hit by intense selling in global equities as heightened volatility on concerns over the economic impact of coronavirus on world economies plagued markets. Bourses in Shanghai, Hong Kong, Seoul and Tokyo cracked up to 3 per cent.Stock exchanges in the US too ended up to 3 per cent lower on Thursday. Global oil benchmark Brent crude futures cracked 1.04 per cent to USD 49.47 per barrel.

Sensex nosedives over 1,400 points on global carnage; Nifty below 11,000

Russian oil giant Rosneft on Wednesday announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects.

Rosneft has signed a contract with Indian Oil Corporation to supply the oil via Russia's southern port Novorossiysk, it said in a statement.

The Russian state-owned oil company's chief Igor Sechin was in India Wednesday for talks with Oil Minister Dharmendra Pradhan to discuss increasing Russian oil supplies to India, it said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/oil-rises-more-than-1-ahead-of-opec-meeting-to-discuss-supply-cuts-284412">Oil rises more than 1% ahead of OPEC meeting to discuss supply cuts</a>

They also discussed Russia's offshore and liquified natural gas (LNG) projects, including Vostok Oil in Arctic Siberia, in which the Indian firm had already agreed to participate, Rosneft said.

India and Russia will negotiate terms of India's involvement in Vostok Oil "in the shortest time possible," it added.

Rosneft's Vostok Oil operation in the north of the Krasnoyarsk region is a projected "oil cluster of global importance," according to the company. It received a license to develop the West Irkinsky oil and gas site last year.

Watch:&nbsp;

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Rosneft sees Vostok Oil as a way to increase cargo traffic on the Northern Sea route to 80 million tonnes by 2024 as ordered by President Vladimir Putin.

Since 2017, Rosneft owns 49 per cent of the Indian group Nayara, which operates the country's second-largest refinery in Vadinar.

Russian oil giant Rosneft on Wednesday announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects.

Russian oil giant Rosneft on Wednesday announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects. Rosneft has signed a contract with Indian Oil Corporation to supply the oil via Russia's southern port Novorossiysk, it said in a statement. The Russian state-owned oil company's chief Igor Sechin was in India Wednesday for talks with Oil Minister Dharmendra Pradhan to discuss increasing Russian oil supplies to India, it said. Also read: Oil rises more than 1% ahead of OPEC meeting to discuss supply cuts They also discussed Russia's offshore and liquified natural gas (LNG) projects, including Vostok Oil in Arctic Siberia, in which the Indian firm had already agreed to participate, Rosneft said. India and Russia will negotiate terms of India's involvement in Vostok Oil "in the shortest time possible," it added. Rosneft's Vostok Oil operation in the north of the Krasnoyarsk region is a projected "oil cluster of global importance," according to the company. It received a license to develop the West Irkinsky oil and gas site last year. Watch: × Rosneft sees Vostok Oil as a way to increase cargo traffic on the Northern Sea route to 80 million tonnes by 2024 as ordered by President Vladimir Putin. Since 2017, Rosneft owns 49 per cent of the Indian group Nayara, which operates the country's second-largest refinery in Vadinar.

Russia boosts oil supply to India

The Sensex crashed 893.99 pts to end at 37,576.62 over rising coronavirus fears and Reserve Bank of India's(RBI) decision to put a "moratorium" on Yes Bank account holders to take out money.

<a href="https://www.wionews.com/business-economy/sensex-nosedives-over-1400-points-on-global-carnage-nifty-below-11000-284630">Also Read: Sensex nosedives over 1,400 points on global carnage; Nifty below 11,000</a>

The broader NSE Nifty also fell 279.55 points or 2.48 per cent to close at 10,989.45.

Earlier in the day, the Sensex had nosedived over 1,400 points in the opening session due to sell-off over the Yes Bank issue and coronavirus outbreak.

Shares of Yes Bank crashed 25 per cent after the RBI put a moratorium capping deposit withdrawals at Rs 50,000 per account for a month on Wednesday evening.

<a href="https://www.wionews.com/business-economy/shares-in-indias-yes-bank-crash-on-withdrawal-limits-284678">Also Read: Shares in India's Yes Bank crash on withdrawal limits</a>

SBI shares too fell six per cent along with IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank and Ultratech Cement.

The bloodbath at the markets affected the Rupee which fell 53 paise to 73.86 against the US dollar in the morning session. &nbsp;&nbsp;

The Sensex crashed 893.99 pts to end at 37,576.62 over rising coronavirus fears and Reserve Bank of India's(RBI) decision to put a "moratorium" on Yes Bank account holders to take out money.

The Sensex crashed 893.99 pts to end at 37,576.62 over rising coronavirus fears and Reserve Bank of India's(RBI) decision to put a "moratorium" on Yes Bank account holders to take out money. Also Read: Sensex nosedives over 1,400 points on global carnage; Nifty below 11,000 The broader NSE Nifty also fell 279.55 points or 2.48 per cent to close at 10,989.45. Earlier in the day, the Sensex had nosedived over 1,400 points in the opening session due to sell-off over the Yes Bank issue and coronavirus outbreak. Shares of Yes Bank crashed 25 per cent after the RBI put a moratorium capping deposit withdrawals at Rs 50,000 per account for a month on Wednesday evening. Also Read: Shares in India's Yes Bank crash on withdrawal limits SBI shares too fell six per cent along with IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank and Ultratech Cement. The bloodbath at the markets affected the Rupee which fell 53 paise to 73.86 against the US dollar in the morning session.

Sensex closes over 890 points down over Yes Bank, coronavirus fears

Shares in India's Yes Bank plunged as much as 85 per cent on Friday after the central bank seized control and imposed withdrawal limits to prevent the collapse of the country's fourth-largest lender.

The move by the Reserve Bank of India (RBI) sparked a sell-off across the troubled banking sector and sent the rupee falling to its weakest level since 2018.

People queued outside Yes Bank branches after the announcement late Thursday that customers can only withdraw 50,000 rupees over the next 30 days while the RBI tries to put together a rescue.

The news added to liquidity concerns about India's financial system more than a year after the near-collapse of IL&amp;FS, one of the nation's biggest "shadow banks" -- finance houses responsible for significant consumer lending.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/rbi-imposes-moratorium-on-yes-bank-withdrawals-capped-to-rs-50000-284590">RBI imposes 'moratorium' on Yes Bank; withdrawals capped to Rs 50,000</a>

A resulting reluctance of banks to lend money has exacerbated the woes of Asia's third-biggest economy, with growth slowing for seven consecutive quarters before picking up with a meagre 4.7-per cent expansion in the final three months of 2019.

Yes Bank's exposure to the shadow banking sector is particularly large and it has been struggling for some time to raise fresh capital to free itself of a mountain of bad loans in order to quell worries about its viability.

"Investors have turned risk-averse and the contagion is likely to hit smaller bank and non-bank finance companies," said Abhimanyu Sofat at IIFL Securities.&nbsp;

"How soon the RBI finalises the rescue plan is key as persistent operational curbs increase uncertainty," Sofat told Bloomberg News.

Also see:<a href="https://www.wionews.com/india-news/supreme-court-allows-trade-in-cryptocurrencies-quashes-rbi-curb-284158">&nbsp;Supreme Court allows trade in cryptocurrencies, quashes RBI curb</a>

The RBI put the blame on "serious governance issues and practices in recent years" but said there was "no need to panic".

However, customers waiting to get their money were far from reassuring.

"It's not clear at the moment, and that is making some people panic a bit. Even I am at the moment," Devika, a student and Yes Bank account holder, told AFP as she queued to withdraw money in New Delhi.

"I had purchased 15 shares of Yes Bank at 150 rupees per share and now they are at 15 rupees. It's a huge dent on my investments and even my deposits are locked in," Varsha Gandhi, a Mumbai-based lawyer told the sources.

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"I am just waiting to see if RBI's moves will have any positive impact. But it's a huge loss as the stocks have tanked," 27-year-old Gandhi added.&nbsp;

RBI governor Shaktikanta Das also tried to reassure account holders.

"The 30 days which we have given is the outer limit, you will see very swift action from the RBI to put in place a scheme to revive Yes Bank," he told reporters in the financial capital Mumbai on Friday.&nbsp;

According to media reports, the RBI was attempting to cobble together a rescue that included State Bank of India (SBI), the country's largest lender, and other financial institutions.

"There are legitimate questions being raised about the bank's balance sheet, ability to raise capital and the central bank and SBI may have to take quick steps to revive it in the next few days," Ashutosh Datar, an independent economist in Mumbai, told sources.

"The next few weeks are crucial for Yes Bank's survival," said Sameer Narang, an economist at State Bank of Baroda.

By early afternoon in Mumbai, Yes Bank shares had recovered slightly but were still down 59 per cent at 15.20 rupees.

Shares in India's Yes Bank plunged as much as 85 per cent on Friday after the central bank seized control and imposed withdrawal limits to prevent the collapse of the country's fourth-largest lender.

Shares in India's Yes Bank plunged as much as 85 per cent on Friday after the central bank seized control and imposed withdrawal limits to prevent the collapse of the country's fourth-largest lender. The move by the Reserve Bank of India (RBI) sparked a sell-off across the troubled banking sector and sent the rupee falling to its weakest level since 2018. People queued outside Yes Bank branches after the announcement late Thursday that customers can only withdraw 50,000 rupees over the next 30 days while the RBI tries to put together a rescue. The news added to liquidity concerns about India's financial system more than a year after the near-collapse of IL&FS, one of the nation's biggest "shadow banks" -- finance houses responsible for significant consumer lending. Also read: RBI imposes 'moratorium' on Yes Bank; withdrawals capped to Rs 50,000 A resulting reluctance of banks to lend money has exacerbated the woes of Asia's third-biggest economy, with growth slowing for seven consecutive quarters before picking up with a meagre 4.7-per cent expansion in the final three months of 2019. Yes Bank's exposure to the shadow banking sector is particularly large and it has been struggling for some time to raise fresh capital to free itself of a mountain of bad loans in order to quell worries about its viability. "Investors have turned risk-averse and the contagion is likely to hit smaller bank and non-bank finance companies," said Abhimanyu Sofat at IIFL Securities. "How soon the RBI finalises the rescue plan is key as persistent operational curbs increase uncertainty," Sofat told Bloomberg News. Also see: Supreme Court allows trade in cryptocurrencies, quashes RBI curb The RBI put the blame on "serious governance issues and practices in recent years" but said there was "no need to panic". However, customers waiting to get their money were far from reassuring. "It's not clear at the moment, and that is making some people panic a bit. Even I am at the moment," Devika, a student and Yes Bank account holder, told AFP as she queued to withdraw money in New Delhi. "I had purchased 15 shares of Yes Bank at 150 rupees per share and now they are at 15 rupees. It's a huge dent on my investments and even my deposits are locked in," Varsha Gandhi, a Mumbai-based lawyer told the sources. Watch: × "I am just waiting to see if RBI's moves will have any positive impact. But it's a huge loss as the stocks have tanked," 27-year-old Gandhi added. RBI governor Shaktikanta Das also tried to reassure account holders. "The 30 days which we have given is the outer limit, you will see very swift action from the RBI to put in place a scheme to revive Yes Bank," he told reporters in the financial capital Mumbai on Friday. According to media reports, the RBI was attempting to cobble together a rescue that included State Bank of India (SBI), the country's largest lender, and other financial institutions. "There are legitimate questions being raised about the bank's balance sheet, ability to raise capital and the central bank and SBI may have to take quick steps to revive it in the next few days," Ashutosh Datar, an independent economist in Mumbai, told sources. "The next few weeks are crucial for Yes Bank's survival," said Sameer Narang, an economist at State Bank of Baroda. By early afternoon in Mumbai, Yes Bank shares had recovered slightly but were still down 59 per cent at 15.20 rupees.

Shares in India's Yes Bank crash on withdrawal limits

Oil prices rose more than 1 per cent&nbsp;on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.

Prices were also supported by a lower-than-expected rise in crude oil inventories in the United States, alleviating some concerns of oversupply in the world's biggest oil consumer.

Brent crude rose by 67 cents, or 1.3 per cent, to $51.80 per barrel by 0436 GMT, while the US&nbsp;West Texas Intermediate (WTI) was up by 55 cents, or 1.2 per cent, at $47.33 per barrel.

Also read: <a href="https://www.wionews.com/business-economy/opec-chops-global-oil-demand-growth-forecast-over-coronavirus-280338">OPEC chops global oil demand growth forecast over coronavirus</a>

"Crude oil prices were boosted by a broad positive sentiment overnight, and a much lower-than-expected ... crude oil inventory data," said Margaret Yang, a market analyst at CMC Markets.

"The&nbsp;market is also anticipating a decent output cut to be carried out by OPEC+, as Covid-19 has brought a significant impact on the world's energy demand. More production curb is needed to shore up crude prices."

US&nbsp;crude stocks rose modestly last week, less than what analysts had expected, while US&nbsp;oil exports surged to more than 4 million barrels per day (bpd) for the first time since December, suggesting a rise in overseas demand.

Also read: <a href="https://www.wionews.com/business-economy/world-bank-announces-up-to-12-billion-in-immediate-funds-for-coronavirus-284072">World Bank announces up to $12 billion in immediate funds for coronavirus</a>

Ministers of the Organization of the Petroleum Exporting Countries (OPEC) hold their formal meeting later on Thursday, followed by a meeting of the broader OPEC+ group including Russia on Friday.

Saudi Arabia and other OPEC members are seeking to win support from Russia to join them in additional oil output cuts to prop up prices that have tumbled by a fifth this year because of the global spread of the coronavirus outbreak.

Russia has instead proposed keeping the existing cuts by the group until the end of the second quarter, sources said.

Saudi Arabia wants extra cuts of 1 million to 1.5 million bpd for the second quarter, and to keep existing cuts of 2.1 million bpd in place until the end of 2020.

"If OPEC+ settles with something in the middle of the Russian request of no change in cuts and the 1.5 million Saudi goals, that might not be enough to keep prices supported here," said Edward Moya, senior market analyst at broker OANDA.

"OPEC+ needs to send a strong message and anything below 1 million barrels in deeper production cuts will send oil prices sharply lower."

Geopolitical tensions in the Middle East also boosted prices. The Saudi-led coalition fighting in Yemen said it had foiled an attack on an oil tanker off Yemen's coast on the Arabian Sea, the Saudi state news agency SPA reported on Wednesday.

Concerns over demand growth remained, however, with the International Monetary Fund chief saying the global spread of the virus has crushed hopes for stronger economic gains this year.

Oil prices rose more than 1 per cent on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.

Oil prices rose more than 1 per cent on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the United States, alleviating some concerns of oversupply in the world's biggest oil consumer. Brent crude rose by 67 cents, or 1.3 per cent, to $51.80 per barrel by 0436 GMT, while the US West Texas Intermediate (WTI) was up by 55 cents, or 1.2 per cent, at $47.33 per barrel. Also read: OPEC chops global oil demand growth forecast over coronavirus "Crude oil prices were boosted by a broad positive sentiment overnight, and a much lower-than-expected ... crude oil inventory data," said Margaret Yang, a market analyst at CMC Markets. "The market is also anticipating a decent output cut to be carried out by OPEC+, as Covid-19 has brought a significant impact on the world's energy demand. More production curb is needed to shore up crude prices." US crude stocks rose modestly last week, less than what analysts had expected, while US oil exports surged to more than 4 million barrels per day (bpd) for the first time since December, suggesting a rise in overseas demand. Also read: World Bank announces up to $12 billion in immediate funds for coronavirus Ministers of the Organization of the Petroleum Exporting Countries (OPEC) hold their formal meeting later on Thursday, followed by a meeting of the broader OPEC+ group including Russia on Friday. Saudi Arabia and other OPEC members are seeking to win support from Russia to join them in additional oil output cuts to prop up prices that have tumbled by a fifth this year because of the global spread of the coronavirus outbreak. Russia has instead proposed keeping the existing cuts by the group until the end of the second quarter, sources said. Saudi Arabia wants extra cuts of 1 million to 1.5 million bpd for the second quarter, and to keep existing cuts of 2.1 million bpd in place until the end of 2020. "If OPEC+ settles with something in the middle of the Russian request of no change in cuts and the 1.5 million Saudi goals, that might not be enough to keep prices supported here," said Edward Moya, senior market analyst at broker OANDA. "OPEC+ needs to send a strong message and anything below 1 million barrels in deeper production cuts will send oil prices sharply lower." Geopolitical tensions in the Middle East also boosted prices. The Saudi-led coalition fighting in Yemen said it had foiled an attack on an oil tanker off Yemen's coast on the Arabian Sea, the Saudi state news agency SPA reported on Wednesday. Concerns over demand growth remained, however, with the International Monetary Fund chief saying the global spread of the virus has crushed hopes for stronger economic gains this year.

Oil rises more than 1% ahead of OPEC meeting to discuss supply cuts

Indian shares edged up on Thursday, supported by a rise in Asian and US&nbsp;markets, but worries over a spike in coronavirus cases in the country kept gains in check.

The NSE Nifty 50 index rose 0.25% to 11,276.3 by 0401 GMT, while the benchmark S&amp;P BSE Sensex was up 0.26% at 38,505.2.

The markets closed lower on Wednesday as the total number of known coronavirus cases rose sharply, fuelling concerns that a rapid spread could further hit an already slowing economy.

"Markets will be volatile as virus fears persist, it is very difficult to say that the trend has changed right now," said Siddharth Khemka, head of retail research at Motilal Oswal Securities.

Wall Street surged on Wednesday after former Vice President Joe Biden, considered less likely to raise taxes and impose new regulations than rival Bernie Sanders, rolled to victories on the biggest day of voting in the Democratic nomination campaign.

The U.S. House of Representatives also approved an $8.3 billion funding bill to combat the spread of the coronavirus.

India is pushing state-run banks to approve new loans amounting to 500-600 billion rupees ($6.8-$8.2 billion) by the end of March, two government sources told Reuters, in efforts to shore up a stuttering economy as the virus spreads.

Consumer goods company Hindustan Unilever Ltd was the top boost to the indexes, rising as much as 3.6% to a one-week high.

IT stocks also contributed, with Tata Consultancy Services Ltd up 1.4% and HCL Technologies Ltd rising 3%.

Large cap banks and energy firms were among the top drags. ICICI Bank Ltd fell 1.5%, while Reliance Industries Ltd slipped 0.8%.

Indian shares edged up on Thursday, supported by a rise in Asian and US markets, but worries over a spike in coronavirus cases in the country kept gains in check.

Indian shares edged up on Thursday, supported by a rise in Asian and US markets, but worries over a spike in coronavirus cases in the country kept gains in check. The NSE Nifty 50 index rose 0.25% to 11,276.3 by 0401 GMT, while the benchmark S&P BSE Sensex was up 0.26% at 38,505.2. The markets closed lower on Wednesday as the total number of known coronavirus cases rose sharply, fuelling concerns that a rapid spread could further hit an already slowing economy. "Markets will be volatile as virus fears persist, it is very difficult to say that the trend has changed right now," said Siddharth Khemka, head of retail research at Motilal Oswal Securities. Wall Street surged on Wednesday after former Vice President Joe Biden, considered less likely to raise taxes and impose new regulations than rival Bernie Sanders, rolled to victories on the biggest day of voting in the Democratic nomination campaign. The U.S. House of Representatives also approved an $8.3 billion funding bill to combat the spread of the coronavirus. India is pushing state-run banks to approve new loans amounting to 500-600 billion rupees ($6.8-$8.2 billion) by the end of March, two government sources told Reuters, in efforts to shore up a stuttering economy as the virus spreads. Consumer goods company Hindustan Unilever Ltd was the top boost to the indexes, rising as much as 3.6% to a one-week high. IT stocks also contributed, with Tata Consultancy Services Ltd up 1.4% and HCL Technologies Ltd rising 3%. Large cap banks and energy firms were among the top drags. ICICI Bank Ltd fell 1.5%, while Reliance Industries Ltd slipped 0.8%.

Sensex, Nifty inch higher, virus fears limit gains