Indian stock markets erased all their initial gains on Friday, with the BSE Sensex closing 131.18 points lower, although the Reserve Bank of India (RBI) announced an emergency rate cut of 75 basis points.
India’s central bank slashed interest rates in an emergency move on Friday to counter the economic fallout from the coronavirus pandemic after the federal government locked down the country in order to slow the spread of infections across the region.
Automobile manufacturer Maruti Suzuki India Limited (MSIL) on Saturday said it has entered into an arrangement with AgVa Healthcare to produce ventilators.
The economic fallout from the Covid-19 shock is ongoing and increasingly difficult to predict but there are clear indications that things will get much worse for developing economies before they get better, a new report has said.
Coronavirus fears continued to cause mayhem in the stock markets as the BSE Sensex ended over 2,700 points lower and the Nifty50 on the National Stock Exchange (NSE) settled below the 9,200 mark. This is the second biggest single-day fall in the history of Sensex.
In a bid to calm the Indian financial markets the Reserve Bank of India (RBI) on Tuesday said that it is ready to take “appropriate action” to ensure the orderly functioning of financial markets.
The ban led to plummeting trade volumes and exchanges shutting their businesses. A three-judge Supreme Court bench said in their ruling that while the central bank had the power to take pre-emptive action, the court questioned the "proportionality" of such measures.
Clearing any possible hurdle in privatisation of Air India, the Union Cabinet on Wednesday approved 100 per cent FDI in the sale-bound airline by NRIs.
The NSE Nifty 50 index rose 0.36% to 11,348.34 by 0510 GMT, while the benchmark S&P BSE Sensex climbed 0.29% to 38,483.80.