The COVID-19 (coronavirus pandemic) has an adverse effect on the world’s Economy and Trade. According to the reports, global economic growth is expected to see a contraction of over 3 percent in 2020.

Aviation industry is struggling globally | Is the worst over for aviation industry?

The Rupee on Thursday ended near the day's high level at 73.24 per dollar, amid buying seen in the domestic equity market.

The Indian rupee opened at 73.31 per dollar against the previous close of 73.33 and remained in the range of 73.21-73.35.

&nbsp;“While the natural tendency for the rupee is to strengthen in the backdrop of a weak US dollar globally, nationalised banks likely on behalf of the Reserve Bank buy the dips to around 73.10 aggressively,” said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further added, “we are likely to see another quiet, range-bound session ahead of the MPC decision on Friday”.

&nbsp;The newly-constituted MPC of the Reserve Bank began its three-day deliberations on Wednesday. The decision of the rate-setting panel will be announced on October 9.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 93.58.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 450.46 points higher at 40,329.41, and the broader NSE Nifty rose 124.05 points to 11,862.90.

(With inputs from agencies)

The Rupee on Thursday ended near the day's high level at 73.24 per dollar, amid buying seen in the domestic equity market. The Indian rupee opened at 73.31 per dollar against the previous close of 73.

The Rupee on Thursday ended near the day's high level at 73.24 per dollar, amid buying seen in the domestic equity market. The Indian rupee opened at 73.31 per dollar against the previous close of 73.33 and remained in the range of 73.21-73.35. “While the natural tendency for the rupee is to strengthen in the backdrop of a weak US dollar globally, nationalised banks likely on behalf of the Reserve Bank buy the dips to around 73.10 aggressively,” said Abhishek Goenka, Founder and CEO, IFA Global. Goenka further added, “we are likely to see another quiet, range-bound session ahead of the MPC decision on Friday”. The newly-constituted MPC of the Reserve Bank began its three-day deliberations on Wednesday. The decision of the rate-setting panel will be announced on October 9. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 93.58. On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 450.46 points higher at 40,329.41, and the broader NSE Nifty rose 124.05 points to 11,862.90. (With inputs from agencies)

Rupee closes near day's high at 73.24 per dollar

Britain’s financial watchdog said on Tuesday it would ban the sale to retail investors of products tracking the price of cryptoassets like Bitcoin, arguing that most people lost money on them.

UK watchdog bans Bitcoin-based products for retail investors

JPMorgan Chase is close to paying almost $1 billion to resolve government investigations into the alleged manipulation of metal and Treasurys markets

JP Morgan set to pay $1 billion in spoofing penalty

Shares in China's Semiconductor Manufacturing International Corp tumbled on Monday in response to reports of potential sanctions against the company from Washington.

Shares of China's SMIC plunge in Hong Kong, Shanghai on U.S. blacklist fears

South Korea's central bank slashed its growth forecast Thursday, predicting the world's 12th-largest economy will contract 1.3 percent this year

South Korea Central bank cuts 2020 GDP outlook

Brazil's economy likely cratered 9.4% under the impact of the coronavirus outbreak in the country during the second quarter,

Brazil's GDP Probably Crumbled 9.4% in Second Quarter

Apple&nbsp;Inc&nbsp;became the first publicly listed U.S. company with a $2 trillion stock market value on Wednesday, as Wall Street investors put aside challenges to its iPhone ecosystem in favor of bets it will only prosper more in the post-coronavirus world.

Shares in the company have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world's most valuable listed company, up about 57% in value so far in 2020.

The moves reflect growing investor confidence in&nbsp;Apple's shift towards relying less on sales of iPhones and other gadgets and more on services for its users, as well as a broad shift by big institutional investors during the coronavirus crisis.

Also read:&nbsp;<a href="/technology/apple-denied-our-request-to-waive-off-30-commission-fee-facebook-inc-320716" hreflang="en">Apple denied our request to waive off 30% commission fee: Facebook Inc</a>

With Amazon, Microsoft&nbsp;and Google-owner Alphabet, all now worth around $1 trillion or more, the big U.S. tech companies are together worth more than $6 trillion.

Cupertino, California-based&nbsp;Apple&nbsp;surprised Wall Street as it was able to get loyal shoppers buy iPhones, iPads and Macs online even as several brick-and-mortar stores remained closed due to the coronavirus lockdowns.

Also read:&nbsp;<a href="/entertainment/apples-famous-1984-video-parodied-by-fortnite-game-maker-320378" hreflang="en">Apple's famous '1984' video parodied by Fortnite game maker</a>

Apple's revenue grew across every category and all of its geographical regions in the June quarter, even as the coronavirus crisis caused the U.S. economy to collapse at its worst rate since the Great Depression.

Started in the garage of co-founder Steve Jobs in 1976,&nbsp;Apple&nbsp;has pushed its revenue beyond the economic outputs of Portugal, Peru and other countries.

Apple's shares rose as much as 1.4% at $468.63 on Wednesday.

Apple Inc became the first publicly listed U.S. company with a $2 trillion stock market value on Wednesday, as Wall Street investors put aside challenges to its iPhone ecosystem in favor of bets it will only prosper more in the post-coronavirus world.

Apple Inc became the first publicly listed U.S. company with a $2 trillion stock market value on Wednesday, as Wall Street investors put aside challenges to its iPhone ecosystem in favor of bets it will only prosper more in the post-coronavirus world. Shares in the company have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world's most valuable listed company, up about 57% in value so far in 2020. The moves reflect growing investor confidence in Apple's shift towards relying less on sales of iPhones and other gadgets and more on services for its users, as well as a broad shift by big institutional investors during the coronavirus crisis. Also read: Apple denied our request to waive off 30% commission fee: Facebook Inc With Amazon, Microsoft and Google-owner Alphabet, all now worth around $1 trillion or more, the big U.S. tech companies are together worth more than $6 trillion. Cupertino, California-based Apple surprised Wall Street as it was able to get loyal shoppers buy iPhones, iPads and Macs online even as several brick-and-mortar stores remained closed due to the coronavirus lockdowns. Also read: Apple's famous '1984' video parodied by Fortnite game maker Apple's revenue grew across every category and all of its geographical regions in the June quarter, even as the coronavirus crisis caused the U.S. economy to collapse at its worst rate since the Great Depression. Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, Peru and other countries. Apple's shares rose as much as 1.4% at $468.63 on Wednesday.

Apple becomes first US company to hit $2 trillion in market value

The economy has shrunk at its fastest rate on record as it battles the coronavirus pandemic.

World Economy nosedives in second quarter | Economic cost of Coronavirus pandemic

Domestic stock market indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases.&nbsp;

The BSE S&amp;P Sensex closed 552 points or 1.63 per cent lower at 33,229 while the Nifty 50 edged lower by 159 points or 1.6 per cent at 9,814. Most sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 3.8 per cent, realty by 3 per cent, financial service by 2.9 per cent and FMCG by 1.5 per cent. 
Private banks suffered heavy losses with IndusInd Bank down by 7.2 per cent at Rs 490.40 per share while Axis Bank slipped by 4.5 per cent and ICICI Bank by 3.8 per cent. Bajaj Finance and Bajaj Finserv fell by 3.9 per cent and 3.3 per cent respectively.&nbsp;

The other prominent losers included Tata Motors, Tata Steel, ITC, NTPC and Bharat Petroleum Corporation. However, Reliance Industries gained by 1.48 per cent to Rs 1,612.30 per share as its partly paid shares which were issued in the recent rights offer, got listed on stock exchanges.

Global markets

Fears that the second wave of COVID-19 infections is underway sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as German government debt.

The pan-European STOXX 600 fell 2.5 per cent with all sectors and regional markets trading deep in the red after losses accelerated in the final hours of trading in Asia.

(With inputs from agencies)

Domestic stock market indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases. The BSE S&P Sensex closed 552 points or 1.

Domestic stock market indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases. The BSE S&P Sensex closed 552 points or 1.63 per cent lower at 33,229 while the Nifty 50 edged lower by 159 points or 1.6 per cent at 9,814. Most sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 3.8 per cent, realty by 3 per cent, financial service by 2.9 per cent and FMCG by 1.5 per cent. Private banks suffered heavy losses with IndusInd Bank down by 7.2 per cent at Rs 490.40 per share while Axis Bank slipped by 4.5 per cent and ICICI Bank by 3.8 per cent. Bajaj Finance and Bajaj Finserv fell by 3.9 per cent and 3.3 per cent respectively. The other prominent losers included Tata Motors, Tata Steel, ITC, NTPC and Bharat Petroleum Corporation. However, Reliance Industries gained by 1.48 per cent to Rs 1,612.30 per share as its partly paid shares which were issued in the recent rights offer, got listed on stock exchanges. Global markets Fears that the second wave of COVID-19 infections is underway sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as German government debt. The pan-European STOXX 600 fell 2.5 per cent with all sectors and regional markets trading deep in the red after losses accelerated in the final hours of trading in Asia. (With inputs from agencies)

Sensex slips 552 points, Nifty ends just above 9,800 on global cues

The outlook for Britain's coronavirus-blighted labour market is at its bleakest for almost 30 years despite the easing lockdown, a survey showed Tuesday. 
 
Employment consultancy ManpowerGroup revealed the outcome of a survey of 1,056 UK employers, which comes as Britain continues to relax its COVID-19 lockdown. 
 
"Hiring intentions for the third quarter of 2020 are down to minus 12 percent, with a sharp drop across all major sectors," ManpowerGroup said in a statement, noting this was the worst level since it began the survey in 1992.

Also read:&nbsp;<a href="https://www.wionews.com/world/emergency-health-measures-including-school-closures-saved-millions-in-six-coronavirus-hit-countries-study-304384" hreflang="en">Emergency health measures including school closures saved millions in six coronavirus-hit countries: Study</a> 
 
The so-called net employment outlook is calculated by subtracting the number of employers who want to cut staff from those wanting to hire staff. 
 
On a more optimistic note, ManpowerGroup added that most UK businesses expected to return to normality over the next twelve months. 
 
"Employers remain cautiously optimistic that this will be temporary with ... 57 percent of employers expecting to return to pre-COVID-19 hiring levels by this time next year." 
 
Mark Cahill, managing director of ManpowerGroup UK, noted the data showed "unprecedented" disruption from the disease, which has killed more than 40,000 in Britain. 
 
"While there's no getting away from the challenges that lie ahead, the data underlines the resilience of UK employers," Cahill said.

Also read:&nbsp;<a href="https://www.wionews.com/world/was-icon-of-the-free-world-winston-churchill-a-racist-304370" hreflang="en">Was 'icon of the free world' Winston Churchill a racist?</a> 
 
He added: "The level of disruption is unprecedented and many will be looking closely at what happens next with how COVID-19 progresses, how consumers respond and what all this means for their own operations.” 
 
Recent official UK data also painted a dire picture of the current state of the labour market. 
 
The number of Britons claiming jobless benefit soared nearly 70 percent in April to 2.1 million. 
 
Unemployment claims surged by a record 856,000 from March, according to the Office for National Statistics.&nbsp; 
 
Britain imposed a lockdown on March 23 to halt the spread of the virus, and launched a furlough jobs retention scheme under which the state temporarily pays the bulk of wages.

The outlook for Britain's coronavirus-blighted labour market is at its bleakest for almost 30 years despite the easing lockdown, a survey showed Tuesday. Employment consultancy ManpowerGroup revealed the outcome of a survey of 1,056 UK employers, which comes as Britain continues to relax its COVID-19 lockdown.

The outlook for Britain's coronavirus-blighted labour market is at its bleakest for almost 30 years despite the easing lockdown, a survey showed Tuesday. Employment consultancy ManpowerGroup revealed the outcome of a survey of 1,056 UK employers, which comes as Britain continues to relax its COVID-19 lockdown. "Hiring intentions for the third quarter of 2020 are down to minus 12 percent, with a sharp drop across all major sectors," ManpowerGroup said in a statement, noting this was the worst level since it began the survey in 1992. Also read: Emergency health measures including school closures saved millions in six coronavirus-hit countries: Study The so-called net employment outlook is calculated by subtracting the number of employers who want to cut staff from those wanting to hire staff. On a more optimistic note, ManpowerGroup added that most UK businesses expected to return to normality over the next twelve months. "Employers remain cautiously optimistic that this will be temporary with ... 57 percent of employers expecting to return to pre-COVID-19 hiring levels by this time next year." Mark Cahill, managing director of ManpowerGroup UK, noted the data showed "unprecedented" disruption from the disease, which has killed more than 40,000 in Britain. "While there's no getting away from the challenges that lie ahead, the data underlines the resilience of UK employers," Cahill said. Also read: Was 'icon of the free world' Winston Churchill a racist? He added: "The level of disruption is unprecedented and many will be looking closely at what happens next with how COVID-19 progresses, how consumers respond and what all this means for their own operations.” Recent official UK data also painted a dire picture of the current state of the labour market. The number of Britons claiming jobless benefit soared nearly 70 percent in April to 2.1 million. Unemployment claims surged by a record 856,000 from March, according to the Office for National Statistics. Britain imposed a lockdown on March 23 to halt the spread of the virus, and launched a furlough jobs retention scheme under which the state temporarily pays the bulk of wages.

UK labour market outlook bleakest since 1992: Study

Sri Lanka’s stock exchange tried to reopen today, but was shut just 38 seconds after being opening.

This was owing to a plunge in share prices, which further created a circuit breaker, AFP reported.

When the government imposed a nationwide lockdown on March 20, the stock market was closed. It was only after 52 days that the market attempted to reopen today.

As soon as the market reopened, the prices fell by 10 per cent, which forced the exchange to stop trading.

Also read:&nbsp;<a href="wionews.com/south-asia/sri-lanka-to-target-high-spending-tourists-to-revive-tourism-297463" hreflang="en">Sri Lanka to target high-spending tourists to revive tourism</a>

South Asia has witnessed the decimation of key sectors of the economy like tourism, and exports.

Since January 27, when country reported its first coronavirus case, the top 20 stocks have fallen by 38 per cent.

Last year’s bombing on Easter Sunday caused a major setback to the country’s economy, which primarily relies on tourism. The lockdown measures are being relaxed starting today to revive the economy of the country.

Just last week, the country requested its 1.5 million government employees to donate their May salary to the government, which would save 100 billion rupees ($525 million) and close the budget deficit.

The country’s health officials claim that the outbreak in the country remains controlled, with offices slowly reopening across the country.

Also read:&nbsp;<a href="wionews.com/south-asia/sri-lanka-asks-government-employees-for-may-salary-to-boost-economy-amid-shutdown-297221" hreflang="en">Sri Lanka asks government employees for May salary to boost economy amid shutdown</a>

Towards the end of March, Sri Lanka had requested international nations a debt moratorium to assist in grappling with the pandemic.

Just last week, the country requested its 1.5 million government employees to donate their May salary to the government, which would save 100 billion rupees ($525 million) and close the budget deficit.

As of Monday, Sri Lanka has recorded 863 cases of COVID-19 with nine deaths.

Sri Lanka’s stock exchange tried to reopen today, but was shut just 38 seconds after being opening. This was owing to a plunge in share prices, which further created a circuit breaker, AFP reported.

Sri Lanka’s stock exchange tried to reopen today, but was shut just 38 seconds after being opening. This was owing to a plunge in share prices, which further created a circuit breaker, AFP reported. When the government imposed a nationwide lockdown on March 20, the stock market was closed. It was only after 52 days that the market attempted to reopen today. As soon as the market reopened, the prices fell by 10 per cent, which forced the exchange to stop trading. Also read: Sri Lanka to target high-spending tourists to revive tourism South Asia has witnessed the decimation of key sectors of the economy like tourism, and exports. Since January 27, when country reported its first coronavirus case, the top 20 stocks have fallen by 38 per cent. Last year’s bombing on Easter Sunday caused a major setback to the country’s economy, which primarily relies on tourism. The lockdown measures are being relaxed starting today to revive the economy of the country. Just last week, the country requested its 1.5 million government employees to donate their May salary to the government, which would save 100 billion rupees ($525 million) and close the budget deficit. The country’s health officials claim that the outbreak in the country remains controlled, with offices slowly reopening across the country. Also read: Sri Lanka asks government employees for May salary to boost economy amid shutdown Towards the end of March, Sri Lanka had requested international nations a debt moratorium to assist in grappling with the pandemic. Just last week, the country requested its 1.5 million government employees to donate their May salary to the government, which would save 100 billion rupees ($525 million) and close the budget deficit. As of Monday, Sri Lanka has recorded 863 cases of COVID-19 with nine deaths.

Colombo Stock Exchange shuts 38 seconds after reopening, records a major plunge

Los Angeles' downtown flower market saw a brisk trade on Thursday morning (May 7) after California Governor Gavin Newsom gave the green light to retail florist stores to begin opening on Friday (May 8), ahead of Mother's Day in the U.S.

Los Angeles wholesale flower market busy ahead of florists re-opening for Mother's Day

The domestic stock market plunged on Monday with the BSE Sensex falling over 2,000 points, tracking a similar trend in the Asian markets.

<a href="https://www.wionews.com/business-economy/global-markets-stocks-fall-as-us-china-tensions-threaten-rebound-296550">Global Markets: Stocks fall as US-China tensions threaten rebound</a> 
 
The S&amp;P BSE Sensex tumbled 2,002 points or 5.94 per cent to 31,715 levels and the Nifty50 index ended at 9,293.50, down 566.40 points or 5.74 per cent.&nbsp;

It had opened at 32,748.14 and has so far touched a high of 32,748.14.

The rupee ended weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar.

On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake.

Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%.

Auto stocks also plunged nearly 12 per cent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time in April after the nationwide lockdown halted output and shut sales network.

Global markets

European stock markets and oil prices fell on Monday as a spat between top US officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares opened down 2.5 per cent with US stock futures trading close to 1 per cent in the red.

(With inputs from agencies)

The domestic stock market plunged on Monday with the BSE Sensex falling over 2,000 points, tracking a similar trend in the Asian markets. Global Markets: Stocks fall as US-China tensions threaten rebound The S&P BSE Sensex tumbled 2,002 points or 5.

The domestic stock market plunged on Monday with the BSE Sensex falling over 2,000 points, tracking a similar trend in the Asian markets. Global Markets: Stocks fall as US-China tensions threaten rebound The S&P BSE Sensex tumbled 2,002 points or 5.94 per cent to 31,715 levels and the Nifty50 index ended at 9,293.50, down 566.40 points or 5.74 per cent. It had opened at 32,748.14 and has so far touched a high of 32,748.14. The rupee ended weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar. On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake. Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%. Auto stocks also plunged nearly 12 per cent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time in April after the nationwide lockdown halted output and shut sales network. Global markets European stock markets and oil prices fell on Monday as a spat between top US officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares opened down 2.5 per cent with US stock futures trading close to 1 per cent in the red. (With inputs from agencies)

Sensex tumbles 2,002 points, Nifty ends at 9,293; financials, auto stocks worst-hit

The domestic stock market plunged on Monday with the BSE Sensex falling over 1,900 points, tracking a similar trend in the Asian markets.

At 2:21 pm, the Sensex was at 31,796.08, lower by 1,921.54 points or 5.70 per cent from the previous close of 33,717.62.

It had opened at 32,748.14 and has so far touched a high of 32,748.14 and a low of 31,796.08.

The Nifty50 on the National Stock Exchange was at 9,319.20, lower by 540.70 points from the previous close.

Rupee ends weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar.

On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake.

Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%. 
 
(With inputs from agencies)

The domestic stock market plunged on Monday with the BSE Sensex falling over 1,900 points, tracking a similar trend in the Asian markets. At 2:21 pm, the Sensex was at 31,796.

The domestic stock market plunged on Monday with the BSE Sensex falling over 1,900 points, tracking a similar trend in the Asian markets. At 2:21 pm, the Sensex was at 31,796.08, lower by 1,921.54 points or 5.70 per cent from the previous close of 33,717.62. It had opened at 32,748.14 and has so far touched a high of 32,748.14 and a low of 31,796.08. The Nifty50 on the National Stock Exchange was at 9,319.20, lower by 540.70 points from the previous close. Rupee ends weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar. On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake. Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%. (With inputs from agencies)

Sensex nosedives 1,900 points, Nifty below 9,350; financials, auto stocks worst-hit

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

Domestic stock markets were trading in the green, in intra-day trade after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the COVID-19 pandemic.

At 3 pm, Sensex was trading at 31,373.34, higher by 770.73 points or 2.52% from its previous close of 30,602.61 while NSE Nifty50 was trading at 9205.55, higher by 212.75 points or 2.37% from its previous close.

Meanwhile, The Indian rupee appreciated by 45 paise to 76.42 against the US dollar in intra-day trade as positive domestic equities and weakening of the American currency in the overseas also supported the rupee.

At the interbank foreign exchange, the rupee opened at 76.59, and then gained further ground and touched a high of 76.42 against the US dollar, registering a rise of 45 paise over its previous close.

Domestic stock markets were trading in the green, in intra-day trade after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the COVID-19 pandemic.

Domestic stock markets were trading in the green, in intra-day trade after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the COVID-19 pandemic. At 3 pm, Sensex was trading at 31,373.34, higher by 770.73 points or 2.52% from its previous close of 30,602.61 while NSE Nifty50 was trading at 9205.55, higher by 212.75 points or 2.37% from its previous close. Meanwhile, The Indian rupee appreciated by 45 paise to 76.42 against the US dollar in intra-day trade as positive domestic equities and weakening of the American currency in the overseas also supported the rupee. At the interbank foreign exchange, the rupee opened at 76.59, and then gained further ground and touched a high of 76.42 against the US dollar, registering a rise of 45 paise over its previous close.

Sensex soars over 700 points; Nifty above 9200

Global investors have lost more than $16 trillion in less than a month due to the coronavirus outbreak. WION's Executive Editor Palki Sharma Upadhyay tells you why the pandemic is making investors jittery.

Gravitas: Wuhan coronavirus makes investors jittery

The Wuhan coronavirus outbreak has forced several governments to restrict movement of people. The lockdowns and restrictions are now posing a threat to the global economy. WION's Executive Editor Palki Sharma Upadhyay has more.

Gravitas: Wuhan Coronavirus: Global Businesses witness major disruptions

A sharp recovery witnessed in the Indian markets. Sensex climbed 4.04 per cent to close at 34,103.48 while the Nifty closed 3.81 per cent higher at the end at 9,955.2, however, the indexes closed down over 9 per cent each for the week.

Your Story: Sharp recovery in Indian markets | Coronavirus Outbreak

In this video, watch what Indian economist & Chief Economic Advisor Krishnamurthy Subramanian says on global stock market historic fall!

Watch what Chief Economic Advisor says on global stock market historic fall!

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

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

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

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

As odds of the global recession rises the government and central banks around the world are racing to restore the economic damage from the spread of the novel coronavirus. The death toll has already landed hard on the jittery financial markets. Watch report:

Global stocks plunge on coronavirus fears

After the coronavirus outbreak, the world is staring at the biggest economic slowdown since the 2008 financial crisis. The impact of coronavirus on the world economy is quite visible now.

Coronavirus Outbreak: Biggest economic slowdown since 2008 financial crisis

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

Growth in China's services sector slowed for a second straight month in January, a traditionally busy sales season, hitting a three-month low as companies cut prices and new orders dipped, a private sector survey showed on Wednesday.

The Caixin/Markit services purchasing managers' index (PMI) slowed to 51.8 last month from 52.5 in December, but was still higher than an 8-month low hit in October.

The slowdown in growth suggests the services sector, which accounts for more than half of the economy, faces persistent challenges despite a flurry of stimulus and a U.S.-China trade "Phase 1" deal. The reading is also unlikely to reflect the early impact of the coronavirus crisis that flared in late January, which could weigh heavily on growth.

"China's economic recovery was not strong enough due to limited improvement in demand, and some companies didn't replenish inventories," Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, wrote in a note accompanying the Caixin PMI release.

<h6><img alt="pppp" data-entity-type="file" data-entity-uuid="71b0b06c-a917-4d4c-83a3-036be40625f3" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%282%29_54.jpg" /> 
People sit on the steps outside a luxury hotel on Chang'an Avenue, near Tiananmen Square in Beijing, China May 16, 2019 | Reuters</h6>

The index has stayed above the 50-point margin that separates growth from contraction on a monthly basis since late 2005. Beijing has been counting on a strong services sector to cushion a prolonged slowdown in manufacturing and investment and create jobs for workers laid-off in other areas.

Economic growth has cooled to near 30-year lows amid sluggish demand at home and abroad.

The cooling trend in the private sector survey, which focuses more on small, export-oriented companies, contrasts with the official non-manufacturing PMI, which showed the sector's activity quickened in January.

Services companies reported a smaller rise in the volume of new work in January and continued to face higher fuel and labour costs. Demand softened at home, while new orders from overseas picked up modestly from the previous month.

The pace of job creation almost stalled, with the employment sub-index hitting the lowest level in 16 months. Meanwhile, firms had to lower their selling prices for the second time, squeezing companies' profit margins.

But their expectations regarding the one-year outlook for business activity improved notably in the month, as the "Phase 1" trade deal with the United States eased some of the pressure on exporters.

However, a coronavirus outbreak that has abruptly limited the movement of millions of people and forced the closures of restaurants, malls, and movie theatres across the country during the week-long Lunar New Year holiday, is likely to further darken the outlook for China's slowing economy.

Also read:<a href="https://www.wionews.com/business-economy/india-china-to-account-for-nearly-35-of-global-gdp-in-2060-study-278393">&nbsp;India, China to account for nearly 35% of global GDP in 2060: Study</a>

Analysts have noted the deepening coronavirus crisis, which is expected to be as much as two or three times worse than the SARS outbreak, will potentially add to industry headaches.

"As during the SARS episode, we expect consumption and travel to take the hardest hit," Analysts at Oxford Economics said in a note.

"But we also expect that there will be significant disruption to other economic activities, though to a lesser degree than the impact on consumption."

Analysts like CEBM Group's Zhong have urged policymakers to take swift action to cushion to hit to growth from the virus.

"As the current pneumonia epidemic is putting pressure on the economy, policymakers need to make efforts to ensure no major disruptions to improving business confidence," he said.

Caixin's composite manufacturing and services PMI, also released on Wednesday, slowed to 51.9 in January from 52.6 in December.

Growth in China's services sector slowed for a second straight month in January, a traditionally busy sales season, hitting a three-month low as companies cut prices and new orders dipped, a private sector survey showed on Wednesday.

Growth in China's services sector slowed for a second straight month in January, a traditionally busy sales season, hitting a three-month low as companies cut prices and new orders dipped, a private sector survey showed on Wednesday. The Caixin/Markit services purchasing managers' index (PMI) slowed to 51.8 last month from 52.5 in December, but was still higher than an 8-month low hit in October. The slowdown in growth suggests the services sector, which accounts for more than half of the economy, faces persistent challenges despite a flurry of stimulus and a U.S.-China trade "Phase 1" deal. The reading is also unlikely to reflect the early impact of the coronavirus crisis that flared in late January, which could weigh heavily on growth. "China's economic recovery was not strong enough due to limited improvement in demand, and some companies didn't replenish inventories," Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, wrote in a note accompanying the Caixin PMI release. People sit on the steps outside a luxury hotel on Chang'an Avenue, near Tiananmen Square in Beijing, China May 16, 2019 | Reuters The index has stayed above the 50-point margin that separates growth from contraction on a monthly basis since late 2005. Beijing has been counting on a strong services sector to cushion a prolonged slowdown in manufacturing and investment and create jobs for workers laid-off in other areas. Economic growth has cooled to near 30-year lows amid sluggish demand at home and abroad. The cooling trend in the private sector survey, which focuses more on small, export-oriented companies, contrasts with the official non-manufacturing PMI, which showed the sector's activity quickened in January. Services companies reported a smaller rise in the volume of new work in January and continued to face higher fuel and labour costs. Demand softened at home, while new orders from overseas picked up modestly from the previous month. The pace of job creation almost stalled, with the employment sub-index hitting the lowest level in 16 months. Meanwhile, firms had to lower their selling prices for the second time, squeezing companies' profit margins. But their expectations regarding the one-year outlook for business activity improved notably in the month, as the "Phase 1" trade deal with the United States eased some of the pressure on exporters. However, a coronavirus outbreak that has abruptly limited the movement of millions of people and forced the closures of restaurants, malls, and movie theatres across the country during the week-long Lunar New Year holiday, is likely to further darken the outlook for China's slowing economy. Also read: India, China to account for nearly 35% of global GDP in 2060: Study Analysts have noted the deepening coronavirus crisis, which is expected to be as much as two or three times worse than the SARS outbreak, will potentially add to industry headaches. "As during the SARS episode, we expect consumption and travel to take the hardest hit," Analysts at Oxford Economics said in a note. "But we also expect that there will be significant disruption to other economic activities, though to a lesser degree than the impact on consumption." Analysts like CEBM Group's Zhong have urged policymakers to take swift action to cushion to hit to growth from the virus. "As the current pneumonia epidemic is putting pressure on the economy, policymakers need to make efforts to ensure no major disruptions to improving business confidence," he said. Caixin's composite manufacturing and services PMI, also released on Wednesday, slowed to 51.9 in January from 52.6 in December.

China's services sector growth hits three-month low in January

Our penchant for knowledge and curiosity has helped make Google's parent company Alphabet worth one trillion dollars.&nbsp;

They are the fourth American company to break this barrier, after Apple, Microsoft and Amazon.

While the state-run oil company Saudi Aramco is worth 2 trillion.

A trillion dollars is a million dollars multiplied by a million.

To be specific, Google's parent company Alphabet's stock market value is now 1 trillion dollars.

This just six weeks after founders Larry Page and Sergei Brin gave up their top jobs and handed over the reins to Google Chief Executive Sundar Pichai.

<h6><img alt="Google" data-entity-type="file" data-entity-uuid="51a56648-f96e-4d41-b467-1446f7689bfb" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%289%29_15.jpg" /> 
Image: Google CEO Sundar Pichai 
&nbsp;</h6>

This change has worked on Wall Street. Last quarter, the company's profits were lesser than market estimates by nearly 2 billion dollars.

But that did little to dent investors' bullishness on the company.

Alphabet's stock retreated briefly, only to resume its climb.

The stock surged up by nearly 17 per cent over the last three months, better than fellow tech giants and the rest of the market.

For the calendar year 2019, Alphabet's stock was up nearly 35 per cent.

Watch:&nbsp;Google's parent company enters Trillion Dollar Club

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-googles-parent-company-enters-trillion-dollar-club-274953/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

And now as 2020 begins, some are already wondering whether it's time to cash in on the extraordinary gains.

But a lot will depend on Alphabet's fourth-quarter earnings report which is scheduled to release early in February.

With this feat, Alphabet has become only the fourth company in American history to reach the magical figure.

Apple, Amazon, and Microsoft are the only other US companies.

And among those, Amazon saw its market value hit the trillion-dollar mark, and soon fall below it.

Shares of the company are down nearly 7 per cent over the last six months.

So the trillion dollar achievement is in essence, a slippery slope.

<h6><img alt="Google" data-entity-type="file" data-entity-uuid="20cdd409-4953-4658-a9b5-5e008dfd0280" src="//cdn.wionews.com/sites/default/files/inline-images/94845-untitled-design-2019-05-20t180449041.jpg" /> 
Image: Google logo | AFP 
&nbsp;</h6>

Apple is currently the world’s most valuable company with a market cap of $1.4 trillion, while Microsoft is valued at $1.3 trillion.

And now Google aka Alphabet has joined the club.

However, Google has stiff competition, not from tech companies, but from the world's largest oil company: Saudi Aramco. Aramco became the world's first two trillion dollar company last month.

That too within 48 hours of becoming a listed company on the Saudi Stock Exchange.

Our penchant for knowledge and curiosity has helped make Google's parent company Alphabet worth one trillion dollars. They are the fourth American company to break this barrier, after Apple, Microsoft and Amazon.

Our penchant for knowledge and curiosity has helped make Google's parent company Alphabet worth one trillion dollars. They are the fourth American company to break this barrier, after Apple, Microsoft and Amazon. While the state-run oil company Saudi Aramco is worth 2 trillion. A trillion dollars is a million dollars multiplied by a million. To be specific, Google's parent company Alphabet's stock market value is now 1 trillion dollars. This just six weeks after founders Larry Page and Sergei Brin gave up their top jobs and handed over the reins to Google Chief Executive Sundar Pichai. Image: Google CEO Sundar Pichai This change has worked on Wall Street. Last quarter, the company's profits were lesser than market estimates by nearly 2 billion dollars. But that did little to dent investors' bullishness on the company. Alphabet's stock retreated briefly, only to resume its climb. The stock surged up by nearly 17 per cent over the last three months, better than fellow tech giants and the rest of the market. For the calendar year 2019, Alphabet's stock was up nearly 35 per cent. Watch: Google's parent company enters Trillion Dollar Club And now as 2020 begins, some are already wondering whether it's time to cash in on the extraordinary gains. But a lot will depend on Alphabet's fourth-quarter earnings report which is scheduled to release early in February. With this feat, Alphabet has become only the fourth company in American history to reach the magical figure. Apple, Amazon, and Microsoft are the only other US companies. And among those, Amazon saw its market value hit the trillion-dollar mark, and soon fall below it. Shares of the company are down nearly 7 per cent over the last six months. So the trillion dollar achievement is in essence, a slippery slope. Image: Google logo | AFP Apple is currently the world’s most valuable company with a market cap of $1.4 trillion, while Microsoft is valued at $1.3 trillion. And now Google aka Alphabet has joined the club. However, Google has stiff competition, not from tech companies, but from the world's largest oil company: Saudi Aramco. Aramco became the world's first two trillion dollar company last month. That too within 48 hours of becoming a listed company on the Saudi Stock Exchange.

Alphabet: Google's parent company now a $1 trillion enterprise; fourth US company to achieve the feat

US President Donald Trump signed "phase one" trade deal with China, the deal includes a massive increase in exports to the Asian economic power. The deal is expected to boost exports from U.S. farmers and manufacturers and will lower tensions in a long-running dispute between the two biggest economies of the world.

Winners & Losers of US-China Trade Deal

US & China sign first phase of deal, world markets surge

Gold prices rose to their highest level amid escalating geopolitical tension between US and Iran following a missile attack by Iran on military bases housing US troops in Iraq.

Gold hits all-time high amid US-Iran tension

Asserting that the flow of Foreign Direct Investment (FDI) into India has increased in the last few years, Prime Minister Narendra Modi on Friday said that global investors are looking to invest in the country with renewed hope and belief.

"In the last few years, FDI in India has increased. FDI, for me, has two meanings. One is Foreign Direct Investment, and for me, another one is, `First Develop India`," Modi said while addressing the annual ASSOCHAM conference here.

He said that there is a new mood of innovation and enterprise in the entire country today. "There`s an unprecedented belief in India`s ability across the <a href="https://www.wionews.com/opinions/economy-debate-narendra-modis-nda-versus-manmohan-singhs-upa-267271">world</a>. Global investors are looking at India today with renewed hope and belief," the Prime Minister said.

He also said that labour laws have undergone an overhaul as per suggestions from the industry sector, underlining that several steps have been taken to make the industry strong and futuristic.

"I want to tell everyone associated with the banking and corporate sector that the old weaknesses have been ironed out. Take decisions bravely, invest openly, and spend well and keep moving ahead," the Prime Minister said, adding that no action will be taken against right and commercially genuine decisions.

The Prime Minister said that <a href="https://www.wionews.com/india-news/amit-shah-says-indian-economy-moved-to-bold-decisive-decision-making-calls-current-slowdown-temporary-265503">India</a> has made improvements in the Global Competitiveness Index and the country is one of the top 10 FDI destinations in the world.

"There`s no doubt about how weak India`s banking sector was, before 2014. Rs six lakh crores were provisioned to make up for the losses. Rs 70,000 crore and Rs 23,600,000 crore have been made available to the banks by the government," Modi added.

The Prime Minister said that Rs 10,000,000 crore has been earmarked for infrastructure in the next few years and Rs 3,500,000 crore has been set aside to ensure clean drinking water to every family in the country under the 'Jal Jeevan Mission'.

"We are going to invest Rs 10,000,000 crore on <a href="https://www.wionews.com/opinions/security-preparedness-ensuring-safety-in-cities-268773">infrastructure</a> in the coming years. On the rural infrastructure, we have dedicated an investment of Rs 2,500,000&nbsp;crore. We have also earmarked Rs 350,000&nbsp;crore to ensure drinking water to every family in the country," Modi further said.&nbsp;

Asserting that the flow of Foreign Direct Investment (FDI) into India has increased in the last few years, Prime Minister Narendra Modi on Friday said that global investors are looking to invest in the country with renewed hope and belief.

Asserting that the flow of Foreign Direct Investment (FDI) into India has increased in the last few years, Prime Minister Narendra Modi on Friday said that global investors are looking to invest in the country with renewed hope and belief. "In the last few years, FDI in India has increased. FDI, for me, has two meanings. One is Foreign Direct Investment, and for me, another one is, `First Develop India`," Modi said while addressing the annual ASSOCHAM conference here. He said that there is a new mood of innovation and enterprise in the entire country today. "There`s an unprecedented belief in India`s ability across the world. Global investors are looking at India today with renewed hope and belief," the Prime Minister said. He also said that labour laws have undergone an overhaul as per suggestions from the industry sector, underlining that several steps have been taken to make the industry strong and futuristic. "I want to tell everyone associated with the banking and corporate sector that the old weaknesses have been ironed out. Take decisions bravely, invest openly, and spend well and keep moving ahead," the Prime Minister said, adding that no action will be taken against right and commercially genuine decisions. The Prime Minister said that India has made improvements in the Global Competitiveness Index and the country is one of the top 10 FDI destinations in the world. "There`s no doubt about how weak India`s banking sector was, before 2014. Rs six lakh crores were provisioned to make up for the losses. Rs 70,000 crore and Rs 23,600,000 crore have been made available to the banks by the government," Modi added. The Prime Minister said that Rs 10,000,000 crore has been earmarked for infrastructure in the next few years and Rs 3,500,000 crore has been set aside to ensure clean drinking water to every family in the country under the 'Jal Jeevan Mission'. "We are going to invest Rs 10,000,000 crore on infrastructure in the coming years. On the rural infrastructure, we have dedicated an investment of Rs 2,500,000 crore. We have also earmarked Rs 350,000 crore to ensure drinking water to every family in the country," Modi further said.

Global investors looking at India with renewed hope, belief: PM Modi

market

Market, News on Market, stories on Market, articles on Market, Market stories at Wion, Market news, Market latest news