Markets opened higher led by Tata and ICICI Bank while midcaps underperformed.

Indian stock markets plunged on Monday following weak global markets due to rising coronavirus&nbsp;cases. The BSE&nbsp;Sensex&nbsp;ended the day 1,375 points down at 28,440 and the broader Nifty closed the trade after falling 4.38%.
Bajaj&nbsp;Finance, HDFC, Kotak&nbsp;Bank,&nbsp;HDFC&nbsp;Bank and Tata&nbsp;Steel were the top five Nifty losers. At 4 pm, the rupee was trading almost a per cent lower at 75.57 against the US dollar.

Indian equities opened lower on Monday after four green sessions&nbsp;as fears mounted that the global shutdown for the coronavirus could last for months.
At 9:30 am, the Sensex&nbsp;was over 800 points down at 29,000 and Nifty tumbled 3.11% to trade below 8,400.
Bajaj&nbsp;Finance, M&amp;M, Eicher&nbsp;Motor, JSW&nbsp;Steel and Bajaj&nbsp;Finserv&nbsp;were the top five Nifty draggers. While, only Cipla, TCS, GAIL, Axis Bank and Tech mahindra were in green.
The rupee was 26 paise&nbsp;down at 75.12 against the US Dollar.

China's manufacturing sector has steadily resumed production, with 98.6 per cent of major industrial firms resuming work amid the coronavirus pandemic, the Ministry of Industry and Information Technology said on Monday. Around 89.9 per cent of employees in industrial companies with an annual revenue of more than $2 million have returned to their workplaces.&nbsp;In Hubei, where the pandemic originated in its capital Wuhan last December, the average work resumption rate of industrial firms has&nbsp;surpassed 95 per cent so far.&nbsp;Meanwhile, 76 per cent of small and medium-sized enterprises nationwide have also resumed operations.&nbsp; &nbsp; &nbsp;

The Centre has asked automobile manufacturers to use their facilities to produce ventilators to boost the country's capacity of such machines in view of rising Covid-19 cases. The Health Ministry said that the Defence Research and Development Organisation will begin manufacturing 20,000 N-95 masks per day within the next week. The ministry also informed that over 14,000 existing ventilators are earmarked in various hospitals in the country while there are 11.95 lakh N-95 masks in stock. Besides, the Ministry of health has already asked&nbsp;Bharat Electronics Limited, a public sector undertaking under the Ministry of Defence, to manufacture 30,000 ventilators in the next two months.

State-run Bank of Baroda has cut its repo-linked-lending rate by 75 basis points with effect from March 28.&nbsp;This is&nbsp;in line with the reduction on RBI's repo rate by 75 bps last week.&nbsp;The revised rate&nbsp;for all retail loans and loans to MSMEs&nbsp;has been reduced to 7.25%.

Oil prices slumped in Asian trade on Monday, tracking the fall on stock markets after a sharp spike in global coronavirus deaths to over 30,000 over the weekend. US benchmark West Texas Intermediate fell 3.9% to trade at $20 a barrel, while international benchmark Brent crude was off 4.9% at $23 a barrel. Oil markets have been plunging for weeks as lockdowns and travel restrictions imposed by governments worldwide to fight the virus, sapped demand. Top producers Saudi Arabia and Russia are also locked in a price war, contributing to massive oversupply that is pushing down prices.

Indian Oil Corporation chairman said, India has enough petrol, diesel and cooking gas in stock to last way beyond the 3-week nationwide lockdown. He added, that all plants and supply locations are fully operational and the IOC has mapped demand for all fuel for the entire month of April and beyond. India is the world's third largest energy consumer, and with most cars and two-wheelers going off the road, petrol demand has fallen by 8% in March while diesel demand has been down 16% per cent. With airlines grounding flights, ATF demand has fallen by 20%. But with people at home in quarantine, LPG demand saw more than 200% jump since the lockdown was announced.

After Tata&nbsp;Trust pledged&nbsp;₹500 crores, Tata&nbsp;Group now has come forward to pledge another&nbsp;₹1000 crores&nbsp;for the fight against the&nbsp;Coronavirus.&nbsp;In a statement, Ratan&nbsp;Tata&nbsp;confirmed that his group will provide&nbsp;Personal Protective Equipment for the medical personnel, respiratory systems for treatment, testing kits &amp; also help set up modular treatment facilities for infected patients. The Trust will also help&nbsp;in knowledge management and training of health workers and the general public.&nbsp;

Abbott&nbsp;on Friday announced&nbsp;it has received approval for a test that is capable of testing positive coronavirus&nbsp;cases in as little as five minutes, and it will begin making those tests available to health care providers next week.&nbsp;The test can detect negative results in 13 minutes. The company said it plans to ramp up manufacturing so it can deliver 50,000 tests per day.

In a major relief for its customers, the State Bank of India on Friday said that it would pass on the entire 75 basis point rate cut to its retail borrowers.&nbsp;The bank said in a statement that its external benchmark linked lending rate and repo linked lending rate now stands at 7.05% and 6.65%, respectively. These new rates will be effective April 1, SBI said.

IMF chief Kristalina Georgieva said on Friday that the coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations. In an online press briefing,&nbsp;Georgieva said that&nbsp;it is clear that we&nbsp;have entered a recession&nbsp;that will be worse than in 2009 following the global financial crisis.&nbsp;She said over 80 countries, mostly of low incomes,&nbsp;have already have&nbsp;requested emergency aid from the International Monetary Fund.&nbsp;

The Supreme Court has allowed sale of BS 4 vehicles for ten days after lifting of the ongoing lockdown over Coronavirus. The top court has relaxed its earlier March 31 deadline for sale and registration of BS 4 vehicles. According to the Supreme Court, the Indian carmakers can sell only 10% of their BS 4 stock during this period. However, the top court's ruling does not include the Delhi-NCR region.
&nbsp;

The Sensex erased early sharp gains to close lower by 131 points on Friday, snapping its three-day rising streak as concerns over an impending recession heightened. This after the&nbsp;RBI said the projected annual growth was at risk due to the COVID-19 outbreak. After opening significantly higher, the BSE&nbsp;gave up all the gains to end 131.18 points lower at 29,815. On the other hand, the Nifty closed 18.80 points higher at 8,660.
Bajaj Finance was the biggest loser in the Sensex pack, followed by Hero MotoCorp, IndusInd Bank, Maruti and HCL Tech.
Axis Bank, ITC, NTPC and M&amp;M were among the top gainers.

In a massive decision, the Reserve Bank of India has announced that banks are permitted to allow a 3-month moratorium on payment of instalments of all term loans outstanding on March 1, 2020. This decision applies to all regional, rural banks, co-operative banks, NBFCs including Housing Finance Companies. More importantly, the moratorium will not result in asset classification downgrade and will have no adverse impact on credit history of beneficiaries.

Moody's Investors Service on Friday slashed its estimate of India's GDP growth during the 2020 calendar year to 2.5%, from an earlier estimate of 5.3%, saying the coronavirus pandemic will cause unprecedented shock to the global economy.
Moody's said India is likely to see a sharp fall in incomes, further weighing on domestic demand and the pace of recovery in 2021. The report added that in India, credit flow to the economy already remains severely hampered because of severe liquidity constraints in the bank and non-bank financial sectors.

Measures announced by RBI Governor Shaktikanta Das on Friday can together inject nearly Rs 3.74 lakh&nbsp;crore into the Indian economy. These measures come at a time when the Indian economy is bracing for a potentially sharp slowdown as it fights to contain the spread of the novel coronavirus with a 21-day lockdown. The RBI chief said, banks have been depositing Rs 3 lakh crore daily with the central bank over the last few days, and public should not panic, he assured that their money is safe with banks. Shaktikanta Das also predicted a global recession, adding that India will not be immune.

In view of the Covid-19 pandemic, the RBI&nbsp;monetary policy committee&nbsp;voted for sizable reduction in repo rate, maintaining an&nbsp;accommodative stance in order to boost growth and maintaining financial stability while keeping inflation in the mandated range. RBI&nbsp;Governor Shaktikanta&nbsp;Das announced, that the RBI&nbsp;has decided to slash the repo rate by 75 basis points and the reverse Repo Rate has been cut by 90 basis points, making it unattractive for banks to deposit funds with RBI.

Former Finance Minister P Chidambaram has welcomed the decision of the RBI to cut repo and reverse repo rate while raising concerns over central bank&rsquo;s move to put on hold EMI payments on all term loans for three months. In a series of tweets, Chidambaram, said RBI&rsquo;s decision to put EMIs on hold was ambiguous and half-hearted. He said, all EMI due dates must be automatically deferred. The senior Congress leader said, he had suggested that all due dates should be deferred to 30th of June, adding that RBI's move has made borrowers dependent on banks and they will be disappointed.

Equity&nbsp;markets&nbsp;pared their morning gains and slipped into the red, after the RBI's Monetary Policy Commitee (MPC)&nbsp;reduced the&nbsp;repo rate.
The&nbsp;BSE Sensex was down about 160 points, or 0.5 per cent, at 29,780 levels levels and the Nifty50 index slipped below the 9,000-mark, to hover around 8,590 levels, down 60 points, or 0.7 per cent.
Bharti Airtel, HCL Tech, and Hero MotoCorp,&nbsp;all down over 5% were the top losers in the Sensex pack.
Auto stocks were trading up to 6 per cent lower. The Rupee also declined against the greenback. At 12:20 pm, the domestic currency was trading 5 paise&nbsp;down at 74.83 against the US dollar.

The&nbsp;21-day nationwide lockdown will lead to a production loss of approximately 80 percent, which ideally means, India&rsquo;s economy will take a hit of Rs 35,000-40,000 crore per day. This will overall lead to a loss of Rs 6.3-7.2 lakh crore, Care Ratings has said.&nbsp;The credit rating agency&rsquo;s assessment is based on real FY20 GDP numbers that is Rs 140-150 lakh crore.&nbsp;Assuming that there are 300 working days in a fiscal, the daily output comes to Rs 45-50,000 crore which can potentially be lost due to the shutdown, the report said.&nbsp;

Markets open in green, midcaps underperform

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