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As payday approaches, you can put your salary and loan instalment worries to rest. Banks are working overtime to ensure that there is no delay in crediting money to accounts.&nbsp;

March 31 will be the end of this financial year and is the time when the annual reimbursements and other arrears fall due. Some companies have even advanced their salary days so that employees get money to buy essential goods to mitigate the impact of the coronavirus crisis.&nbsp;

Leading companies in India have assured employees through statements that they will be taken care of financially while the country is under lockdown.

Indian telecom giant Bharti Airtel has already paid salaries to its employees for the current month while global food major Nestle would pay full salary to employees affected by work stoppages for a minimum of three months and has raised wages by 3 dollars per hour for on-duty factory and distribution centre workers in Canada.&nbsp;

Reports say some companies including mobile handset makers in India have paid 20-50 per cent of advance to labourers and factory workers to support their expenses in the middle of March. Some companies are also honouring all new joining date commitments.

Prime Minister Narendra Modi, in his address to the nation earlier this week, had urged private sector companies to honour payment commitment to employees.&nbsp;

Also in a move aimed at mitigating the impact of the coronavirus outbreak on businesses and employees in India, the Reserve Bank of India has asked all banks and other lending institutions to allow a three-month moratorium on all kinds of loans. this will translate into huge relief for EMIs that will become due in the next few days.

The 3-month moratorium will apply to corporate, home and car loans. but the moratorium will not cover credit card loans.

In addition to salaried employees, RBI's announcement will also give huge relief to self-employed EMI payers and professionals with an uncertain income.

Any delay in making the payment will also not result in any negative comment in the credit history of customers. &nbsp;

While banks are assuring full credit of salary and other payment in accounts, they have also assured there will be no disruption in ATM services where cash will be frequently filled in machines to meet the need of customers.&nbsp;

As payday approaches, you can put your salary and loan instalment worries to rest. Banks are working overtime to ensure that there is no delay in crediting money to accounts.

As payday approaches, you can put your salary and loan instalment worries to rest. Banks are working overtime to ensure that there is no delay in crediting money to accounts. March 31 will be the end of this financial year and is the time when the annual reimbursements and other arrears fall due. Some companies have even advanced their salary days so that employees get money to buy essential goods to mitigate the impact of the coronavirus crisis. Leading companies in India have assured employees through statements that they will be taken care of financially while the country is under lockdown. Indian telecom giant Bharti Airtel has already paid salaries to its employees for the current month while global food major Nestle would pay full salary to employees affected by work stoppages for a minimum of three months and has raised wages by 3 dollars per hour for on-duty factory and distribution centre workers in Canada. Reports say some companies including mobile handset makers in India have paid 20-50 per cent of advance to labourers and factory workers to support their expenses in the middle of March. Some companies are also honouring all new joining date commitments. Prime Minister Narendra Modi, in his address to the nation earlier this week, had urged private sector companies to honour payment commitment to employees. Also in a move aimed at mitigating the impact of the coronavirus outbreak on businesses and employees in India, the Reserve Bank of India has asked all banks and other lending institutions to allow a three-month moratorium on all kinds of loans. this will translate into huge relief for EMIs that will become due in the next few days. The 3-month moratorium will apply to corporate, home and car loans. but the moratorium will not cover credit card loans. In addition to salaried employees, RBI's announcement will also give huge relief to self-employed EMI payers and professionals with an uncertain income. Any delay in making the payment will also not result in any negative comment in the credit history of customers. While banks are assuring full credit of salary and other payment in accounts, they have also assured there will be no disruption in ATM services where cash will be frequently filled in machines to meet the need of customers.

Amid coronavirus lockdown in India, banks, firms assure salaried employees

A day after Finance Minister Nirmala Sitharman announced a Rs 1.7 lakh crore relief package for the poor of the country, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday asked all lending institutions to allow a three-month moratorium on EMI payments to infuse liquidity into the system as the economy grapples with COVID-19 challenges.

The RBI Governor in a press conference announced that all non-banking financial companies (NBFCs) and housing finance companies (HFCs) have been permitted to allow a moratorium of 3 months on repayment of term loans outstanding on March 1, 2020.

It has also allowed banks for deferment of interest on working capital loans for the next three months - until June 2020.

"These are extraordinary circumstances, and unprecedented measures are required to support the sagging economy as all the economic activities have come to a halt," Governor Shaktikanta Das said in the press conference.

The liquidity measures announced by the RBI will make available a total Rs 3,74,000 crore to the country's financial system.

&nbsp;Das said that the deferment on loan and interest repayments will not be classified as defaults and will not impact the credit history of borrowers.

(with inputs from agencies)

A day after Finance Minister Nirmala Sitharman announced a Rs 1.7 lakh crore relief package for the poor of the country, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday asked all lending institutions to allow a three-month moratorium on EMI payments to infuse liquidity into the system as the economy grapples with COVID-19 challenges.

A day after Finance Minister Nirmala Sitharman announced a Rs 1.7 lakh crore relief package for the poor of the country, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday asked all lending institutions to allow a three-month moratorium on EMI payments to infuse liquidity into the system as the economy grapples with COVID-19 challenges. The RBI Governor in a press conference announced that all non-banking financial companies (NBFCs) and housing finance companies (HFCs) have been permitted to allow a moratorium of 3 months on repayment of term loans outstanding on March 1, 2020. It has also allowed banks for deferment of interest on working capital loans for the next three months - until June 2020. "These are extraordinary circumstances, and unprecedented measures are required to support the sagging economy as all the economic activities have come to a halt," Governor Shaktikanta Das said in the press conference. The liquidity measures announced by the RBI will make available a total Rs 3,74,000 crore to the country's financial system. Das said that the deferment on loan and interest repayments will not be classified as defaults and will not impact the credit history of borrowers. (with inputs from agencies)

Reserve Bank of India asks lending firms to allow 3-month moratorium on EMI payments to offset coronavirus impact

Huawei drove into its post-Google era Thursday with a flagship smartphone that uses none of the Android maker's apps now that the Chinese group has been blacklisted by US authorities.

The new P40 might not be the first Google-free phone launched by Huawei, it is the first top-line phone meant to seduce early adopters and show off its technological prowess.

The United States has expressed concern that Huawei mobile phone network equipment could contain security loopholes that allow China to spy on global communications traffic, and while the company has denied the accusation, it has been effectively barred from working with US companies.

For smartphones, that means Huawei has had to forgo Google's Android operating system and the plethora of apps available to run on it.

Huawei, which was the world's second-largest smartphone maker last year behind Samsung with a 17 per cent market share, now faces the challenge of creating an alternative that is sufficiently attractive to lure both app developers and consumers.

According to the presentation broadcast on YouTube, the P40 smartphones sold in France, Germany, and Italy will use a European search engine called Qwant instead of Google.

Huawei is progressively eliminating Google software from its phones after having shipped its first Google-free model last year, but it has not given a date when it expects to complete the switch.

The P40 will be available from April 7 at a price ranging from 799 to 1,399 euros ($880-1,540), depending on the specifications.

Huawei drove into its post-Google era Thursday with a flagship smartphone that uses none of the Android maker's apps now that the Chinese group has been blacklisted by US authorities.

Huawei drove into its post-Google era Thursday with a flagship smartphone that uses none of the Android maker's apps now that the Chinese group has been blacklisted by US authorities. The new P40 might not be the first Google-free phone launched by Huawei, it is the first top-line phone meant to seduce early adopters and show off its technological prowess. The United States has expressed concern that Huawei mobile phone network equipment could contain security loopholes that allow China to spy on global communications traffic, and while the company has denied the accusation, it has been effectively barred from working with US companies. For smartphones, that means Huawei has had to forgo Google's Android operating system and the plethora of apps available to run on it. Huawei, which was the world's second-largest smartphone maker last year behind Samsung with a 17 per cent market share, now faces the challenge of creating an alternative that is sufficiently attractive to lure both app developers and consumers. According to the presentation broadcast on YouTube, the P40 smartphones sold in France, Germany, and Italy will use a European search engine called Qwant instead of Google. Huawei is progressively eliminating Google software from its phones after having shipped its first Google-free model last year, but it has not given a date when it expects to complete the switch. The P40 will be available from April 7 at a price ranging from 799 to 1,399 euros ($880-1,540), depending on the specifications.

Huawei flagship phone goes Google-free

The global COVID-19 pandemic is now expected to take a far worse toll on foreign direct investments worldwide than feared just a few weeks ago, UN economists said Thursday.

A fresh report from the UN Conference on Trade, Investment and Development (UNCTAD) warned that the rapid spread of the coronavirus would cause a "dramatic drop" in global foreign direct investment, which is a measure of cross-border private sector investment.

The agency said it now believed that global FDI could be as much as 40 per cent lower than its projections in January when it had expected to see up to five per cent growth this year and next.&nbsp;

That compares to a forecast it issued just two weeks ago, in which it said that FDI would be up to 15 per cent lower than its January projections, in a worst-case scenario.

Efforts to halt the spread of the new coronavirus, which has killed nearly 22,000 people worldwide and infected more than 500,000, have wreaked havoc on international business and are rapidly pushing the world into a global recession.&nbsp;

"Projections of the economic impact of COVID-19 are becoming more serious by the day," Thursday's report said.

It said, "early expectations that the impact would be felt first and foremost through the ripple effects caused by production stoppages and supply chain disruptions in East Asia... and felt especially in economies that are closely integrated in global value chains are being overtaken by events."

"It is now evident that pandemic mitigation efforts and lockdowns around the world will have devastating effects on all economies, independent of their links to global supply networks," UNCTAD said.

The "consensus is that most if not all major economies will experience a deep recession", it added.&nbsp;

The global COVID-19 pandemic is now expected to take a far worse toll on foreign direct investments worldwide than feared just a few weeks ago, UN economists said Thursday.

The global COVID-19 pandemic is now expected to take a far worse toll on foreign direct investments worldwide than feared just a few weeks ago, UN economists said Thursday. A fresh report from the UN Conference on Trade, Investment and Development (UNCTAD) warned that the rapid spread of the coronavirus would cause a "dramatic drop" in global foreign direct investment, which is a measure of cross-border private sector investment. The agency said it now believed that global FDI could be as much as 40 per cent lower than its projections in January when it had expected to see up to five per cent growth this year and next. That compares to a forecast it issued just two weeks ago, in which it said that FDI would be up to 15 per cent lower than its January projections, in a worst-case scenario. Efforts to halt the spread of the new coronavirus, which has killed nearly 22,000 people worldwide and infected more than 500,000, have wreaked havoc on international business and are rapidly pushing the world into a global recession. "Projections of the economic impact of COVID-19 are becoming more serious by the day," Thursday's report said. It said, "early expectations that the impact would be felt first and foremost through the ripple effects caused by production stoppages and supply chain disruptions in East Asia... and felt especially in economies that are closely integrated in global value chains are being overtaken by events." "It is now evident that pandemic mitigation efforts and lockdowns around the world will have devastating effects on all economies, independent of their links to global supply networks," UNCTAD said. The "consensus is that most if not all major economies will experience a deep recession", it added.

Pandemic will cut global investment flows more than feared: UN

The cash-strapped Yes Bank’s board on Thursday was reconstituted with immediate effect with the appointment of eight members pursuant to “Yes Bank Limited Reconstruction Scheme, 2020”.

The bank had earlier approved the reconstitution of its board with Prashant Kumar as the new MD and CEO.

The board comprises of Sunil Mehta as non-executive chairman, Mahesh Krishmurthi as non-executive director, Atul Bheda as non-executive director, R Gandhi as additional director appointed by Reserve Bank of India, Anand Narayan Gopalakrishnan as additional director appointed by Reserve Bank of India, Partha Pratim Sengupta as director appointed by State Bank of India, Swaminathan Janakiraman as director appointed by State Bank of India, and Prashant Kumar as managing director and CEO.

The bank on March 5 was put under moratorium by RBI due to financial mismanagement under its former MD and CEO Rana Kapoor, who currently is in the custody of probe agencies.

Yes Bank had also failed to raise enough capital to keep afloat.

The board of the bank was superseded with immediate effect, and other financial activities such as granting new loans, investment, among others, were also curbed.&nbsp;

Meanwhile, as per ICRA’s estimates,<a href="https://www.business-standard.com/topic/yes-bank">&nbsp;</a>Yes Bank would require equity infusion of Rs. 9,000-13,000 crore to meet the regulatory capital requirements including the Capital Conservation Buffers (CCB). As the regulatory norms require banks to maintain a CCB of 2.5 per cent as on March 31, 2020.

As per the bank’s rescue plan outlined by RBI, SBI will have a stake of 49 per cent in Yes Bank through capital infusion of Rs 7,250 crore.

(With inputs from agencies)

The cash-strapped Yes Bank’s board on Thursday was reconstituted with immediate effect with the appointment of eight members pursuant to “Yes Bank Limited Reconstruction Scheme, 2020”.

The cash-strapped Yes Bank’s board on Thursday was reconstituted with immediate effect with the appointment of eight members pursuant to “Yes Bank Limited Reconstruction Scheme, 2020”. The bank had earlier approved the reconstitution of its board with Prashant Kumar as the new MD and CEO. The board comprises of Sunil Mehta as non-executive chairman, Mahesh Krishmurthi as non-executive director, Atul Bheda as non-executive director, R Gandhi as additional director appointed by Reserve Bank of India, Anand Narayan Gopalakrishnan as additional director appointed by Reserve Bank of India, Partha Pratim Sengupta as director appointed by State Bank of India, Swaminathan Janakiraman as director appointed by State Bank of India, and Prashant Kumar as managing director and CEO. The bank on March 5 was put under moratorium by RBI due to financial mismanagement under its former MD and CEO Rana Kapoor, who currently is in the custody of probe agencies. Yes Bank had also failed to raise enough capital to keep afloat. The board of the bank was superseded with immediate effect, and other financial activities such as granting new loans, investment, among others, were also curbed. Meanwhile, as per ICRA’s estimates, Yes Bank would require equity infusion of Rs. 9,000-13,000 crore to meet the regulatory capital requirements including the Capital Conservation Buffers (CCB). As the regulatory norms require banks to maintain a CCB of 2.5 per cent as on March 31, 2020. As per the bank’s rescue plan outlined by RBI, SBI will have a stake of 49 per cent in Yes Bank through capital infusion of Rs 7,250 crore. (With inputs from agencies)

Yes Bank board reconstituted with immediate effect; Prashant Kumar to be new MD-CEO

Equity benchmarks surged for the third straight session on Thursday, logging their best three-day gains in years, after the government's much awaited stimulus measures for coronavirus lockdown-hit segments lifted sentiments.

The BSE gauge Sensex surged 1,410.99 points or 4.94 per cent to settle at 29,946.77; while the NSE barometer Nifty sot up 323.60 points or 3.89 per cent to 8,641.45.

After the worst-ever crash on Monday, the Sensex has recovered by 3,965.53 points or 15.26 per cent over the last three sessions. Likewise, the NSE Nifty has regained 1,031.20 points or 13.55 per cent in three days.

On the Sensex chart, IndusInd Bank was the top gainer, rallying up to 46 per cent. Other winners were Bharti Airtel, L&amp;T, Bajaj Finance, Kotak Mahindra, Bajaj Auto, HUL and HDFC -- rising up to 10 per cent.

On the other hand, Maruti Suzuki, Tech Mahindra, Sun Pharma and Reliance Industries closed with losses.

All sectoral indices ended with gains with BSE telecom, capital goods, bankex, finance, realty and FMCG indices surging up to 10 per cent.

The broader markets also gained momentum with the Nifty Midcap and Smallcap indices rising 3 per cent each.

In an effort to cushion the economic blow of the 21-day lockdown in wake of the Covid-19 pandemic, Finance Minister Sitharaman announced a slew of measures worth Rs 1.70 lakh crore to help citizens survive the crisis.

Paras Bothra, President of Equity Research, Ashika Stock Broking, said, "Domestic markets zoomed for the second day on the trot driven by optimism on $&nbsp;2 trillion packages to US economy and also in anticipation of an economic package for the Indian economy."

"Finance Minister indeed announced Rs 1,75,000 cr package for the poor and needy, however, measures addressed to corporate or SMEs are still missing. Perhaps this will be followed by monetary stimulus by RBI along with forbearance on loan repayments."

The Rs 1.70 lakh crore economic package involves free food grains and cooking gas to poor for the next three months, one-time doles to women and poor senior citizens, higher wages to workers and measures to boost the liquidity of employees. The scheme will be implemented with immediate effect.

"This is a package for lockdown impacted segments,"&nbsp;said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that the government is prioritising.

"Industry-specific measures are likely to be announced in the next package. This can go a long way in implementing the lockdown,"&nbsp;he said.

According to traders, volatility remained during the day as March derivatives contracts expired.

The Indian rupee appreciated 57 paise to 75.37 against the US dollar in intra-day trade.

In a positive news for India's fiscal health, the crude oil prices continued to trade below $30 a barrel amid steep fall in demand due to COVID-19 led lockdowns in major parts of the world.

International oil benchmark, Brent crude futures fell 2.15 per cent to $26.80 per barrel.

Meanwhile, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended significantly lower. Benchmarks in Europe were also trading in the red.

The number of COVID-19 cases climbed to 649 in India and the death toll rose to 13, with one death reported each from Gujarat, Tamil Nadu and Madhya Pradesh, according to the Health Ministry.&nbsp;

Equity benchmarks surged for the third straight session on Thursday, logging their best three-day gains in years, after the government's much awaited stimulus measures for coronavirus lockdown-hit segments lifted sentiments.

Equity benchmarks surged for the third straight session on Thursday, logging their best three-day gains in years, after the government's much awaited stimulus measures for coronavirus lockdown-hit segments lifted sentiments. The BSE gauge Sensex surged 1,410.99 points or 4.94 per cent to settle at 29,946.77; while the NSE barometer Nifty sot up 323.60 points or 3.89 per cent to 8,641.45. After the worst-ever crash on Monday, the Sensex has recovered by 3,965.53 points or 15.26 per cent over the last three sessions. Likewise, the NSE Nifty has regained 1,031.20 points or 13.55 per cent in three days. On the Sensex chart, IndusInd Bank was the top gainer, rallying up to 46 per cent. Other winners were Bharti Airtel, L&T, Bajaj Finance, Kotak Mahindra, Bajaj Auto, HUL and HDFC -- rising up to 10 per cent. On the other hand, Maruti Suzuki, Tech Mahindra, Sun Pharma and Reliance Industries closed with losses. All sectoral indices ended with gains with BSE telecom, capital goods, bankex, finance, realty and FMCG indices surging up to 10 per cent. The broader markets also gained momentum with the Nifty Midcap and Smallcap indices rising 3 per cent each. In an effort to cushion the economic blow of the 21-day lockdown in wake of the Covid-19 pandemic, Finance Minister Sitharaman announced a slew of measures worth Rs 1.70 lakh crore to help citizens survive the crisis. Paras Bothra, President of Equity Research, Ashika Stock Broking, said, "Domestic markets zoomed for the second day on the trot driven by optimism on $ 2 trillion packages to US economy and also in anticipation of an economic package for the Indian economy." "Finance Minister indeed announced Rs 1,75,000 cr package for the poor and needy, however, measures addressed to corporate or SMEs are still missing. Perhaps this will be followed by monetary stimulus by RBI along with forbearance on loan repayments." The Rs 1.70 lakh crore economic package involves free food grains and cooking gas to poor for the next three months, one-time doles to women and poor senior citizens, higher wages to workers and measures to boost the liquidity of employees. The scheme will be implemented with immediate effect. "This is a package for lockdown impacted segments," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that the government is prioritising. "Industry-specific measures are likely to be announced in the next package. This can go a long way in implementing the lockdown," he said. According to traders, volatility remained during the day as March derivatives contracts expired. The Indian rupee appreciated 57 paise to 75.37 against the US dollar in intra-day trade. In a positive news for India's fiscal health, the crude oil prices continued to trade below $30 a barrel amid steep fall in demand due to COVID-19 led lockdowns in major parts of the world. International oil benchmark, Brent crude futures fell 2.15 per cent to $26.80 per barrel. Meanwhile, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended significantly lower. Benchmarks in Europe were also trading in the red. The number of COVID-19 cases climbed to 649 in India and the death toll rose to 13, with one death reported each from Gujarat, Tamil Nadu and Madhya Pradesh, according to the Health Ministry.

Market clocks best 3-day rally in years as stimulus calms investor jitters amid lockdown

Domestic stock market indices surged on Thursday with the BSE Sensex gaining over 1,500 points.

The rise in the market was in line with the gains in the Asian market and following the reports that the government may soon announce an economic stimulus package to soften the blow of countrywide lockdown amid spreading coronavirus.

Healthy buying in finance and banking stocks also supported the domestic indices.

At 1 pm, Sensex was trading at 29,911.65, higher by 1,375.87, or 4.82% from the previous close of 28,535.78.

The Nifty50 was trading at 8,679.45, higher by 361.60 points from the previous close.

The BSE Sensex had opened at 29,073.71 and has so far touched an intra-day high or 30,099.91 and a low of 28,566.34.

Yesterday, the BSE MidCap and SmallCap index closed higher by 3.53 per cent and 2.84 per cent, respectively. 
 
(With inputs from agencies)

Domestic stock market indices surged on Thursday with the BSE Sensex gaining over 1,500 points. The rise in the market was in line with the gains in the Asian market and following the reports that the government may soon announce an economic stimulus package to soften the blow of countrywide lockdown amid spreading coronavirus.

Domestic stock market indices surged on Thursday with the BSE Sensex gaining over 1,500 points. The rise in the market was in line with the gains in the Asian market and following the reports that the government may soon announce an economic stimulus package to soften the blow of countrywide lockdown amid spreading coronavirus. Healthy buying in finance and banking stocks also supported the domestic indices. At 1 pm, Sensex was trading at 29,911.65, higher by 1,375.87, or 4.82% from the previous close of 28,535.78. The Nifty50 was trading at 8,679.45, higher by 361.60 points from the previous close. The BSE Sensex had opened at 29,073.71 and has so far touched an intra-day high or 30,099.91 and a low of 28,566.34. Yesterday, the BSE MidCap and SmallCap index closed higher by 3.53 per cent and 2.84 per cent, respectively. (With inputs from agencies)

Sensex up 1,500 points, Nifty above 8,600

The 30-scrip Sensitive Index (Sensex) on Wednesday recovered after opening on a negative note.

The Sensex of the BSE opened at 26,499.81 points and touched a high of 27.299.44 points. The Sensex touched a low of 26,458.52 points.

On Tuesday, the Sensex had closed at 26,674.03 points.

The Sensex is trading at 27,183.39 points up by 509.36 points or 1.91 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 7,735.15 points after closing at 7,801.05 points on Tuesday.

The Nifty is trading at 7,970.75 points in the morning.&nbsp;

The 30-scrip Sensitive Index (Sensex) on Wednesday recovered after opening on a negative note. The Sensex of the BSE opened at 26,499.81 points and touched a high of 27.

The 30-scrip Sensitive Index (Sensex) on Wednesday recovered after opening on a negative note. The Sensex of the BSE opened at 26,499.81 points and touched a high of 27.299.44 points. The Sensex touched a low of 26,458.52 points. On Tuesday, the Sensex had closed at 26,674.03 points. The Sensex is trading at 27,183.39 points up by 509.36 points or 1.91 per cent. On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 7,735.15 points after closing at 7,801.05 points on Tuesday. The Nifty is trading at 7,970.75 points in the morning.

Sensex, Nifty up after opening on a negative note

The Union Finance Minister Nirmala Sitharaman on Tuesday (March 24) said that last date for the income tax return for the financial year 18-19 has been extended to June 30, 2020. The finance minister also extended Aadhar-PAN linking date.

Indian Finance Minister extends deadlines to provide relief

Sell-off continued in the Indian stock markets as the BSE Sensex fell over 3,500 points after trade resumed on the exchanges after a 45-minute halt.

The Nifty on the National Stock Exchange also lost over 1,000 points to trade below the 8,000 mark.

At 11.05 a.m., Sensex was trading at 26,409, lower by 3,507 points from the previous close of 29,915.96.

It had opened at 27,608.80 and has so far touched a high of 27,900.83 and a low of 26,391 points.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sensex-loses-10-rupee-hits-new-low-amid-coronavirus-fears-287975">Sensex loses 10%, Rupee hits new low amid coronavirus fears</a>

The Nifty&nbsp;was trading at 7,723, lower by 1008 points.

The sell-off was on the back of the coronavirus crisis as several cities and states in India have been put under lockdown.

Asian stock exchange too traded in the red.

So far, over 380 confirmed cases of the disease have been reported in India and seven people in the country have lost their lives.

Sell-off continued in the Indian stock markets as the BSE Sensex fell over 3,500 points after trade resumed on the exchanges after a 45-minute halt. The Nifty on the National Stock Exchange also lost over 1,000 points to trade below the 8,000 mark.

Sell-off continued in the Indian stock markets as the BSE Sensex fell over 3,500 points after trade resumed on the exchanges after a 45-minute halt. The Nifty on the National Stock Exchange also lost over 1,000 points to trade below the 8,000 mark. At 11.05 a.m., Sensex was trading at 26,409, lower by 3,507 points from the previous close of 29,915.96. It had opened at 27,608.80 and has so far touched a high of 27,900.83 and a low of 26,391 points. Also read: Sensex loses 10%, Rupee hits new low amid coronavirus fears The Nifty was trading at 7,723, lower by 1008 points. The sell-off was on the back of the coronavirus crisis as several cities and states in India have been put under lockdown. Asian stock exchange too traded in the red. So far, over 380 confirmed cases of the disease have been reported in India and seven people in the country have lost their lives.

Sensex falls 3,500 points as trade resumes;  Nifty loses over 1,000 points

A day after at least 75 Indian districts were put under lockdown to control coronavirus spread, Sensex, Nifty nosedived in the opening session and rupee hit a new low on Monday.&nbsp;

BSE Sensex lost 2,991.85 points or 10 per cent and was trading at 26,924.11, while, NSE Nifty tanked 720.55 points to 8,024.90, as per the latest updates.

The Indian rupee also fell to a new low and was trading below 76 against the US dollar.&nbsp;

Asian markets mostly reported losses in the early trade as coronavirus concerns continue to haunt investors.&nbsp;

Hong Kong's Hang Seng declined 3.7 per cent, Singapore down 7.5 per cent and Seoul lost 3.4 per cent.&nbsp;

Tokyo, however, witnessed gains and was up 0.5 per cent as a cheaper yen against the dollar encouraged the market.&nbsp;

On Sunday, India reported three coronavirus deaths on a day when India witnessed a self-imposed curfew to control the spread of the pandemic. The coronavirus-infected cases in India also surged nearly to 400 in India.&nbsp;

Indian markets witnessed some recovery on Friday, led by gains in IT sector as 30-share-index closed 5.75 points higher at 29,915 and Nifty rose 5.83 per cent to finish at 8,745.

 
&nbsp;

A day after at least 75 Indian districts were put under lockdown to control coronavirus spread, Sensex, Nifty nosedived in the opening session and rupee hit a new low on Monday.

A day after at least 75 Indian districts were put under lockdown to control coronavirus spread, Sensex, Nifty nosedived in the opening session and rupee hit a new low on Monday. BSE Sensex lost 2,991.85 points or 10 per cent and was trading at 26,924.11, while, NSE Nifty tanked 720.55 points to 8,024.90, as per the latest updates. The Indian rupee also fell to a new low and was trading below 76 against the US dollar. Asian markets mostly reported losses in the early trade as coronavirus concerns continue to haunt investors. Hong Kong's Hang Seng declined 3.7 per cent, Singapore down 7.5 per cent and Seoul lost 3.4 per cent. Tokyo, however, witnessed gains and was up 0.5 per cent as a cheaper yen against the dollar encouraged the market. On Sunday, India reported three coronavirus deaths on a day when India witnessed a self-imposed curfew to control the spread of the pandemic. The coronavirus-infected cases in India also surged nearly to 400 in India. Indian markets witnessed some recovery on Friday, led by gains in IT sector as 30-share-index closed 5.75 points higher at 29,915 and Nifty rose 5.83 per cent to finish at 8,745.

Sensex loses 10%, Rupee hits new low amid coronavirus fears

Equity benchmark Sensex surged over 500 points in opening session on Monday on hopes of an economic stimulus after Prime Minister Narendra Modi announced a financial task force to take necessary actions to combat the Covid-19 pandemic's economic blow.

The indices, however, succumbed to profit-booking at higher levels as concerns remained over the rising cases of the novel coronavirus (Covid-19), traders said.

After spiking 573.07 points, the BSE barometer gave up all gains to trade 195.57 points or 0.69 per cent lower at 28,092.66.

Similarly, the NSE Nifty was trading?39.15?points, or 0.47 per cent, down at?8,224.30, after hitting a high of 8,441.25 in early session.

In the previous session, the 30-share BSE index closed 581.28 points or 2.01 per cent lower at 28,288.23. The Nifty tumbled 205.35 points, or 2.42 per cent, to close at 8,263.45.

On a net basis, foreign institutional investors sold equities worth Rs 4,622.93 crore on Thursday, data available with stock exchanges showed.

IndusInd Bank was the top laggard in the Sensex pack, tanking up to 7 per cent, followed by HDFC twins, Kotak Bank, Bajaj Finance, ICICI Bank and Axis Bank.

On the other hand, ITC, PowerGrid, HUL, ONGC and Sun Pharma were among the gainers.

Prime Minister Narendra Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "in the near future" after analysing the coronavirus pandemic situation.

According to government sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel on Friday to assess the situation in order to work out a package.

Calling for "resolve and restraint" to fight coronavirus, Modi asked the entire country to observe 'Janta curfew' on Sunday.

In a nearly 30-minute national broadcast, he asked people to stay indoors and work from home as much as possible while underscoring the dangers of coronavirus, saying the world has never seen a crisis as grave as this.

The novel coronavirus cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry data.

Globally, the death toll from the virus has risen to over 9,800 with more than 232,650 cases in 158 countries and territories.

"The PM had set the stage for more action to follow. The Covid- 19 Task Force under the FM's leadership can be expected to come out with concrete proposals very soon," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The huge oil bounty from the crude crash can be used for this, he said adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon.

World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic, analysts said, adding that concerns over the rapid spread of the virus remained.

Bourses in Shanghai, Hong Kong, Seoul jumped up to 4 per cent, while Tokyo was in the red.

Stock exchanges on Wall Street too ended on a positive note.

Meanwhile, the rupee too appreciated 37 paise to 74.74 against US dollar in the morning session.

Global oil benchmark, Brent crude futures rose over 2.04 per cent to $29.05 per barrel.&nbsp;

&nbsp;

Equity benchmark Sensex surged over 500 points in opening session on Monday on hopes of an economic stimulus after Prime Minister Narendra Modi announced a financial task force to take necessary actions to combat the Covid-19 pandemic's economic blow.

Equity benchmark Sensex surged over 500 points in opening session on Monday on hopes of an economic stimulus after Prime Minister Narendra Modi announced a financial task force to take necessary actions to combat the Covid-19 pandemic's economic blow. The indices, however, succumbed to profit-booking at higher levels as concerns remained over the rising cases of the novel coronavirus (Covid-19), traders said. After spiking 573.07 points, the BSE barometer gave up all gains to trade 195.57 points or 0.69 per cent lower at 28,092.66. Similarly, the NSE Nifty was trading?39.15?points, or 0.47 per cent, down at?8,224.30, after hitting a high of 8,441.25 in early session. In the previous session, the 30-share BSE index closed 581.28 points or 2.01 per cent lower at 28,288.23. The Nifty tumbled 205.35 points, or 2.42 per cent, to close at 8,263.45. On a net basis, foreign institutional investors sold equities worth Rs 4,622.93 crore on Thursday, data available with stock exchanges showed. IndusInd Bank was the top laggard in the Sensex pack, tanking up to 7 per cent, followed by HDFC twins, Kotak Bank, Bajaj Finance, ICICI Bank and Axis Bank. On the other hand, ITC, PowerGrid, HUL, ONGC and Sun Pharma were among the gainers. Prime Minister Narendra Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "in the near future" after analysing the coronavirus pandemic situation. According to government sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel on Friday to assess the situation in order to work out a package. Calling for "resolve and restraint" to fight coronavirus, Modi asked the entire country to observe 'Janta curfew' on Sunday. In a nearly 30-minute national broadcast, he asked people to stay indoors and work from home as much as possible while underscoring the dangers of coronavirus, saying the world has never seen a crisis as grave as this. The novel coronavirus cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry data. Globally, the death toll from the virus has risen to over 9,800 with more than 232,650 cases in 158 countries and territories. "The PM had set the stage for more action to follow. The Covid- 19 Task Force under the FM's leadership can be expected to come out with concrete proposals very soon," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The huge oil bounty from the crude crash can be used for this, he said adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon. World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic, analysts said, adding that concerns over the rapid spread of the virus remained. Bourses in Shanghai, Hong Kong, Seoul jumped up to 4 per cent, while Tokyo was in the red. Stock exchanges on Wall Street too ended on a positive note. Meanwhile, the rupee too appreciated 37 paise to 74.74 against US dollar in the morning session. Global oil benchmark, Brent crude futures rose over 2.04 per cent to $29.05 per barrel.

Sensex starts over 500 points higher, Nifty above 8,200 level

Snapping its four-day losing streak, equity benchmark Sensex rallied over 1,627 points on Friday in line with global markets as governments across the world took drastic measures to combat the economic blowback of Covid-19.

Domestic sentiment turned positive on hopes of a stimulus package after Prime Minister Narendra Modi announced a financial task force to support sectors battered by the pandemic, experts said.

After starting on a volatile note and swinging over 2,485 points, the BSE barometer ended 1,627.73 points or 5.75 per cent higher at 29,915.96. It hit a high of 30,418.20 and a low of 27,932.67.

Similarly, the NSE Nifty zoomed 482 points, or 5.83 per cent, to close at 8,745.45. During the week, Sensex plummeted 4,187.52 points or 12.27 per cent, while Nifty sank 1,209.75 points or 12.15 per cent.

ONGC was the top gainer in the Sensex pack on Friday, rallying 18.58 per cent, followed by UltraTech Cement (13.01 per cent), HUL (11.75 per cent), RIL (11.24 per cent), TCS (9.90 per cent), Tata Steel (9.60 per cent) and Asian Paints (8.91 per cent). 
&nbsp; 
Only HDFC Bank and IndusInd Bank settled in the red, shedding up to 1.39 per cent. 
&nbsp; 
Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "shortly" after analysing the coronavirus pandemic situation. 
&nbsp; 
Experts were of the view that the Covid-19 task force may come out with concrete proposals very soon. 
&nbsp; 
The huge oil bounty from the crude crash can be used for this, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon. 
&nbsp; 
Covid-19 cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry. 
&nbsp; 
"Tracking positive sentiments in the global markets, Indian indices closed up by around 6 per cent. It was in sync with Asian and European markets and was more of a relief rally driven by technicals rather than any fundamental change in outlook. 
&nbsp; 
"Hopes of further stimulus from Central banks across the world to contain the economic damage boosted global markets. The broader market indices were also up by around 4 per cent." said Vinod Nair, Head of Research at Geojit Financial Services. 
&nbsp; 
All sectoral indices ended with gains, with BSE energy, oil and gas, IT, FMCG, teck, metals and utilities rallying up to 9.96 per cent. 
&nbsp; 
Broader BSE midcap and smallcap indices surged up to 4.18 per cent. World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic. 
&nbsp; 
Bourses in Shanghai, Hong Kong, Seoul closed up to 7 per cent higher.&nbsp;Stock exchanges in Europe too rallied up to 5 per cent.&nbsp;Meanwhile, the rupee appreciated 6 paise to 74.72 against US dollar intra-day. 
&nbsp; 
Global oil benchmark, Brent crude futures rose over 8.18 per cent to USD?30.80?per barrel.&nbsp;Globally, the death toll from the virus has risen to almost 10,000 with more than 2,32,000 cases in 158 countries and territories.

Snapping its four-day losing streak, equity benchmark Sensex rallied over 1,627 points on Friday in line with global markets as governments across the world took drastic measures to combat the economic blowback of Covid-19.

Snapping its four-day losing streak, equity benchmark Sensex rallied over 1,627 points on Friday in line with global markets as governments across the world took drastic measures to combat the economic blowback of Covid-19. Domestic sentiment turned positive on hopes of a stimulus package after Prime Minister Narendra Modi announced a financial task force to support sectors battered by the pandemic, experts said. After starting on a volatile note and swinging over 2,485 points, the BSE barometer ended 1,627.73 points or 5.75 per cent higher at 29,915.96. It hit a high of 30,418.20 and a low of 27,932.67. Similarly, the NSE Nifty zoomed 482 points, or 5.83 per cent, to close at 8,745.45. During the week, Sensex plummeted 4,187.52 points or 12.27 per cent, while Nifty sank 1,209.75 points or 12.15 per cent. ONGC was the top gainer in the Sensex pack on Friday, rallying 18.58 per cent, followed by UltraTech Cement (13.01 per cent), HUL (11.75 per cent), RIL (11.24 per cent), TCS (9.90 per cent), Tata Steel (9.60 per cent) and Asian Paints (8.91 per cent). Only HDFC Bank and IndusInd Bank settled in the red, shedding up to 1.39 per cent. Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "shortly" after analysing the coronavirus pandemic situation. Experts were of the view that the Covid-19 task force may come out with concrete proposals very soon. The huge oil bounty from the crude crash can be used for this, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon. Covid-19 cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry. "Tracking positive sentiments in the global markets, Indian indices closed up by around 6 per cent. It was in sync with Asian and European markets and was more of a relief rally driven by technicals rather than any fundamental change in outlook. "Hopes of further stimulus from Central banks across the world to contain the economic damage boosted global markets. The broader market indices were also up by around 4 per cent." said Vinod Nair, Head of Research at Geojit Financial Services. All sectoral indices ended with gains, with BSE energy, oil and gas, IT, FMCG, teck, metals and utilities rallying up to 9.96 per cent. Broader BSE midcap and smallcap indices surged up to 4.18 per cent. World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic. Bourses in Shanghai, Hong Kong, Seoul closed up to 7 per cent higher. Stock exchanges in Europe too rallied up to 5 per cent. Meanwhile, the rupee appreciated 6 paise to 74.72 against US dollar intra-day. Global oil benchmark, Brent crude futures rose over 8.18 per cent to USD?30.80?per barrel. Globally, the death toll from the virus has risen to almost 10,000 with more than 2,32,000 cases in 158 countries and territories.

Relief rally: Markets snap 4-day bloodbath on stimulus hopes

Equity benchmark Sensex <a href="https://www.wionews.com/business-economy/sensex-starts-over-500-points-higher-nifty-above-8200-level-287501">soared over 1,800 points in afternoon session</a> on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic's economic fallout.

After starting on a volatile note, the BSE barometer was trading 1,848.07 points or 6.53 per cent higher at 30,136.30 at 1330 hours.

Similarly, the NSE Nifty was trading 515.50 points, or 6.24 per cent, up at 8,778.95.

ONGC was the top gainer in the Sensex pack, rallying up to 15 per cent, followed by TCS, Infosys, HUL, Ultratech Cement, Tech Mahindra and Asian Paints.

On the other hand, IndusInd Bank was the only laggard.

According to traders, investor sentiment turned positive on hopes of an economic stimulus to support the economy in wake of coronavirus (Covid-19) pandemic.

Prime Minister Narendra Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "in the near future" after analysing the coronavirus pandemic situation.

According to government sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel on Friday to assess the situation in order to work out a package.

Calling for "resolve and restraint" to fight coronavirus, Modi asked the entire country to observe 'Janta curfew' on Sunday.

In a nearly 30-minute national broadcast, he asked people to stay indoors and work from home as much as possible while underscoring the dangers of coronavirus, saying the world has never seen a crisis as grave as this.

The novel coronavirus cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry data.

Globally, the death toll from the virus has risen to over 9,800 with more than 232,650 cases in 158 countries and territories.

"The PM had set the stage for more action to follow. The Covid- 19 Task Force under the FM's leadership can be expected to come out with concrete proposals very soon," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The huge oil bounty from the crude crash can be used for this, he said adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon.

World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic, analysts said, adding that concerns over the rapid spread of the virus remained.

Bourses in Shanghai, Hong Kong, Seoul jumped up to 7 per cent.

Stock exchanges on Wall Street too ended on a positive note on Thursday.

Meanwhile, the rupee appreciated 30 paise to 74.81 against US dollar intra-day.

Global oil benchmark, Brent crude futures rose over 5.73 per cent to $30.10 per barrel.&nbsp;

Equity benchmark Sensex soared over 1,800 points in afternoon session on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic's economic fallout.

Equity benchmark Sensex soared over 1,800 points in afternoon session on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic's economic fallout. After starting on a volatile note, the BSE barometer was trading 1,848.07 points or 6.53 per cent higher at 30,136.30 at 1330 hours. Similarly, the NSE Nifty was trading 515.50 points, or 6.24 per cent, up at 8,778.95. ONGC was the top gainer in the Sensex pack, rallying up to 15 per cent, followed by TCS, Infosys, HUL, Ultratech Cement, Tech Mahindra and Asian Paints. On the other hand, IndusInd Bank was the only laggard. According to traders, investor sentiment turned positive on hopes of an economic stimulus to support the economy in wake of coronavirus (Covid-19) pandemic. Prime Minister Narendra Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "in the near future" after analysing the coronavirus pandemic situation. According to government sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel on Friday to assess the situation in order to work out a package. Calling for "resolve and restraint" to fight coronavirus, Modi asked the entire country to observe 'Janta curfew' on Sunday. In a nearly 30-minute national broadcast, he asked people to stay indoors and work from home as much as possible while underscoring the dangers of coronavirus, saying the world has never seen a crisis as grave as this. The novel coronavirus cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry data. Globally, the death toll from the virus has risen to over 9,800 with more than 232,650 cases in 158 countries and territories. "The PM had set the stage for more action to follow. The Covid- 19 Task Force under the FM's leadership can be expected to come out with concrete proposals very soon," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The huge oil bounty from the crude crash can be used for this, he said adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon. World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic, analysts said, adding that concerns over the rapid spread of the virus remained. Bourses in Shanghai, Hong Kong, Seoul jumped up to 7 per cent. Stock exchanges on Wall Street too ended on a positive note on Thursday. Meanwhile, the rupee appreciated 30 paise to 74.81 against US dollar intra-day. Global oil benchmark, Brent crude futures rose over 5.73 per cent to $30.10 per barrel.

Sensex rallies over 1,800 points; Nifty reclaims 8,700 level

As the BSE Sensex crashed on Thursday over the spread of <a href="https://www.wionews.com/india-news/all-passengers-coming-to-kashmir-from-leh-to-be-quarantined-srinagar-dm-287228">coronavirus </a>in the country, the Indian Rupee plunged 83 paise to 75.09 against the US dollar.

<a href="https://www.wionews.com/business-economy/coronavirus-fears-continue-to-hurt-indian-markets-sensex-tumble-nearly-2000-points-287286">Also Read:&nbsp;Coronavirus fears continue to hurt Indian markets</a>

The Sensex opened on a negative note on Thursday with the Sensex down 1,944.02 points down at 26,925.49 and Nifty falling 498.25 points to 8,468.80.

The Sensex recovered ground but was still down 763 points in afternoon trade.

<a href="https://www.wionews.com/india-news/coronavirus-confirmed-cases-rise-to-166-in-india-287283">Also Read:&nbsp;Coronavirus confirmed cases rise to 166 in India</a>

Brent crude futures rose 1.73 per cent to $25.31 per barrel on Thursday.

The rout in Indian stock markets occurred after Wall Street stocks plunged again on Wednesday as the Dow fell 6.3 per cent over 1,300 points to close at 19,898.92. It is the first time it &nbsp;closed below the 20,000 level since 2017.

The broad-based S&amp;P 500 also dropped 5.2 per cent to finish at 2,398.10, while the Nasdaq crashed 4.7 per cent to 6,989.84.

As the BSE Sensex crashed on Thursday over the spread of coronavirus in the country, the Indian Rupee plunged 83 paise to 75.09 against the US dollar. Also Read: Coronavirus fears continue to hurt Indian markets The Sensex opened on a negative note on Thursday with the Sensex down 1,944.

As the BSE Sensex crashed on Thursday over the spread of coronavirus in the country, the Indian Rupee plunged 83 paise to 75.09 against the US dollar. Also Read: Coronavirus fears continue to hurt Indian markets The Sensex opened on a negative note on Thursday with the Sensex down 1,944.02 points down at 26,925.49 and Nifty falling 498.25 points to 8,468.80. The Sensex recovered ground but was still down 763 points in afternoon trade. Also Read: Coronavirus confirmed cases rise to 166 in India Brent crude futures rose 1.73 per cent to $25.31 per barrel on Thursday. The rout in Indian stock markets occurred after Wall Street stocks plunged again on Wednesday as the Dow fell 6.3 per cent over 1,300 points to close at 19,898.92. It is the first time it closed below the 20,000 level since 2017. The broad-based S&P 500 also dropped 5.2 per cent to finish at 2,398.10, while the Nasdaq crashed 4.7 per cent to 6,989.84.

Coronavirus effect: Rupee plunges to 75.09 against US dollar

Coronavirus fears continue to infect the Indian markets on Thursday as the BSE Sensex sank 1,981 points in the early trade on Thursday.

As per the latest updates, the 30-share index was 1908. 96 points down or 6.61 per cent at 26,960.55 points. The NSE Nifty fell 584.15 points or 6.90 per cent and trading at 7,884.65 points.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/coronavirus-confirmed-cases-rise-to-166-in-india-287283">Coronavirus confirmed cases rise to 166 in India</a>

This drastic fall came as the COVID-19 cases rose to 166 in the country on Thursday.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sensex-closes-below-29000-level-crashes-1710-points-287212">Sensex closes below 29000 level, crashes 1710 points</a>

In the Sensex pack, only Powergrid and NTPC were trading in the green, with a rise of 2.22 per cent and 0.43 per cent respectively. Bajaj Finance is currently the worst performer in the 30-share index with a fall of 13.05 per cent in the share value. In the 50-share index, all the stocks are on a decline, with Infratel, Kotak Bank and Bajaj Finance shares down by 16.81, 13.17 and &nbsp;13.16 per cent respectively.&nbsp;

Global markets and oil markets plunged on Wednesday amid heightened coronavirus outbreak concerns, with Wall Street, the Dow Jones Industrial Average finishing below the 20,000-point level for the first time since 2017. &nbsp;&nbsp;

In Asia, Japan's Nikkei rose 404.70 points or 2.42 per cent in the early trade on Thursday after the European Central Bank announcing&nbsp;a 750-billion-euro scheme to revive the economy. However, Hong Kong's Hang Seng fell 946.89 or 4.25 per cent today to 21,344.93 points.&nbsp;

On Wednesday, the Sensex plunged 1,709 points to close at 28,869, while Nifty lost 498 points to end at 8,468, witnessing a new three-year low.&nbsp; 
&nbsp;

Coronavirus fears continue to infect the Indian markets on Thursday as the BSE Sensex sank 1,981 points in the early trade on Thursday. As per the latest updates, the 30-share index was 1908.

Coronavirus fears continue to infect the Indian markets on Thursday as the BSE Sensex sank 1,981 points in the early trade on Thursday. As per the latest updates, the 30-share index was 1908. 96 points down or 6.61 per cent at 26,960.55 points. The NSE Nifty fell 584.15 points or 6.90 per cent and trading at 7,884.65 points. Also read: Coronavirus confirmed cases rise to 166 in India This drastic fall came as the COVID-19 cases rose to 166 in the country on Thursday. Also read: Sensex closes below 29000 level, crashes 1710 points In the Sensex pack, only Powergrid and NTPC were trading in the green, with a rise of 2.22 per cent and 0.43 per cent respectively. Bajaj Finance is currently the worst performer in the 30-share index with a fall of 13.05 per cent in the share value. In the 50-share index, all the stocks are on a decline, with Infratel, Kotak Bank and Bajaj Finance shares down by 16.81, 13.17 and 13.16 per cent respectively. Global markets and oil markets plunged on Wednesday amid heightened coronavirus outbreak concerns, with Wall Street, the Dow Jones Industrial Average finishing below the 20,000-point level for the first time since 2017. In Asia, Japan's Nikkei rose 404.70 points or 2.42 per cent in the early trade on Thursday after the European Central Bank announcing a 750-billion-euro scheme to revive the economy. However, Hong Kong's Hang Seng fell 946.89 or 4.25 per cent today to 21,344.93 points. On Wednesday, the Sensex plunged 1,709 points to close at 28,869, while Nifty lost 498 points to end at 8,468, witnessing a new three-year low.

Coronavirus fears continue to hurt Indian markets, Sensex tumble nearly 2,000 points

India is planning a rescue package worth as much as $1.6 billion for the aviation sector, which has been battered after the coronavirus outbreak forced countries to close borders and brought air travel to a near-halt, two government sources told Reuters.

The Finance Ministry is considering a proposal that includes the temporary suspension of most taxes levied on the sector, including a deferment of aviation fuel tax, said the sources, who have direct knowledge of the matter.

The rescue package, proposed by India's civil aviation ministry, is likely to be worth up to 100-120 billion rupees ($1.3-$1.6 billion), the two sources said.

"Taxes could be deferred till the coronavirus spread is contained and the aviation sector can come back to its feet," one of the sources said, adding that the companies could be permitted to pay the taxes interest-free in the next tax cycle.

The coronavirus has infected over 200,000 people and caused nearly 8,500 deaths in 164 nations, triggering emergency lockdowns and injections of cash unseen since World War Two. In India, more than 150 people have been infected and three have died.

Governments the world over are scrambling to rescue airlines that have been forced to park planes and cut jobs as the virus puts the brakes on travel. Airlines may need a bailout of more than $200 billion, the International Air Transport Association (IATA) estimates.

The Trump administration, earlier on Wednesday, sought approval from Congress for $50 billion in secured loans to US airlines to address the financial impact during the crisis.

Vistara, a joint venture of Singapore Airlines and India's Tata Group, and budget carrier GoAir have suspended their international operations. IndiGo, India's biggest carrier, has cancelled several overseas flights and may be forced to park some planes as domestic air travel also falls.

Global aviation consultancy CAPA's India unit said that regardless of any fiscal concessions and support the government may offer, most airlines will have to shrink their operations and the more vulnerable carriers may shutdown.

CAPA estimates that Indian airlines, excluding state carrier Air India, will report losses of up to $600 million for the January-March quarter, which could worsen if demand continues to fall.

"In the absence of serious and meaningful government intervention, such an outcome could lead to several Indian airlines shutting down operations by May or June due to a lack of cash," CAPA said in its March 18 report.

India is planning a rescue package worth as much as $1.6 billion for the aviation sector, which has been battered after the coronavirus outbreak forced countries to close borders and brought air travel to a near-halt, two government sources told Reuters.

India is planning a rescue package worth as much as $1.6 billion for the aviation sector, which has been battered after the coronavirus outbreak forced countries to close borders and brought air travel to a near-halt, two government sources told Reuters. The Finance Ministry is considering a proposal that includes the temporary suspension of most taxes levied on the sector, including a deferment of aviation fuel tax, said the sources, who have direct knowledge of the matter. The rescue package, proposed by India's civil aviation ministry, is likely to be worth up to 100-120 billion rupees ($1.3-$1.6 billion), the two sources said. "Taxes could be deferred till the coronavirus spread is contained and the aviation sector can come back to its feet," one of the sources said, adding that the companies could be permitted to pay the taxes interest-free in the next tax cycle. The coronavirus has infected over 200,000 people and caused nearly 8,500 deaths in 164 nations, triggering emergency lockdowns and injections of cash unseen since World War Two. In India, more than 150 people have been infected and three have died. Governments the world over are scrambling to rescue airlines that have been forced to park planes and cut jobs as the virus puts the brakes on travel. Airlines may need a bailout of more than $200 billion, the International Air Transport Association (IATA) estimates. The Trump administration, earlier on Wednesday, sought approval from Congress for $50 billion in secured loans to US airlines to address the financial impact during the crisis. Vistara, a joint venture of Singapore Airlines and India's Tata Group, and budget carrier GoAir have suspended their international operations. IndiGo, India's biggest carrier, has cancelled several overseas flights and may be forced to park some planes as domestic air travel also falls. Global aviation consultancy CAPA's India unit said that regardless of any fiscal concessions and support the government may offer, most airlines will have to shrink their operations and the more vulnerable carriers may shutdown. CAPA estimates that Indian airlines, excluding state carrier Air India, will report losses of up to $600 million for the January-March quarter, which could worsen if demand continues to fall. "In the absence of serious and meaningful government intervention, such an outcome could lead to several Indian airlines shutting down operations by May or June due to a lack of cash," CAPA said in its March 18 report.

India mulls up to $1.6 billion rescue plan for aviation sector after coronavirus

India's mobile phone users have been putting up with poor connectivity for a while now. Telecom companies have not been investing in mobile infrastructure.

They don't have the money to do it anymore. That's because they are faced with a huge financial crisis themselves.

They owe thousands of crores in dues and the Supreme Court of India breathing down their neck.

Last year, the court had ordered them to pay the dues in 3 months. But to date, an overwhelming majority of this money has not been recovered.

The government suggested self-assessment by telecom companies. It filed a petition saying that this is in the interest of crores of consumers in India.

In response, the Supreme Court has lashed out at Telecom firms. Today it said that re-evaluation of dues will not be allowed. The court was furious and it was visible in the scathing remarks.

“We won't tolerate this, every company is violating orders. They want to hoodwink us. If required, we will summon MDs of all the telecom companies. We will send then to jail from here. We will recuse ourselves if this is the government's attitude,” said Justice Arun Mishra.

The central conflict between the government and telecom firms is the assessment of dues.

Telecom operators must pay the licence fee and spectrum charges. In October last year, the Supreme Court ordered telcos to pay over Rs 90,000 crores.&nbsp;

That verdict dealt a crippling blow to an already bruised industry. After the order, Vodafone idea and Bharti airtel posted their highest-ever losses.

Those two companies along with Tata Teleservices Limited (TTSL) and Reliance Jio calculated a combined liability of about Rs 37000 crores based on self-assessment.

The department of telecommunications has pegged its dues at over Rs 1 lakh crores. The companies say, as per their own assessment, they've already paid the dues. But according to the govt's calculations, they've only paid about 35% of the dues.

The latest Supreme Court order means they will have to pay the full amount. All they can bargain for is time. 
 
Who owns how much

Company &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Self-assessment &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Govt calculation

 
Bharti Airtel &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 13,004 cr&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 43, 980 cr

Vodafone Idea &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 21,533 cr&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Rs 58, 254 cr

Tata Tele &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Rs 2197 cr&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 16, 798 cr 
&nbsp; 
TOTAL &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 37000 cr (approx)&nbsp; &nbsp; &nbsp; Rs 1.19 lakh cr (approx)

India's mobile phone users have been putting up with poor connectivity for a while now. Telecom companies have not been investing in mobile infrastructure. They don't have the money to do it anymore.

India's mobile phone users have been putting up with poor connectivity for a while now. Telecom companies have not been investing in mobile infrastructure. They don't have the money to do it anymore. That's because they are faced with a huge financial crisis themselves. They owe thousands of crores in dues and the Supreme Court of India breathing down their neck. Last year, the court had ordered them to pay the dues in 3 months. But to date, an overwhelming majority of this money has not been recovered. The government suggested self-assessment by telecom companies. It filed a petition saying that this is in the interest of crores of consumers in India. In response, the Supreme Court has lashed out at Telecom firms. Today it said that re-evaluation of dues will not be allowed. The court was furious and it was visible in the scathing remarks. “We won't tolerate this, every company is violating orders. They want to hoodwink us. If required, we will summon MDs of all the telecom companies. We will send then to jail from here. We will recuse ourselves if this is the government's attitude,” said Justice Arun Mishra. The central conflict between the government and telecom firms is the assessment of dues. Telecom operators must pay the licence fee and spectrum charges. In October last year, the Supreme Court ordered telcos to pay over Rs 90,000 crores. That verdict dealt a crippling blow to an already bruised industry. After the order, Vodafone idea and Bharti airtel posted their highest-ever losses. Those two companies along with Tata Teleservices Limited (TTSL) and Reliance Jio calculated a combined liability of about Rs 37000 crores based on self-assessment. The department of telecommunications has pegged its dues at over Rs 1 lakh crores. The companies say, as per their own assessment, they've already paid the dues. But according to the govt's calculations, they've only paid about 35% of the dues. The latest Supreme Court order means they will have to pay the full amount. All they can bargain for is time. Who owns how much Company Self-assessment Govt calculation Bharti Airtel Rs 13,004 cr Rs 43, 980 cr Vodafone Idea Rs 21,533 cr Rs 58, 254 cr Tata Tele Rs 2197 cr Rs 16, 798 cr TOTAL Rs 37000 cr (approx) Rs 1.19 lakh cr (approx)

India's telecom crisis: Who owes how much

Yes Bank administrator Prashant Kumar on Tuesday said that customers of the bank can enjoy normal operations from March 18. Addressing the media persons in Mumbai, he said that the bank will resume normal operations from 6 PM on March 18.

Yes Bank administrator Prashant Kumar on Tuesday said that customers of the bank can enjoy normal operations from March 18. Addressing the media persons in Mumbai, he said that the bank will resume normal operations from 6 PM on March 18. All Yes Bank ATMs has sufficient cash and all the branches have adequate cash supply, he added. Yes Bank also tweeted on March 16 that the bank would resume full banking services from Wednesday. We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services. You will also be able to access all our digital services & platforms@RBI @FinMinIndia — YES BANK (@YESBANK) March 16, 2020 × Shares of Yes Bank have surged more than 11-fold from their lifetime low during the last seven sessions, after State Bank of India (SBI), along with eight lenders, agreed to a bailout package for the private lender. On Tuesday, the stock closed at ₹59.10 on NSE, up 59.3% from its previous close. The stock had hit a lifetime low of ₹5.50 a share on 6 March.

Yes Bank to resume full banking services from today

The Reserve Bank of India (RBI) has extended the validity of authorisation issued to Vakrangee Ltd to set up, own and operate white label automated teller machines (ATMs) in India.

The validity has been extended until March 31, 2021. White label ATMs are operated by non-bank entities.

RBI has assigned a target of minimum 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years.

The ATMs deployed will be in the ratio of 1:2:3 and applicable for metro and urban, semi-urban and rural regions respectively.

"ATM is one of the key services offered in our next-gen Vakrangee Kendra business model and it gives confidence to our customers, especially in rural and semi-urban centres," said Managing Director and Group CEO Dinesh Nandwana.

According to a recent report by Grant Thornton, Vakrangee is the fastest growing white label ATM player as well as the third-largest ATM operator in rural India.

Vakrangee currently has over 23,000 outlets (10,000 operational and 13,000 under on-boarding process) which are spread across 30 states and union territories, 500 districts and 6,150 postal codes. More than 70 per cent of them are in tier 5 and 6 towns.

Vakrangee's planned target is to reach at least 25,000 next-gen kendras by 2020 and further enhance it to reach three lakh outlets by 2024-25.

Incorporated in 1990, Vakrangee is a technology-driven company focused on building India's largest network of last-mile retail outlets to deliver real-time BFSI, ATM, e-commerce and logistics services to the unserved rural, semi-urban and urban markets.

The Reserve Bank of India (RBI) has extended the validity of authorisation issued to Vakrangee Ltd to set up, own and operate white label automated teller machines (ATMs) in India.

The Reserve Bank of India (RBI) has extended the validity of authorisation issued to Vakrangee Ltd to set up, own and operate white label automated teller machines (ATMs) in India. The validity has been extended until March 31, 2021. White label ATMs are operated by non-bank entities. RBI has assigned a target of minimum 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. The ATMs deployed will be in the ratio of 1:2:3 and applicable for metro and urban, semi-urban and rural regions respectively. "ATM is one of the key services offered in our next-gen Vakrangee Kendra business model and it gives confidence to our customers, especially in rural and semi-urban centres," said Managing Director and Group CEO Dinesh Nandwana. According to a recent report by Grant Thornton, Vakrangee is the fastest growing white label ATM player as well as the third-largest ATM operator in rural India. Vakrangee currently has over 23,000 outlets (10,000 operational and 13,000 under on-boarding process) which are spread across 30 states and union territories, 500 districts and 6,150 postal codes. More than 70 per cent of them are in tier 5 and 6 towns. Vakrangee's planned target is to reach at least 25,000 next-gen kendras by 2020 and further enhance it to reach three lakh outlets by 2024-25. Incorporated in 1990, Vakrangee is a technology-driven company focused on building India's largest network of last-mile retail outlets to deliver real-time BFSI, ATM, e-commerce and logistics services to the unserved rural, semi-urban and urban markets.

RBI renews authorisation to Vakrangee for white label ATMs

Domestic stock market skidded over 6% in the waning moments of trading on Wednesday, with financial stocks suffering the most, as fears of the economic damage from the coronavirus pandemic eclipsed sweeping stimulus moves from policymakers around the world.

The BSE S&amp;P Sensex closed 1,710 points or 5.59 per cent lower at 28,870 while the Nifty 50 fell by 498 points or 5.56 per cent to 8,469.

The sell-off on Dalal Street continued during the trading sessions as traders worried over rising coronavirus cases and tough stance by the Supreme Court on AGR dues of telecom operators.

Banking stocks were the most hit as they have huge exposure to telecom firms. Worries of greater disruptions in businesses rose due to a rising number of new coronavirus cases within and outside India.

Meanwhile, Yes Bank to resume operations from 19 March; customers will be able to access all digital services, platforms. Yes Bank will resume operations from Friday, according to news reports. 
 
Rupee reverses early gains to settle marginally down at 74.26 (provisional) against US dollar.

(With inputs from agencies)

Domestic stock market skidded over 6% in the waning moments of trading on Wednesday, with financial stocks suffering the most, as fears of the economic damage from the coronavirus pandemic eclipsed sweeping stimulus moves from policymakers around the world.

Domestic stock market skidded over 6% in the waning moments of trading on Wednesday, with financial stocks suffering the most, as fears of the economic damage from the coronavirus pandemic eclipsed sweeping stimulus moves from policymakers around the world. The BSE S&P Sensex closed 1,710 points or 5.59 per cent lower at 28,870 while the Nifty 50 fell by 498 points or 5.56 per cent to 8,469. The sell-off on Dalal Street continued during the trading sessions as traders worried over rising coronavirus cases and tough stance by the Supreme Court on AGR dues of telecom operators. Banking stocks were the most hit as they have huge exposure to telecom firms. Worries of greater disruptions in businesses rose due to a rising number of new coronavirus cases within and outside India. Meanwhile, Yes Bank to resume operations from 19 March; customers will be able to access all digital services, platforms. Yes Bank will resume operations from Friday, according to news reports. Rupee reverses early gains to settle marginally down at 74.26 (provisional) against US dollar. (With inputs from agencies)

Sensex closes below 29000 level, crashes 1710 points

As expected coronavirus has taken a serious toll on airlines and US industries are coming up ways to tackle it. US airlines are reducing their workforce through early retirement packages.

WION Wallet: US Airlines reducing workforce amid coronavirus outbreak

European plane maker airbus now stopping to production and assembling activities in France and Spain for the next four days. This is to fight coronavirus outbreak in the region.

WION Wallet: Airbus production hit by coronavirus outbreak

Just like aviation industry automotive industry has also been severely hit by coronavirus and various big European players are cutting production at European plants.

WION Wallet: FIAT, PSA, RENAULT to close plants in Europe

The BSE Sensex fell 1,189 going down over three per cent giving up early gains over coronavirus fears.

<a href="https://www.wionews.com/india-news/covid-19-positive-cases-in-india-jumps-to-147-287102">Also Read: COVID-19 positive cases in India jumps to 147</a> 
&nbsp;&nbsp; &nbsp; 
The Nifty was also down 318 points to 8,648.15 slipping over three and half per cent.

Sensex was trading at 29,187&nbsp;down over 1, 390 points.

Banking and financial stocks took a bit hit with IndusInd Bank, Axis Bank, and Kotak Mahindra Bank tanking as the markets dived due to the rising cases of coronavirus in the country.

The Nifty bank index fell over 5 per cent with shares of Federal Bank nearly 10 per cent lower.

<a href="https://www.wionews.com/business-economy/no-respite-sensex-collapses-in-fag-end-selloff-nifty-ends-below-9000-287022">Also Read: Sensex collapses in fag-end selloff, Nifty ends below 9,000</a>

The Nifty PSU index slipped over 3 per cent with shares of State Bank of India(SBI) leading the losses. The SBI stocks had fallen 6.30 per cent as the markets continued to bleed.&nbsp;

Auto stocks also slipped with the Nifty auto index slipping nearly 3 per cent.

On Wednesday, Tokyo stocks opened lower as Wall Street responded to economic stimulus announced by US President Trump.

Hong Kong stocks opened lower on Wednesday morning despite the stimulus announced by the US president.

The BSE Sensex fell 1,189 going down over three per cent giving up early gains over coronavirus fears. Also Read: COVID-19 positive cases in India jumps to 147 The Nifty was also down 318 points to 8,648.

The BSE Sensex fell 1,189 going down over three per cent giving up early gains over coronavirus fears. Also Read: COVID-19 positive cases in India jumps to 147 The Nifty was also down 318 points to 8,648.15 slipping over three and half per cent. Sensex was trading at 29,187 down over 1, 390 points. Banking and financial stocks took a bit hit with IndusInd Bank, Axis Bank, and Kotak Mahindra Bank tanking as the markets dived due to the rising cases of coronavirus in the country. The Nifty bank index fell over 5 per cent with shares of Federal Bank nearly 10 per cent lower. Also Read: Sensex collapses in fag-end selloff, Nifty ends below 9,000 The Nifty PSU index slipped over 3 per cent with shares of State Bank of India(SBI) leading the losses. The SBI stocks had fallen 6.30 per cent as the markets continued to bleed. Auto stocks also slipped with the Nifty auto index slipping nearly 3 per cent. On Wednesday, Tokyo stocks opened lower as Wall Street responded to economic stimulus announced by US President Trump. Hong Kong stocks opened lower on Wednesday morning despite the stimulus announced by the US president.

Sensex crashes over 1,000 points over coronavirus fears

Amazon.com Inc&nbsp;on Monday said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their needs during the coronavirus outbreak.

With shoppers clearing out shelves in fear of quarantines or product shortages, retailers are racing to keep food and hygienic items in stock and have employees on hand for in-store work or delivery.

<img alt="Amazon" data-entity-type="file" data-entity-uuid="54dbce14-e80e-4ce9-ba52-f3e48ecc1d6c" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%2865%29.jpg" />

Like Amazon, US supermarket chains Albertsons, Kroger&nbsp;and Raley's have sought new hires to staff busy sections and fulfil online orders. They are turning to people in the restaurant, travel and entertainment businesses who are suddenly looking for work because of the coronavirus.

Also read: <a href="https://www.wionews.com/world/amazon-bans-sale-of-most-nazi-propaganda-books-citing-anti-semitism-286879">Amazon bans sale of most Nazi propaganda books citing anti-semitism</a>

"We want those people to know we welcome them on our teams until things return to normal and their past employer is able to bring them back," Amazon said in a blog post.

Major shipper United Parcel Service Inc&nbsp;said it's a trucking and air deliveries were still on despite growing government restrictions on commercial activities. It said Monday it was meeting demand with its existing workforce.

The coronavirus, which has led to more than 7,100 deaths globally and prompted mass lockdowns of people, has also led to items being out of stock on Amazon and some deliveries taking longer than usual.

Also see: <a href="https://www.wionews.com/world/googles-coronavirus-testing-website-hits-upper-ceiling-after-going-live-286875">Google's coronavirus testing website hits upper ceiling after going live</a>

Amazon's headcount fluctuates seasonally, recently peaking for the holiday quarter at 798,000 full and part-time workers. It was not immediately clear how many people Amazon would employ after it hires 100,000 more.

<img alt="Amazon" data-entity-type="file" data-entity-uuid="cce4419f-e6ff-41d8-ab17-15d0d15b7762" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%2866%29.jpg" />

To draw new employees, Amazon said it would add $2 to its minimum $15 per hour to US&nbsp;workers' wages through April. The extra pay for hourly employees in North America and Europe is expected to cost more than $350 million, Amazon said.

Meanwhile, other retailers facing long queues are making pitches for talent, too.

Watch: Tech giants makes 'work from home' mandatory for their employees amid COVID-19 outbreak

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/tech-giants-makes-work-from-home-mandatory-for-their-employees-amid-covid-19-outbreak-286624/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

It was not clear if there would be any impact on delivery operations from new government restrictions. In the San Francisco Bay Area on Monday, officials said people must stay at home except for some essential purposes, such as work for "businesses that ship or deliver groceries, food, goods or services directly to residences."

An Amazon spokeswoman did not immediately return a request for comment on the San Francisco order.

Amazon.com Inc on Monday said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their needs during the coronavirus outbreak.

Amazon.com Inc on Monday said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their needs during the coronavirus outbreak. With shoppers clearing out shelves in fear of quarantines or product shortages, retailers are racing to keep food and hygienic items in stock and have employees on hand for in-store work or delivery. Like Amazon, US supermarket chains Albertsons, Kroger and Raley's have sought new hires to staff busy sections and fulfil online orders. They are turning to people in the restaurant, travel and entertainment businesses who are suddenly looking for work because of the coronavirus. Also read: Amazon bans sale of most Nazi propaganda books citing anti-semitism "We want those people to know we welcome them on our teams until things return to normal and their past employer is able to bring them back," Amazon said in a blog post. Major shipper United Parcel Service Inc said it's a trucking and air deliveries were still on despite growing government restrictions on commercial activities. It said Monday it was meeting demand with its existing workforce. The coronavirus, which has led to more than 7,100 deaths globally and prompted mass lockdowns of people, has also led to items being out of stock on Amazon and some deliveries taking longer than usual. Also see: Google's coronavirus testing website hits upper ceiling after going live Amazon's headcount fluctuates seasonally, recently peaking for the holiday quarter at 798,000 full and part-time workers. It was not immediately clear how many people Amazon would employ after it hires 100,000 more. To draw new employees, Amazon said it would add $2 to its minimum $15 per hour to US workers' wages through April. The extra pay for hourly employees in North America and Europe is expected to cost more than $350 million, Amazon said. Meanwhile, other retailers facing long queues are making pitches for talent, too. Watch: Tech giants makes 'work from home' mandatory for their employees amid COVID-19 outbreak It was not clear if there would be any impact on delivery operations from new government restrictions. In the San Francisco Bay Area on Monday, officials said people must stay at home except for some essential purposes, such as work for "businesses that ship or deliver groceries, food, goods or services directly to residences." An Amazon spokeswoman did not immediately return a request for comment on the San Francisco order.

Amazon to hire 100,000 workers as online orders surge on coronavirus worries