People walk past the Bombay Stock Exchange on Friday. Associated Press
Growth worries following the dismal second quarter GDP numbers led most stocks to end lower on Monday which was most visible in the broader markets as the BSE mid-cap index lost nearly 1 per cent.
Indian shares tumbled on Friday, as banking stocks came under pressure after the country’s central bank placed troubled lender Yes Bank under a moratorium and took over its board.
The Indian rupee has breached the 74 per dollar mark and experts feel that with continued global economic concerns and possibilities of further plunge in financial and oil markets, it may continue to witness volatility in the coming days.
Opec and allied nations agreed on Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
G20 members and invited countries have pledged more than $21 billion to fight COVID-19 and, with a spirit of solidarity, have shown they will spare no effort to protect lives and the most vulnerable.
Emaar chairman Mohamed Alabbar has told the UAE’s leading contractors that they must prepare for a new way of working as the economic activity gradually starts to pick up.