Domestic markets ended lower on Friday after volatile trading dragged by banking, auto, and metal stocks. Sensex closed 118 points lower at 39,714 making an intra-day recovery of over 300 points from day's lows while Nifty lost 23 points but held on to 11,900 mark. Nifty Bank also recovered 700 points sharply from day's lows dragged by HDFC, ICICI Bank and Kotak Mahindra. The number of ratio of the number of stocks tilted in favour of declines after the intra-day fall. 

Tensions&nbsp;rose ahead of emergency meeting of&nbsp;OPEC&nbsp;as Saudi Arabia criticised Russia on Saturday, claiming Moscow had blamed the kingdom for the collapse in global energy prices. Oil prices fell after OPEC countries, including Russia, failed to agree to production cuts, triggering a price war that led to Saudi Arabia threatening to pump at a record-breaking pace to seize back market share even as the coronavirus pandemic saw demand sharply drop. The Brent crude fell to around $24 a barrel in early 2020, compared to prices of over $70 a year ago.&nbsp;

As per some reports, India&rsquo;s tourism sector may see an overall loss of&nbsp;₹5 lakh crore and job cuts for 4-5 crore people.&nbsp;Of the total losses, the organised sector in the industry -- branded hotels, tour operators, travel agencies &ndash; may be hit the hardest with an estimated loss of around&nbsp;₹1.58 lakh crore, according to Confederation of Indian Industry estimates.

The head of the International Monetary Fund,&nbsp;Kristalina&nbsp;Georgieva, said the recession sparked by the coronavirus pandemic is 'way worse' than the 2008 global recession. She described the situation as 'a crisis like no other.'
&nbsp;(BYTE)"It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021. In fact, there may be a sizeable rebound, but only if we succeed with containing the virus everywhere and prevent liquidity problems from becoming a solvency issue."
&nbsp;

Air India has stopped bookings till April 30, 2020. It further added that it is awaiting a decision after April 14, when the nationwide lockdown is scheduled to end. For now, bookings have been stopped for both domestic and international routes. Domestic and international commercial flights in the country are suspended till April 14 amid the lockdown to curb the spreading of coronavirus infections. An airline spokesperson said bookings have now been closed till April 30

Fitch has slashed India&rsquo;s GDP growth forecast to 2% for the year 2020 in the wake of business shutdown and lower consumer spending after the&nbsp;coronavirus&nbsp;breakout.&nbsp;This would make it the slowest growth in India over the past 30 years. Fitch had earlier lowered its forecast to 5.1%.

Airlines can take domestic bookings after April 14, unless the current lockdown&nbsp;is further extended, aviation minister Hardeep Singh Puri said on Thursday.&nbsp;Puri added that any international flights to evacuate Indians stranded abroad will operate only after April 14, once the current lockdown is lifted. Flights will be considered on a case-by-case basis, depending on which countries they are coming from, he added.

Indian equity markets ended lower on Friday due to heavy sell-off in financial sector stocks.
The Sensex&nbsp;fell 674 points to end at 27,590 and the Nifty ended the day below 8,100, falling over 2%.
Axis bank, IndusInd&nbsp;Bank, ICICI&nbsp;Bank, Titan and Shree&nbsp;Cement were the top five market losers. Whereas, Sun Pharma, Cipla, ITC, GAIL and ONGC&nbsp;were on the gaining side.
At 3:45 pm, the rupee was 23 paise&nbsp;higher at 76.06 against the US dollar.
&nbsp;

The World Bank on Thursday approved $ 1-billion emergency financing for India to tackle the coronavirus outbreak.&nbsp;The World Bank's first set of aid projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 nations using the fast-track process, the bank said.&nbsp;The largest chunk of the emergency financial assistance, $1billion, has gone to India.

After the government postponed deadlines for filing tax and earning returns, several companies and stakeholders have sought extension of current financial year to a 15-month one, the Economic Times reported.&nbsp;As per the proposal, the next financial year would start from July this year and would end in March 2020. Several companies have seen all their financial&nbsp;ratios&nbsp;go for a toss in last one month due to Coronavirus and shutdown that followed, the report mentioned.

To help hospitality unicorn Oyo tide over the challenges posed by the Covid-19 pandemic, its entire executive leadership team has taken a voluntary pay cut, starting at 25% and going up to 50%, the company said on Thursday. Company's&nbsp;CEO Ritesh Agarwal has decided to forego 100% of his salary for the rest of the year.

As the real estate sector receives yet another jolt with the coronavirus crisis, a report by Anarock Property Consultants says that housing sales across seven major cities in the country is likely to decline 25-35% in 2020. Residential sales in 2019 stood at around 2.61 lakh units across the top seven cities and may now fall between 1.70-1.96 lakh units.

In a bid to curb insider trading, security market regulator, SEBI&nbsp;has reportedly prohibited promoters and insiders from buying company shares till June 30, as companies have been given extra time to report earnings with the stock exchanges. Companies have received additional time to submit their quarterly and annual results in view of the coronavirus crisis and the ongoing lockdown.

The Indian market witnessed a massive foreign capital outflow of ₹1.22&nbsp;lakh crore in March 2020, triggered by fears of a global recession amid the coronavirus lockdown and slump in economic activity. Foreign Institutional Investors (FII) pulled out&nbsp;last month after remaining net buyers for six consecutive months.&nbsp;The foreign investors are reducing their exposure in risky assets and moving to safe-havens such as the dollar and gold.

Indian stock markets opened in red on Monday tracking global peers. At 9:30 am, the Sensex&nbsp;was 370 points down and the Nifty fell 1.56% to 8,125.&nbsp;
IndusInd&nbsp;Bank, Kotak&nbsp;Bank, Hero Moto, Titan and BPCL&nbsp;were the top losers. While, Cipla, ONGC, Sun Pharma, Power Grid and Bajaj&nbsp;Finance were the top five gainers.
The Indian rupee was trading 38 paise&nbsp;high against the US dollar.

The last three weeks have marked one of the most devastating periods in history for the American job market, as first-time claims for unemployment benefits have surged more than 3,000% since early March.&nbsp;6.6 million US workers filed for their first week of unemployment benefits in the week ending March 28 &mdash; which a new historic high.&nbsp;Businesses continue to lay off and furlough workers amid the coronavirus outbreak.&nbsp;

British Airways is expected to announce a suspension of about 36,000 of its employees, BBC News reported on Wednesday. The airline has reached a broad deal with Unite union, a British trade union, that will include suspension of jobs of 80% of the airline's cabin crew, ground staff, engineers and those working at head office, BBC reported, adding that no staff were expected to be made redundant. British Airways had earlier announced&nbsp;to temporarily suspending flights from Gatwick Airport, Britain&rsquo;s second-busiest airport, as the aviation sector reels under the coronavirus crisis.

Moody's Investors Service on Thursday revised its outlook for Indian banking system to negative from stable, as it expects banks' asset quality to deteriorate due to disruption in economic activity from the coronavirus outbreak. Moody's report mentioned that a sharp decline in economic activity and a rise in&nbsp;unemployment will lead to a deterioration of household and corporate finances, which in turn will result in increased delinquencies.

During an interaction with Union Commerce and Industry Minister&nbsp;Piyush Goyal,&nbsp;export industry representatives have said that if the government does not find a way soon to re-open manufacturing units under lockdown, Indian products will lose their international markets to China, which has resumed production post the&nbsp;coronavirus&nbsp;outbreak. The industry players demanded resumption with some 50% manpower or even less, so that the industry is not hard hit, the Indian Express reported.&nbsp;Exporters also sought financial sops to pay wages, citing liquidity crunch with businesses being hit by the outbreak.

The Congress has hit out at the Centre for not announcing an interest subvention scheme along with the moratorium announced on payment of EMIs for three months against loans including for house, personal requirements, auto and other purposes, and said that it defeats the purpose of the relief. Banks have also&nbsp;warned borrowers that they would have to pay more if they choose to defer EMI&nbsp;payments.

EMI&nbsp;deferment could put&nbsp;additional payment burden on the borrowers as banks informed that the interest shall continue to accrue on the outstanding portion of the loan during the moratorium period. They reiterated that it is 'deferment' and not an 'interest waiver'. The country's largest public-sector lender SBI also warned customers on Wednesday about the additional cost and advised borrowers to repay their loans if they are in a position to do the same.&nbsp;Explaining about the impact on home loan, State Bank of India said for a loan of ₹30 lakh with a remaining maturity of 15 years, the net additional interest would be nearly ₹2.34 lakh which is equal to eight EMIs.&nbsp;For auto loan of ₹6 lakh with a remaining maturity of 54 months, the additional interest payable would be around ₹19,000, equal to additional 1.5 EMIs, the bank said.

Markets close in red amid volatile trade

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