Business

Mumbai, Mar 13 (PTI) Equity benchmark Sensex plummeted over 3,200 points and the broader Nifty sank near 8,600 level, hitting their lower circuit limits, in opening session on Friday as coronavirus pandemic-led recession fears fuelled worldwide panic.

Stock exchanges have halted trading for 45 minutes.

Manic selling across the globe rendered stocks at multi-year lows.

New Delhi, Mar 12 (PTI) Retail inflation dropped for the first time after six months in February, easing to 6.58 per cent as prices of vegetables and other kitchen items cooled, government data showed on Thursday.

The Consumer Price Index (CPI) based retail inflation, however, still continues to rule above the comfort level of the Reserve Bank of India.

New Delhi, Mar 13 (PTI) The government on Friday extended the deadline for submitting bids for buying 100 per cent stake in Air India till April 30.

The deadline was originally set at March 17.

The government had allowed access to the virtual data room of Air India to interested bidders late in February and allowed them further time till March 6 to pose queries.

New Delhi, March 13 (PTI) The government on Friday said in Rajya Sabha that there is no proposal to ban the export of buffalo meat or fish.

During Question Hour, Minister of State for Fisheries, Animal Husbandry and Dairying, Sanjeev Kumar Balyan, said, "There is no proposal to ban the export of buffalo meat or any meat or fish."

SEOUL, March 13 (NNN-YONHAP) — South Korea’s financial markets were thrown into turmoil on Friday under growing panic sell-offs, with the benchmark stock index plunging over 8 percent to an 8 1/2-year low and the Korean won trading at a 4-year low against the U.S. dollar, as investors rushed to sell risky assets amid growing concerns over economic fallout from the new coronavirus outbreak.

The benchmark Korea Composite Stock Price (KOSPI) Index extended losses to surrender 149.25 points, or 8.14 percent, to 1,685.08 as of 11:10 a.m, reported Yonhap News Agency.

Mumbai, Mar 12 (PTI) The Indian rupee plunged 82 paise to 74.50 against US dollar in opening trade on Thursday after the World Health Organization declared the new coronavirus (COVID-19) a pandemic.

Forex traders said market participants turned jittery amid mounting fears of a coronavirus-led economic slowdown.

Mumbai, Mar 12 (PTI) 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 morning session.

New Delhi, Mar 12 (PTI) Union Road Transport Minister Nitin Gadkari on Thursday advocated introduction of pink buses for women in cities with a population of over 1 crore.

Replying to a question in Lok Sabha on security of women in public transport, Gadkari said in these buses the driver, conductor and passengers are all women.

KUALA LUMPUR, Mar 12 (NNN-BERNAMA) —  The global economy requires an economic stimulus package worth US$3.7 trillion in order to get back to the growth model as it navigates tempestuous times and uncertainty, says an analyst.

Juwai IQI Global chief economist Shan Saeed said at the start of the year, IQI shared with its clients that macroeconomic stability has come under increased scrutiny in many countries, especially in advanced economies. 

WASHINGTON, March 12 (NNN-AGENCIES) — Oil prices plunged about six percent Thursday after US President Donald Trump announced a 30-day ban on all travel from Europe to the United States over the coronavirus pandemic.

West Texas Intermediate slipped 6.2 percent to $31 a barrel while Brent crude was off 5.8 percent at under $34 a barrel.

Both contracts extended heavy losses from a day earlier, which came after Saudi Arabia and Gulf partner the UAE stepped up a price war by vowing to pump millions more barrels of crude.