Silver prices rose on Tuesday, recouping yesterday’s losses that were more than 5%, as the US dollar fell against most currencies. The US administration announced that it would start distributing doses of two Covid-19 vaccines to some citizens in attempts to contain the spreading disease.

The US dollar index plunged to its lowest in more than two and a half years overnight.

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Markets are closely focusing the latest updates regarding the coronavirus crisis, keeping in mind that the Trump administration intends to distribute two Covid-19 vaccines to US citizens later this month.

Decline in U.S. manufacturing activity in the month of November, and hopes that there will be a compromise in the U.S. Senate over a coronavirus relief proposal contributed to gold’s rise.

Crude oil prices drifted lower and the most active crude futures contract dropped to a one-week closing low on Tuesday, weighed down by the decision of OPEC and its allies to delay a discussion on output cuts by a couple of days.

The OPEC and its allies Russia and other major producers, who were originally set to take a call on extending output cuts beyond January, have now decided to postpone talks to Thursday.

The oil market fundamentals remain weak and point to a significant oversupply during the early point of the coming year, due to continued increase in coronavirus cases in several regions. Resumption of production in Libya from September is also contributing to fears of oversupply in the market.

Copper futures climbed to their highest level more than seven years on Tuesday, buoyed by signs of growing demand for the industrial metal, with global supplies expected to fall short of demand this year despite a dip in copper consumption tied to the pandemic.

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Oil prices rallied Monday after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough.

US benchmark West Texas Intermediate was up 7.7% at USD 24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5% to USD 33.08 a barrel.

The shares of India’s largest mortgage lender slipped into the red. At 09:53am the shares of HDFC Ltd traded 3% lower at ₹1654 apiece on the BSE while the benchmark Sensex dropped nearly 2%.

China’s central bank has raised its stake in HDFC Ltd to 1.01% from 0.8% earlier.

Zydus Cadila has received tentative approval from the USFDA to market Empagliflozin Tablets, in the strengths of 10 mg and 25 mg. The medication is used together with diet and exercise to improve blood sugar control in adults.

The Hyderabad-based company has received an establishment inspection report from the US health regulator for its Nalgonda-based active pharmaceutical ingredient manufacturing unit. “… we would like to inform you that we have received the EIR from the USFDA, for the above-referred facility, indicating closure of the audit,” it said in a regulatory filing.

The Indian rupee fell 15 paise to 76.43 against the US dollar in opening trade on Monday, tracking weak domestic equities and sharp rise in coronavirus cases in the country.

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Among headline indices, the S&P BSE Sensex was up 570 points, or 1.95 per cent, at 30,440 and the Nifty50 index hovered around 8,920 level, up 175 points, or 2 per cent. Index heavyweight HDFC, up 5 per cent, was the top contributor to the Sensex’s gain. Besides, Bajaj Finance, ICICI Bank, Axis Bank, and ONGC were all up over 4 per cent.

All the Nifty sectoral indices were in the green, led by Nifty Auto index, up 7 per cent. Besides, Nifty Pharma index gained 5 per cent. Among the index’s components, Cipla (up 15%) and Lupin (up 10%) were the top gainers.

The broader market also tracked gains in the main indices. The S&P BSE MidCap and SmallCap indexes were both up over 2.5 per cent each.

Gold-backed exchange traded funds (ETFs) witnessed a net inflow of $23 billion, or 298 tonnes (t), in the January – March 2020 quarter across all regions, suggests the latest data from World Gold Council (WGC).

This is the highest quarterly amount ever in absolute US dollar terms and the largest tonnage additions since 2016.

“During the past year, gold ETFs added 659 tonnes, the highest on a rolling annual basis since the financial crisis, with assets under management (AUM) growing 57 per cent over the same period,” WGC said.

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At around 9:35 am, BSE Sensex was trading 407.81 points or 1.44 per cent lower at 27,857.50, while NSE Nifty was down 110.70 points at 8,143.10 points. Bank and financial stocks suffered as volatility remains high in the domestic markets.

Some of the top losers in early trade are Kotak Mahindra Bank, Induslnd Bank, IDFC Bank, ICICI Bank, HDFC Bank, Hero MotoCorp and Asian Paints.

On the NSE, all sectoral indexes were trading in red except Nifty Pharma, highlighting a marked weakness in most sectors.

Analysts say that the stock markets in India could see choppy trade till there is clarity on the situation after the lockdown ends of April 14.

While markets were closed on account on Ram Navami on Thursday, factory activity data released yesterday also weighed in on the markets today. On Wednesday, Sensex had fallen over 1,200 points while Nifty plunged over 340 points.

Globally, stocks rose on expectations of a possible oil deal between Saudi Arabia and Russia, but doubts are already rising over the deal brokered by US President Donald Trump.

Market could go into recession and Nifty may touch 6,500 in next 6 months but now the parameters show that the economy may enter into depression period (where GDP turns into negative territory, means it could be in between -1 percent and -5 percent) and the period could be quite long in comparison to slowdown/recession period.

It may be 2 years or more and in this period, Nifty is likely to touch 5,500 and the stocks are likely to be available at 10-50 percent (depends upon small cap-large cap) discount from their peak.

The good thing is the reason of recession would be coronavirus. However, depression territory would be due to an extreme drop in crude oil prices (likely to touch $12–15 per barrel) and there is again a chance of an acceleration of the US-China trade war. Probably, it would not convert into great depression (where multiple economies deliver drop in GDP by 15-20 percent) because tailspin crude oil prices affect many major economies but at the same time, it would be positive for emerging nations. So, be cautious, try to keep more patience and be ready to invest in lower levels.

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Market indices erased earlier gains and trended bearish by Tuesday’s afternoon session, tracking overseas equity markets that traded cautious as coronavirus infected cases continues to rise globally. On Tuesday, markets traded volatile as investors banked up on hopes of liquidity infusion given by apex lender RBI by late Monday (post market hours), although stayed pessimistic over rising cases of virus.

Overseas, trend has been strongly negative amid the heightened fears of COVID-19 cases. Policymakers worldwide have continued to ensure a globally coordinated response to the coronavirus pandemic by closing borders, banning travel and assuring liquidity infusion into the system, in a move to curb economic fallout from the virus. On Monday, market indices recorded the second biggest single-day fall and ended 8% lower. Where Sensex ended 2,713 points lower at 31,390, Nifty closed 756 points lower at 9,199.

Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. There are currently 182,605 confirmed cases and 7,171 deaths from the coronavirus outbreak as of March 17, 2020. Of this, 79,881 have been recovered globally. The number of infected cases in India has increased to 129. The death toll from coronavirus in India has risen to 3 on Tuesday.

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Investor wealth worth over Rs 8 lakh crore was wiped off in early trade on Thursday as equity markets crashed amid global equity selloff after World Health Organization termed the coronavirus outbreak a pandemic.

Indices fell sharply on Dalal Street in the opening session on Thursday. The Sensex plummetted 1,821.27 pts to 33,876.13 in opening session; Nifty plunged 470.35 points to 9,988.05.

After opening 34,472.50 points, Sensex dropped to 33,876.13. Meanwhile, Nifty tanked 470.35 pts to 9,988.05. Tata Steel, ONGC, State Bank of India (SBI) shares dipped over 8 percent while Reliance Industries fell over 7 percent. Global shares too crumbled after US President Donald Trump said America will suspend all travel from Europe as he unveiled measures to contain the coronavirus epidemic that has resulted in a heavy human and economic toll worldwide.

Sensex breached 34,000 level and slipped to the 17 months low on 12 March. All the Sensex stocks are trading in the red. Tata Motors was 11.11 percent down ,Tata Steel 8.35 percent, ONGC 7.89 pecent, SBI 7.08 percent and Axis Bank was down 6.91 percent.

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. Elsewhere in Asia, bourses in Shanghai dropped over 1.34 percent, Hong Kong 3.66 percent, Seoul 4.29 percent and Tokyo cracked up to 5.32 percent.

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. Weak opening in domestic equities and foreign fund outflows too dragged the local unit, they added. The rupee opened at 74.25 at the interbank forex market and then fell further to 74.50, down 82 paise over its last close.

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MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5 percent. Australian shares fell 1.86 percent, while Japan’s Nikkei stock index slid 1.45 percent. Yields on 10-year US Treasuries fell to a record low as investors increased bets that the Federal Reserve will follow this week’s surprise 50 basis point rate cut with further easing to prevent corporate bond spreading.

SBI share price loses 6.61% to Rs 269.25 on BSE. SBI has been asked to form a consortium and invest in YES Bank. Bank Nifty lost 4.18% to 27,565 compared to the previous close of Rs 28,815.

Benchmark indices Sensex and Nifty crashed in opening trade today inline with global equites fear of coronavirus spread gripped investors. RBI took over the management of private sector lender YES Bank which also weakened sentiment in domestic market.ds from widening further.

Tumbling yields hammered the dollar, which traded near a six-month low versus the yen and close to a two-year trough against the Swiss franc. Oil prices rose on hopes that output cuts would protect the market from an expected decline. The toll in coronavirus deaths in the United States has risen to 12 after officials confirm another fatality in Washington state. Several states announced their first positive tests, including Maryland, which has declared a state of emergency.

Vice President Mike Pence has acknowledged that the outbreak has continued to disrupt the economy and strain resources.

Maryland Gov. Larry Hogan (R) said Thursday that three positive coronavirus cases were confirmed in the state, and that the patients contracted the virus while traveling overseas. They are quarantined in their homes in Montgomery County, a suburb of about 1 million people outside Washington, DC.

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