Ratings agency Fitch has downgraded U.S. Credit rating from AAA to AA+. What is the reason behind this decision? What impact will it have on global markets? Molly Gambhir brings you a report.

Gravitas: Explained: Why Fitch downgraded US Credit rating

Roundup of all the market action around the world: Asia-Pacific markets are trading mixed ahead of key inflation data. This is expected out of India and the US later today. Economists polled by Reuters expect the US inflation rate for June to fall.

Global markets mixed ahead of key inflation data, US indices gain, gold prices rise

Why have foreign institutional investors started to return to the Indian market in a big way? Global investor mark mobius explains.

How are global financial markets fairing?

Rising inflation is a global phenomenon and the pinch pf the inflationary surge hasn't been felt by the people in the emerging markets and the developing world but also by those who live in the high income nations.

Will inflation continue to stay high globally?

Rising inflation is a global phenomenon and the pinch pf the inflationary surge has not been felt by the people in the emerging markets and the developing world but also by those who live in the high income nations.

World Business Watch: Inflation accelerates across the world

Global markets tumbled after a hawkish assessment by US Federal Reserve chair Jerome Powell. The richest Americans lost nearly $78 billion after the 8-minute speech. Palki Sharma tells you why central banks alone cannot solve this crisis.

Gravitas: Markets tumble as US Fed hints at more rate hikes

Samsung Electronics has begun mass production of chips with advanced 3-nanometre tech. The company claims it is the first to do so globally. The design of the new 3-nanometre chip-making process reduces power consumption by up to 45%. It also improves performance by 23%, reduces area by 16%.

Samsung begins mass production of 3nm chips

Global economies are facing trouble in a post-pandemic world. Inflation is now the biggest challenge in achieving that, Central Banks around the world are aggressively tightening their monetary policies.

Global Market Meltdown: Aggressive rate hikes to fight inflation

Worries about the possibilities of a quicker rate hike from the US Fed Reserve have dragged the global markets down. Indian markets have witnessed marginal recovery after falling for six-straight days.

Anxiety over US Fed decision drags down markets

Are world leaders ignoring an impending global financial crisis? China's Evergrande crisis has rattled global markets. While Treasury Secretary Janet Yellen has warned the US could default on its debt obligations. Palki Sharma tells you more.

Gravitas US Edition: Are world leaders ignoring an impending financial pandemic?

Indian space entrepreneurs and experts pointed out the need for India’s space industry to tap into the global market, as well as form a common platform to exhibit their capabilities. &nbsp;&nbsp;

Supplying aerospace products, services or components to the global market is a crucial focus area for India, given the country’s existing capabilities and the growing global private space industry. &nbsp;&nbsp;

Experts also urged the Government of India to act as a catalyst and ensure that government contracts and financial grants were offered to India’s private sector, to enable further private investment and growth. &nbsp;&nbsp;

This discussion was helmed by Dr S&nbsp;Somanath, Director of Vikram Sarabhai Space Center (ISRO), which is India’s lead center for development of rockets and related technologies. &nbsp;&nbsp;

This exchange of ideas under the theme of ‘Increasing Global partnership in Space sector’ was held as a part of an ISRO-CII conference. &nbsp;&nbsp;

Setting the tone for the session, Dr Somanath mentioned that ISRO had signed about 260 agreements and MoUs with 60 nations and 5 multi-national entities, he added that India’s historical long-term cooperation in space domain had been with France, Japan, Russia, USA and Germany. &nbsp;&nbsp;

&nbsp;

Watch:&nbsp;SpaceX’s to send four people into space

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The senior ISRO scientist also touched upon how global partnerships were mutually beneficial, and how India had the potential to become a manufacturing hub for space technology, with Indian firms expanding to foreign markets and vice versa. &nbsp;&nbsp;

Speaking of some of India’s initiatives to help friendly-foreign countries, M Sanakaran, Director, UR Rao Satellite Centre, listed out India’s SAARC satellite for South Asian nations, UNNATI programme to train foreign scientists in building small satellites, among others. &nbsp;&nbsp;

On the way ahead, he said it was important to take space technology to friendly countries that didn’t have the means. He envisaged projects where the global space powers came together for the common good of humanity. &nbsp;&nbsp;

“A global constellation of satellites for data transfer or imaging on-demand, etc are viable projects and it can be done via a partnership of various companies with joint investment and each one reaping rewards in their respective sectors,” Sankaran said. &nbsp;&nbsp;

Based on a study conducted by his organisation, Satsearch, Narayan Prasad, the COO highlighted that Indian industry (over 300 suppliers of ISRO) had developed tremendous manufacturing and infrastructure capabilities over the last four decades. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/indian-capital-bans-storage-sale-use-of-firecrackers-during-diwali-over-pollution-concerns-413273" hreflang="en">Indian capital bans storage, sale, use of firecrackers during Diwali over pollution concerns</a>

Pointing out the current global commercial space market, he said that supply chains were getting globalised and companies looked at best cost to performance ratio.&nbsp; &nbsp;

He saw immense potential for Indian companies in this domain, provided, they are given the right amount of global exposure. He also spelt out the need for a common platform (similar to Europe’s ESA Star), where Indian suppliers could publicise their capabilities and offerings. &nbsp;&nbsp;

Shaju Stephen, the CMD of Aadyah aerospace pointed out that satellites (GPS data) was driving economic activity (Uber, E-com delivery services, mapping, other services) worth $5.7 trillion in the US, every year. &nbsp;&nbsp;

On India’s unique advantage, he said that less than 20 per cent of the 195 countries in the world had access to rocket and satellite technology and launch capability. &nbsp;&nbsp;

“India is sitting on a gold mine of expertise and talent, the global space economy is projected to be worth $3 trillion by 2040. We must adopt a Public-Private-Partnership model for building space infrastructure and also have space developers, who will fund such projects,” he said. &nbsp;&nbsp;

Drawing form how NASA funded and awarded crucial contracts to SpaceX, he said that ISRO had to be a catalyst for Indian government contracts and grants to go to the home-grown private sector. &nbsp;

Nitish Singh, Co-founder, Astrogate labs, spoke on the need to examine the possibility of international cooperation for critical technologies that are required to fulfill exploratory missions. &nbsp;&nbsp;

He also specified the need for a platform, in order to unite space agencies that have a certain requirement and also the service provider or company who can provide that technology, component or service.

Indian space entrepreneurs and experts pointed out the need for India’s space industry to tap into the global market, as well as form a common platform to exhibit their capabilities.

Indian space entrepreneurs and experts pointed out the need for India’s space industry to tap into the global market, as well as form a common platform to exhibit their capabilities. Supplying aerospace products, services or components to the global market is a crucial focus area for India, given the country’s existing capabilities and the growing global private space industry. Experts also urged the Government of India to act as a catalyst and ensure that government contracts and financial grants were offered to India’s private sector, to enable further private investment and growth. This discussion was helmed by Dr S Somanath, Director of Vikram Sarabhai Space Center (ISRO), which is India’s lead center for development of rockets and related technologies. This exchange of ideas under the theme of ‘Increasing Global partnership in Space sector’ was held as a part of an ISRO-CII conference. Setting the tone for the session, Dr Somanath mentioned that ISRO had signed about 260 agreements and MoUs with 60 nations and 5 multi-national entities, he added that India’s historical long-term cooperation in space domain had been with France, Japan, Russia, USA and Germany. Watch: SpaceX’s to send four people into space × The senior ISRO scientist also touched upon how global partnerships were mutually beneficial, and how India had the potential to become a manufacturing hub for space technology, with Indian firms expanding to foreign markets and vice versa. Speaking of some of India’s initiatives to help friendly-foreign countries, M Sanakaran, Director, UR Rao Satellite Centre, listed out India’s SAARC satellite for South Asian nations, UNNATI programme to train foreign scientists in building small satellites, among others. On the way ahead, he said it was important to take space technology to friendly countries that didn’t have the means. He envisaged projects where the global space powers came together for the common good of humanity. “A global constellation of satellites for data transfer or imaging on-demand, etc are viable projects and it can be done via a partnership of various companies with joint investment and each one reaping rewards in their respective sectors,” Sankaran said. Based on a study conducted by his organisation, Satsearch, Narayan Prasad, the COO highlighted that Indian industry (over 300 suppliers of ISRO) had developed tremendous manufacturing and infrastructure capabilities over the last four decades. Also Read: Indian capital bans storage, sale, use of firecrackers during Diwali over pollution concerns Pointing out the current global commercial space market, he said that supply chains were getting globalised and companies looked at best cost to performance ratio. He saw immense potential for Indian companies in this domain, provided, they are given the right amount of global exposure. He also spelt out the need for a common platform (similar to Europe’s ESA Star), where Indian suppliers could publicise their capabilities and offerings. Shaju Stephen, the CMD of Aadyah aerospace pointed out that satellites (GPS data) was driving economic activity (Uber, E-com delivery services, mapping, other services) worth $5.7 trillion in the US, every year. On India’s unique advantage, he said that less than 20 per cent of the 195 countries in the world had access to rocket and satellite technology and launch capability. “India is sitting on a gold mine of expertise and talent, the global space economy is projected to be worth $3 trillion by 2040. We must adopt a Public-Private-Partnership model for building space infrastructure and also have space developers, who will fund such projects,” he said. Drawing form how NASA funded and awarded crucial contracts to SpaceX, he said that ISRO had to be a catalyst for Indian government contracts and grants to go to the home-grown private sector. Nitish Singh, Co-founder, Astrogate labs, spoke on the need to examine the possibility of international cooperation for critical technologies that are required to fulfill exploratory missions. He also specified the need for a platform, in order to unite space agencies that have a certain requirement and also the service provider or company who can provide that technology, component or service.

Indian space industry must supply to global market, gain greater exposure, say experts

Despite fresh all-time highs on Wall Street, Asian stock markets opened lower today, as worries about China's slowing economic growth and regulatory changes weighed on investor sentiments. WION's Sumit Chaturvedi talks to Margaret Yang Yan, DailyFX strategist for more perspective.

World Business Watch: Fresh all time highs on wall street registered

Asian stocks rallied on Thursday, bonds nursed losses and oil held onto sharp gains as investors seemed to set aside virus jitters for now and looked ahead to the European Central Bank for reassurance that policy support will continue for some time.

Global Markets: Stocks shrug off virus worries, investors looking ahead to ECB

At a time Indian markets are hovering around new peaks, we talk to experts to ask them if the markets are overvalued, is it a bubble waiting to burst, or is this a rally driven by strong fundamentals. We also ask experts about the potential of Indian unicorns that are trying to unlock value through the listing.

Are stock markets overvalued? Will it be easy to pass the market bubble?

Global markets are once again touching new highs, US markets are at a record high already. There are multiple risks that are being faced by economies as well. What is the outlook for global economies and what is the way ahead? Daily Effects Strategist from Asian Financial Hub Singapore, Margaret Yang Yen talks to WION on these issues.

Global stock markets likely to be range bound says Margaret Yang, Strategist DailyFX

Residential property markets in major economies will soar on monetary and fiscal support this year, and amid a recovery from the pandemic, according to Reuters polls, which showed upside risks to prices.

World Business Watch | Poll: Residential property markets will soar this year in major economies

The Indian stock markets extended gains for a fourth straight session on Thursday with both equity indices soaring 1.78 per cent.

After a strong start, the 30-share BSE index maintained its upward trajectory throughout the session to close at 41,340.16, up 724.02 points or 1.78 per cent. Similarly, the broader NSE Nifty zoomed 211.80 points or 1.78 per cent to finish at 12,120.30.

All Sensex components closed in the green. SBI was the top gainer, soaring over 5 per cent, followed by Tata Steel, IndusInd Bank, Bajaj Finance, Bajaj Finserv and HCL Tech. Elsewhere in Asia, bourses in Hong Kong, Shanghai, Seoul and Tokyo ended with significant gains.

Stock exchanges in Europe were also trading on a positive note in early deals. In the forex market, the rupee zoomed 40 paise to close at 74.36 against the US dollar.

Meanwhile, The rupee strengthened by 40 paise to close at 74.36 (provisional) against the US dollar on Thursday amid indications of Joe Biden's victory in the US presidential elections.

Traders said positive domestic equities and a weak American currency overseas also supported the local unit. At the interbank forex market, the domestic unit opened at 74.35 against the US dollar and finally closed at 74.36, registering a rise of 40 paise over its previous close.

(With inputs from agencies)

The Indian stock markets extended gains for a fourth straight session on Thursday with both equity indices soaring 1.78 per cent. After a strong start, the 30-share BSE index maintained its upward trajectory throughout the session to close at 41,340.

The Indian stock markets extended gains for a fourth straight session on Thursday with both equity indices soaring 1.78 per cent. After a strong start, the 30-share BSE index maintained its upward trajectory throughout the session to close at 41,340.16, up 724.02 points or 1.78 per cent. Similarly, the broader NSE Nifty zoomed 211.80 points or 1.78 per cent to finish at 12,120.30. All Sensex components closed in the green. SBI was the top gainer, soaring over 5 per cent, followed by Tata Steel, IndusInd Bank, Bajaj Finance, Bajaj Finserv and HCL Tech. Elsewhere in Asia, bourses in Hong Kong, Shanghai, Seoul and Tokyo ended with significant gains. Stock exchanges in Europe were also trading on a positive note in early deals. In the forex market, the rupee zoomed 40 paise to close at 74.36 against the US dollar. Meanwhile, The rupee strengthened by 40 paise to close at 74.36 (provisional) against the US dollar on Thursday amid indications of Joe Biden's victory in the US presidential elections. Traders said positive domestic equities and a weak American currency overseas also supported the local unit. At the interbank forex market, the domestic unit opened at 74.35 against the US dollar and finally closed at 74.36, registering a rise of 40 paise over its previous close. (With inputs from agencies)

Sensex soars 724 points; Nifty tops 12,100 amid strong trend in the global market 

According to a new IDC report, 5G smartphones are expected to capture 50 per cent of the global market by 2023. 5G remains a priority for all smartphone companies despite the chAccording to a new International Data Corporation (IDC) report, 5G smartphones are expected to capture 50 per cent of the global market by 2023. 5G remains a priority for all smartphone companies despite the challenges with the Covid-19 pandemic and lack of consumer demand. Currently the 5G consumer demand is very low. allenges with the Covid-19 pandemic and lack of consumer demand. Currently the 5G consumer demand is very low.

5G smartphones to carry 50% of the global market by 2023

Asian markets follow Wall Street fall as Sensex, Nifty slump in morning trade. This has been Wall Street's biggest loss since March 16. Watch this video to know more.

Asian markets follow Wall Street fall; Sensex, Nifty slump in morning trade

At this time of the year, Deng Jinling would normally be welcoming foreign buyers to her vacuum flask showroom or cramming her goods into containers to be shipped to customers in the United States.

The coronavirus outbreak has changed all that.

Now desperate exporters are turning to the domestic market, and they are seeking out e-commerce and even social media mobile apps to lift their fortunes.

Stuck with unsold stock and cancelled export orders, Deng has laid off both her sales staff and 80 factory workers, and has since March begun seeking local customers on Chinese e-commerce platforms, paying livestreaming stars to market her products.

Her business, Lucky Bird, is one of thousands of Chinese exporters and manufacturers of mass market goods from lamps to blankets who are now counting on the domestic market after the pandemic slammed overseas demand.

An official China manufacturing survey this week suggested any recovery is months away, with export orders in May shrinking for the fifth straight month.

Given the heightened uncertainty, export goods manufacturers are opening online stores on the likes of Alibaba Group's Taobao platform as well as JD.com and Pinduoduo, or turning to second-hand sites or sellers on social media app WeChat to offload their stock at bargain prices.

"The orders are all gone. I've been in the industry for 15 years and this year is so extraordinary," Deng told Reuters from her showroom in Yiwu, China's export capital for small commodities ranging from Christmas trees to souvenirs and toys. 
"Anyone in the export business must now try sales online in China."

WAKE-UP CALL

The strain on exporters has been a shot in the arm for online platforms, which in previous years have been trying to recruit such companies to expand their vendor base.

JD.com in April announced that it would waive fees and give out loans as part of a campaign to recruit manufacturers to its Jingxi arm and aims to lure 10,000 merchants in the toy manufacturing hub of Shantou to its site this year.

Pinduoduo has tied up with the Dongguan government to reach a goal of helping 1,000 brands and manufacturers make a combined 100 billion yuan ($14.06 billion)in sales.

"The coronavirus pandemic is a wake-up call for China’s contract manufacturers to not put all their eggs in one basket," a spokesman for the firm said.

Alibaba said 160% more export-oriented firms opened online stores on Taobao in the past three months to redirect their focus toward the domestic market. In March the e-commerce giant also launched an app for manufacturers to promote direct-from-factory deals.

Tencent Holdings's WeChat messaging app has also been a popular tool, with factories outsourcing their excess stock to individuals, who set up chat groups to sell them to friends and contacts.

One WeChat seller, Cheng Xiaote, said she procured thousands of makeup boxes made for German brand Zmile this way at a low price and was able to sell them off at 99 yuan ($14) a piece. They usually sell for 18.99 euros ($21.51) on Amazon Germany.

"For the factory, selling to me at the lowest price is better than having inventories sitting in the warehouse," she said. "It was an immediate hit."

China's commerce minister Zhong Shan said last month that domestic sales by exporters rose 17% in April and encouraged them to further increase their local market share.

Many exporters, however, said they did not see the shift to the domestic market as a long-term solution. For one, most products made for Western consumers are shunned by the locals, and it is usually more profitable to sell in bulk to overseas customers.

Chen Zhen, co-owner of Yi Qiao Jewellery which also has a showroom in Yiwu, said many of the hair clip designs on the recently opened online store failed to sell.

But she wants to keep it open.

"We will give more importance to online sales in China in the future as we find relying totally on export is risky."

At this time of the year, Deng Jinling would normally be welcoming foreign buyers to her vacuum flask showroom or cramming her goods into containers to be shipped to customers in the United States.

At this time of the year, Deng Jinling would normally be welcoming foreign buyers to her vacuum flask showroom or cramming her goods into containers to be shipped to customers in the United States. The coronavirus outbreak has changed all that. Now desperate exporters are turning to the domestic market, and they are seeking out e-commerce and even social media mobile apps to lift their fortunes. Stuck with unsold stock and cancelled export orders, Deng has laid off both her sales staff and 80 factory workers, and has since March begun seeking local customers on Chinese e-commerce platforms, paying livestreaming stars to market her products. Her business, Lucky Bird, is one of thousands of Chinese exporters and manufacturers of mass market goods from lamps to blankets who are now counting on the domestic market after the pandemic slammed overseas demand. An official China manufacturing survey this week suggested any recovery is months away, with export orders in May shrinking for the fifth straight month. Given the heightened uncertainty, export goods manufacturers are opening online stores on the likes of Alibaba Group's Taobao platform as well as JD.com and Pinduoduo, or turning to second-hand sites or sellers on social media app WeChat to offload their stock at bargain prices. "The orders are all gone. I've been in the industry for 15 years and this year is so extraordinary," Deng told Reuters from her showroom in Yiwu, China's export capital for small commodities ranging from Christmas trees to souvenirs and toys. "Anyone in the export business must now try sales online in China." WAKE-UP CALL The strain on exporters has been a shot in the arm for online platforms, which in previous years have been trying to recruit such companies to expand their vendor base. JD.com in April announced that it would waive fees and give out loans as part of a campaign to recruit manufacturers to its Jingxi arm and aims to lure 10,000 merchants in the toy manufacturing hub of Shantou to its site this year. Pinduoduo has tied up with the Dongguan government to reach a goal of helping 1,000 brands and manufacturers make a combined 100 billion yuan ($14.06 billion)in sales. "The coronavirus pandemic is a wake-up call for China’s contract manufacturers to not put all their eggs in one basket," a spokesman for the firm said. Alibaba said 160% more export-oriented firms opened online stores on Taobao in the past three months to redirect their focus toward the domestic market. In March the e-commerce giant also launched an app for manufacturers to promote direct-from-factory deals. Tencent Holdings's WeChat messaging app has also been a popular tool, with factories outsourcing their excess stock to individuals, who set up chat groups to sell them to friends and contacts. One WeChat seller, Cheng Xiaote, said she procured thousands of makeup boxes made for German brand Zmile this way at a low price and was able to sell them off at 99 yuan ($14) a piece. They usually sell for 18.99 euros ($21.51) on Amazon Germany. "For the factory, selling to me at the lowest price is better than having inventories sitting in the warehouse," she said. "It was an immediate hit." China's commerce minister Zhong Shan said last month that domestic sales by exporters rose 17% in April and encouraged them to further increase their local market share. Many exporters, however, said they did not see the shift to the domestic market as a long-term solution. For one, most products made for Western consumers are shunned by the locals, and it is usually more profitable to sell in bulk to overseas customers. Chen Zhen, co-owner of Yi Qiao Jewellery which also has a showroom in Yiwu, said many of the hair clip designs on the recently opened online store failed to sell. But she wants to keep it open. "We will give more importance to online sales in China in the future as we find relying totally on export is risky."

As coronavirus sinks global demand, China’s exporters go online to tap domestic market

The market recorded gains for the second continuous week ending on April 17. There are expectations that infections may be peaking in Europe and that the US may ease the lockdown of business as the number of reported cases is declining daily.

Coronavirus Pandemic: Indian markets open with gain

The spread of the coronavirus has generated fears of a global slowdown as global markets have tumbled again on virus fears. The decline in the equity market around the globe continued for the 6th trade day. Watch report:

Covid-19 fears spook global markets, Sink deeper into red

Apple is ready to open a retail store in India in 2021. Company said, Indian Market is very large and now we are focusing on that.

Apple sets eye on Indian Market

Indian stock benchmark Sensex on Monday sank nearly 807 points, the second biggest single-day fall this year, tracking sell-offs in global markets as <a href="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273">coronavirus </a>cases rose exponentially outside <a href="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273">China</a>.

Starting off on a weaker note, the BSE gauge plunged to a day's low of 40,306.36 after being caught in a panic selling as investors kept fretting over reporting of a large number of new virus cases in South Korea, Italy and Iran.

Also read: <a href="https://www.wionews.com/world/coronavirus-south-korea-reports-161-new-cases-bringing-total-number-of-infected-to-763-282242">Coronavirus: South Korea reports 161 new cases, bringing total number of infected to 763</a>

The 30-share index finally settled at 40,363.23, dropping 806.89 points or 1.96 per cent, the second biggest one-day fall in 2020.

The Sensex had plunged over 987 points on February 1 this year the day the Union Budget was presented.

While, the broader NSE Nifty sank 251.45 points or 2.08 per cent to 11,829.40.

All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, HDFC, Titan and ICICI Bank.

Sectorally, BSE metal index tumbled nearly 6 per cent, auto 3.39 per cent and telecom 3.33 per cent. All sectoral indices closed in the red.

In the broader market, BSE midcap and smallcap indices sank up to 1.60 per cent.

Watch: Coronavirus death toll surges to 2,469

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, HDFC, Titan and ICICI Bank.

Sectorally, BSE metal index tumbled nearly 6 per cent, auto 3.39 per cent and telecom 3.33 per cent. All sectoral indices closed in the red.

In the broader market, BSE midcap and smallcap indices sank up to 1.60 per cent.

Globally, equities bore the brunt of worsening trading sentiment in the wake of rising virus cases on new regions other than China.

South Korea went on high alert on Sunday following a sharp jump in coronavirus cases, and Italy and Iran took their own drastic containment steps.

The IMF also warned that the deadly epidemic could put an already fragile global economy recovery at risk.

Chinese President <a href="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273">Xi Jinping</a> on Sunday said the coronavirus epidemic is the country's "largest public health emergency". The death toll from the deadly virus climbed to 2,592 in China on Monday.

Seoul stocks ended in deep red after South Korea reported 161 more coronavirus cases on Monday, taking the overall virus cases to 763 and making it the world's largest total outside China.

Bourses in <a href="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273">Shanghai</a>, Tokyo and Hong Kong also closed with significant losses.

Stock exchanges in Europe sank in opening trade with Milan's FTSE MIB plunging over 4 per cent after Italy reported its fourth death from the virus as the number of people contracting the virus continued to mount.

Brent crude oil futures dropped over 4 per cent to USD 56.10 per barrel.

On the domestic front, investors were eyeing US President <a href="https://www.wionews.com/india-news/namaste-trump-india-us-relations-are-no-longer-just-another-partnership-says-modi-282373">Donald Trump</a>'s two-day visit to India for further cues on trade front. He reached Ahmedabad earlier in the day.

On the currency front, the Indian rupee was down 30 paise to 71.94 per US dollar.

Indian markets, which were relatively resilient till now have also started pricing in the impact of economic loss due to the spread of coronavirus with a steep fall in equity markets, experts said.

Indian corporates are expected to witness a disruption in supply chain as the manufacturing activities in China slows down considerably, they added.

Indian stock benchmark Sensex on Monday sank nearly 807 points, the second biggest single-day fall this year, tracking sell-offs in global markets as coronavirus cases rose exponentially outside China.

Indian stock benchmark Sensex on Monday sank nearly 807 points, the second biggest single-day fall this year, tracking sell-offs in global markets as coronavirus cases rose exponentially outside China. Starting off on a weaker note, the BSE gauge plunged to a day's low of 40,306.36 after being caught in a panic selling as investors kept fretting over reporting of a large number of new virus cases in South Korea, Italy and Iran. Also read: Coronavirus: South Korea reports 161 new cases, bringing total number of infected to 763 The 30-share index finally settled at 40,363.23, dropping 806.89 points or 1.96 per cent, the second biggest one-day fall in 2020. The Sensex had plunged over 987 points on February 1 this year the day the Union Budget was presented. While, the broader NSE Nifty sank 251.45 points or 2.08 per cent to 11,829.40. All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, HDFC, Titan and ICICI Bank. Sectorally, BSE metal index tumbled nearly 6 per cent, auto 3.39 per cent and telecom 3.33 per cent. All sectoral indices closed in the red. In the broader market, BSE midcap and smallcap indices sank up to 1.60 per cent. Watch: Coronavirus death toll surges to 2,469 All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, HDFC, Titan and ICICI Bank. Sectorally, BSE metal index tumbled nearly 6 per cent, auto 3.39 per cent and telecom 3.33 per cent. All sectoral indices closed in the red. In the broader market, BSE midcap and smallcap indices sank up to 1.60 per cent. Globally, equities bore the brunt of worsening trading sentiment in the wake of rising virus cases on new regions other than China. South Korea went on high alert on Sunday following a sharp jump in coronavirus cases, and Italy and Iran took their own drastic containment steps. The IMF also warned that the deadly epidemic could put an already fragile global economy recovery at risk. Chinese President Xi Jinping on Sunday said the coronavirus epidemic is the country's "largest public health emergency". The death toll from the deadly virus climbed to 2,592 in China on Monday. Seoul stocks ended in deep red after South Korea reported 161 more coronavirus cases on Monday, taking the overall virus cases to 763 and making it the world's largest total outside China. Bourses in Shanghai, Tokyo and Hong Kong also closed with significant losses. Stock exchanges in Europe sank in opening trade with Milan's FTSE MIB plunging over 4 per cent after Italy reported its fourth death from the virus as the number of people contracting the virus continued to mount. Brent crude oil futures dropped over 4 per cent to USD 56.10 per barrel. On the domestic front, investors were eyeing US President Donald Trump's two-day visit to India for further cues on trade front. He reached Ahmedabad earlier in the day. On the currency front, the Indian rupee was down 30 paise to 71.94 per US dollar. Indian markets, which were relatively resilient till now have also started pricing in the impact of economic loss due to the spread of coronavirus with a steep fall in equity markets, experts said. Indian corporates are expected to witness a disruption in supply chain as the manufacturing activities in China slows down considerably, they added.

Indian markets crash as coronavirus alarm spreads globally

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