Tag: corona

India's services sector expands at fastest pace

India's services sector expands at fastest pace
Wednesday, April 6, 2022
The services sector in India expanded at its fastest pace so far this year in March as an easing of Covid-19 restrictions boosted demand, but elevated inflationary pressures clouded business confidence, a private survey showed. The S&P Global India Services Purchasing Managers' Index rose to 53.6 in March from 51.8 in February, beating the 52.5 estimates in a Reuters poll. While the index remained above the 50-mark separating growth from contraction for an eighth straight month, input costs rose at the sharpest pace in 11 years. Higher chemical, fuel, raw materials, retail, transportation, and vegetable prices increased operating expenses, dampening business confidence. Domestic demand increased on high footfall, leading to rising sales and pushing the new business sub-index to a three-month high. However, international demand contracted at its sharpest rate in six months as the Russia-Ukraine war-affected supply chains. Read more

MARKET UPDATE:Sensex up 642 points at 58,276 levels while the Nifty back above the 17,350-mark

MARKET UPDATE:Sensex up 642 points at 58,276 levels while the Nifty back above the 17,350-mark
Wednesday, December 8, 2021
The Indian benchmark indices started firm today(8th December 2021), ahead of the RBI's monetary policy outcome. The six-member monetary policy committee (MPC), headed by Governor Shaktikanta Das, is likely to maintain key interest rates for a ninth straight meeting, retaining an accommodative stance amid the threat surrounding the Omicron coronavirus variant. The S&P BSE Sensex was up 642 points, or 1.11 percent, at 58,276 levels in early deals while the Nifty50 index was back above the 17,350-mark. The 50-pack index gained 192 points or 1.12 percent. 49 of the 50 Nifty constituents were trading in the green, led by ONGC (up 2.5 percent), Infosys, Wipro, ICICI Bank, Reliance Industries, Indian Oil Corporation, and Bharti Airtel. The only loser was Divis Labs, down 0.15 percent. Read more

Indian stocks unlikely to recoup recent losses: Poll

Indian stocks unlikely to recoup recent losses: Poll
Wednesday, December 1, 2021
According to a Reuters poll of strategists, Indian equities will not recoup recent losses until after mid-2022 on worries over Coronavirus (COVID-19) resurgence and global monetary policy tightening. The report also predicted a likely correction in the next six months. Buoyed by easy monetary policy, a gradual re-opening of the economy, and a rapid vaccination drive, the benchmark BSE Sensex Index has rallied nearly 20% year-to-date. But the BSE index has dropped around 8% from its all-time high of 62,245.43 sets on Oct. 19 as concerns mount over the Omicron coronavirus variant, dampening investor sentiment further. The Nov. 16-30 Reuters poll of 35 equity strategists forecast the benchmark Sensex index to touch 60,450 by mid-2022, a gain of around 5.6% from Monday's close of 57,260.58. If realised, the gain would not be enough to recoup recent losses. However, the index was expected to rise further to hit a high of 63,000 by end-2022. Read more

India records highest ever single-day spike with 200,739 Covid-19 cases

India records highest ever single-day spike with 200,739 Covid-19 cases
Thursday, April 15, 2021
The number of new coronavirus cases in India hit a record daily high with over 200,000 infections being reported in a day, while the active cases surpassed the 14- lakh mark, as per the Union Health Ministry data updated today(15th April 2021). With the new cases, the total tally of Covid-19 cases in the country rose to 14,074,564. A total of 200,739 new Covid-19 cases have been registered in a span of 24 hours, while the death toll increased to 173,123 with 1,038 daily new fatalities, the highest sinceOctober3,2020, the data updated at 8 am showed. Registering a steady increase for the 36th day in a row, the active cases have increased to 1,471,877 comprising 10.46 percent of the total infections, while the national Covid-19 recovery rate has dropped to 88.31 percent. Read more

Key factors behind today's market fall

Key factors behind today's market fall
Monday, March 15, 2021
Today (15th March 2021) the equity benchmark indices were on track for the second day of fall.The fall comes on the back of weak macroeconomic data (dip in IIP, rise in inflation) and resurgence in Covid-19 infections. Besides, elevated crude prices and jump in bond yields also weighed on sentiment. The weak macroeconomic print spooked investors who have been plowing money into the market amid hopes of a strong economic recovery. In a double whammy for the economy, industrial production growth re-entered the negative territory by contracting 1.6 percent in January, while retail inflation soared to a three-month high of 5.03 percent in February on costlier food items. That apart, WPI inflation came in at 4.17 percent in February, up 2.03 percent from January. "Looking ahead, we expect large upticks in the WPI inflation over the next three months, as the wedge between the commodity prices and their year-ago level intensifies. We expect the headline and core WPI inflation to rise Read more

India recorded a steady rise in the Covid-19 active cases over the past few days

India recorded a steady rise in the Covid-19 active cases over the past few days
Monday, February 22, 2021
India has recorded a steady rise in the Covid-19 active cases over the past few days. On 21st Feb.2021 (Sunday), the country registered 14,199 fresh Covid-19 cases. Active cases in India have risen to 150,055, while the caseload tally has crossed the 11-million mark. The country continues to be second-most-affected globally and ranks 14th among worst-hit nations by active cases. Till February 21, a total of 11,116,854 vaccine doses have been administered through 230,888 sessions. Maharashtra, which recorded 6,900 new cases, has announced a state-wide ban on social, political, and religious gatherings, besides imposing fresh local lockdowns or curbs in districts like Pune and Amravati. The five most affected states by total cases are Maharashtra (2,093,913), Kerala (1,034,657), Karnataka (948,149), Andhra Pradesh (889,298), and Tamil Nadu (848,275) Read more

India is Asia's best post-Covid recovery story: Chris Wood

India is Asia's best post-Covid recovery story: Chris Wood
Friday, February 12, 2021
Christopher Wood, global head of equity strategy at Jefferies has reiterated his bullish view on Indian equities due to a steady fall in Covid cases coupled with a sharp economic recovery in India. In December 2020, Wood raised exposure to Indian equities twice in his Asia ex-Japan long-only portfolio. “With Covid cases in India now 88 percent off their peak amid growing hopes of herd immunity, India looks right now Asia’s best post-Covid recovery story,” Wood wrote in his weekly note to investors, GREED & fear. For the stock market to have a real nasty unwind at the global level rather than just a bull market correction, Wood believes there needs to be a catalyst in the form of an economic downturn or a material tightening in the US Federal Reserve's (US Fed) policy. He ruled out the possibility of either of these catalysts materialising. Read more

Where is the coronavirus headed in India?

Where is the coronavirus headed in India?
Monday, January 11, 2021
There has been a steady decline in the daily number of cases and deaths, since the peak of mid-September in India when govt readies for a massive mass immunisation drive. Less than 300 daily coronavirus deaths were recorded in the country for the last 16 days with the national recovery rate improving to 96.42 percent, according to data from the union health ministry. Given that we will never know the true numbers during the pandemic or even after it, the trajectory is important and it has been on the downward slope, which leads to a pressing question- Is the worst of the pandemic over? It is hard to say if the first wave is ending and if there would be a second one. That depends on the number of people who have been exposed to the virus. Considering that India went through two important periods without any significant upturn – Dussehra to Diwali festive season and elections that followed, experts say it is safe to assume that the epidemic is under control. Read more

Resurgence in coronavirus infections: Services sector in India loses steam in December

Resurgence in coronavirus infections: Services sector in India loses steam in December
Wednesday, January 6, 2021
Growth in India's services industry continued to lose momentum in December as a resurgence in coronavirus infections weighed on new business and employment, according to a private survey today. Asia's third-largest economy has been gradually recovering from a coronavirus-induced recession but is not expected to return to pre-pandemic levels soon, especially within the service industry - the engine of economic growth and jobs in the country. The Nikkei/IHS Markit Services Purchasing Managers' Index fell to 52.3 in December from November's 53.7 but held above the 50-mark separating growth from contraction for a third straight month. "A spike in Covid-19 cases was reported as a key factor restricting the growth of new work intakes among service providers, which in turn curbed the rise in output and led to increased business uncertainty about the outlook,", said the report. Read more

The U.K. Coronavirus variant: Some facts

The U.K. Coronavirus variant: Some facts
Tuesday, December 22, 2020
During the last few days, the world has watched with curiosity and growing alarm as scientists in the United Kingdom have described a newly identified variant of the coronavirus that appears to be more contagious than, and genetically distinct from, more established variants. Initial studies of the new variant prompted Prime Minister Boris Johnson to tighten restrictions over Christmas, and spurred officials in the Netherlands, Germany, and other European countries to ban travel from the U.K. The U.K. variant is just one variation among many that have arisen as the coronavirus SARS-CoV-2 has spread around the world. Mutations arise as the virus replicates, and this variant — known as B.1.1.7 — has acquired its own distinctive set of them. The variant came to the attention of researchers in December, when it began to turn up more frequently in samples from parts of southern England. It turned out to have been collected from patients as early as September. Read more

Pfizer may price Covid-19 vaccine lower in India than in UK and US

Pfizer may price Covid-19 vaccine lower in India than in UK and US
Wednesday, December 16, 2020
Pfizer has indicated that it will have differential pricing for different countries. In the US, the company has priced the vaccine for government procurement at $39 for two doses. In the UK, the vaccine is estimated to cost close to $40 for two doses. A Pfizer India spokesperson said the company would price the vaccine in a way that can help governments ensure there is little or no out-of-pocket costs for their population. As such, its global pricing strategy is dependent on volumes, advance commitments, and affordability. "Our vaccine approach is based on the principle of ensuring broad access and supplies to governments,’’ the spokesperson said. He added that the company remains ‘’committed to engaging with the government of India and exploring opportunities to make this vaccine available for use in the country."

Covid-19 vaccine in India : Status of emergency use authorisation (EUA)

Covid-19 vaccine in India : Status of emergency use authorisation (EUA)
Wednesday, December 9, 2020
Bharat Biotech International (BBIL) had changed the dosage from 3 micrograms of antigen to 6 micrograms during its Covid-19 vaccine trial, a point that the subject expert committee (SEC) would closely examine when it meets on 9th December 2020 to review its application for an emergency use authorisation (EUA) for Covaxin. The panel would also review the applications of Pfizer-BioNTech and Serum Institute of India (SII) seeking a EUA for their vaccines. While many have raised questions over BBIL applying for a EUA during an ongoing efficacy trial, the Indian Council of Medical Research (ICMR), the country’s apex health research institute, has defended the move. Read more

COVID-19 vaccination to be ready as soon as scientists give nod

COVID-19 vaccination to be ready as soon as scientists give nod
Friday, December 4, 2020
Prime Minister Narendra Modi on Friday while virtually addressing an all-party meeting on COVID-19 situation, said Coronavirus vaccines are expected to be ready in the next few weeks and the government will start vaccinating Indians as soon as the scientists give a nod and declared that healthcare workers involved in treating coronavirus patients, frontline workers and old people suffering from serious conditions would be inoculated on priority. Modi added that the Indian scientists are confident with the work in vaccine development against the novel Coronavirus. Nearly eight vaccines are at different stages of trial like Bharat Biotech-ICMR, Oxford-AstraZeneca, Zydus Cadila, Biological E and Dr Reddy’s with their manufacturing assured in India, Modi said. Three vaccines from India are also at different stages of the trial, he said. Modi also asserted that vaccines will also be the cheapest, hence, other countries are closely monitoring it. Read more

India needs huge investment to give all Indians Covid vaccine

India needs huge investment to give all Indians Covid vaccine
Tuesday, September 22, 2020
A vaccine for the coronavirus will likely be ready by early 2021 for India. Rolling it out safely across India’s large population will be the country’s biggest challenge in fighting its surging epidemic, experts say. “By year-end, we will have data that will tell us which vaccines are working and which ones are not going to do so well,” said Kang, who until July was heading the Indian government committee looking into prospective indigenous vaccine candidates. “If we get good results by year-end then we are looking at vaccines being potentially available in tiny numbers in the first half of 2021 and larger numbers in the latter part.” Read more

Big countries such as India are at a disadvantage in dealing with pandemics

Big countries such as India are at a disadvantage in dealing with pandemics
Friday, July 31, 2020
India is now the epicenter of the global coronavirus pandemic. It ranks just behind the U.S. and Brazil in confirmed cases and is growing faster than either. The total rose 20% in just the last week, despite the fact that India is testing less than most of its peers. It’s looking increasingly likely that India will wind up being the country with the most cases in the world. It is a reflection of the fact that big, diverse countries are at a disadvantage in dealing with pandemics. Smaller nations such as New Zealand or Thailand can manage the flow of cases by shutting down their international borders. But internal borders are as porous in India as they are in the U.S. Read more

23.5% Delhi residents had IgG antibodies:Sero-surveillance study by NCDC

23.5% Delhi residents had IgG antibodies:Sero-surveillance study by NCDC
Tuesday, July 21, 2020
In Delhi, 23.48 percent of Delhi's respondents had IgG antibodies as per a sero-surveillance study. This indicates that many people would likely be infected with coronavirus but asymptomatic. The study was conducted by the National Center for Disease Control (NCDC) in collaboration with the Delhi government from June 27 to July 10. A total of 21,387 samples were collected according to lab standards and then tested. These tests were not diagnostic but done to identify the presence of antibodies in the general population. Antibody testing done repeatedly over time generates important evidence for assessing the spread of the pandemic from time to time. Read more

India Coronavirus update: 32,695 new cases in the past 24 hours- biggest single-day spike yet

India Coronavirus update: 32,695 new cases in the past 24 hours- biggest single-day spike yet
Thursday, July 16, 2020
India has recorded 32,695 Covid-19 cases in the past 24 hours — its biggest single-day spike yet — to take its total number of coronavirus cases to 970,596. With over 600 deaths on 15th July 2020, the country's Covid-19 the death toll has now reached 24,929. India, the third-most-affected country by total cases and eighth by death toll, has added 201,580 cases — 21% of its total tally — in the past 7 days alone. Worldometer recorded an increase of over 230,000 coronaviruses. The recovery rate in West Bengal has gone downhill since the last two weeks, while the rate of infection has been increasing — and all these when the city is facing an acute shortage of beds in both government and private hospitals. In the last two weeks, from 30 June to 14 July, Bengal’s discharge/recovery rate has fallen from 66.48 percent to 60 percent. In Kolkata, it has nosedived from 64 percent to 56 percent, according to state government data. Read more

Coronavirus updates

Coronavirus updates
Tuesday, June 9, 2020
The total number of coronavirus cases in India has jumped to 267,614, while 7,481 people have died from the disease so far. Maharashtra has recorded a tally of 88,528, which is more than China's. In Mumbai alone, there are over 50,000 cases of Covid-19. Delhi Chief Minister Arvind Kejriwal has gone into isolation on the advice of doctors. He was suffering from fever and cough. The CM underwent coronavirus test today, report expected to be released soon. Coronavirus world update: The global tally of coronavirus cases is 7,219,187, and 409,108 people have died from the disease so far.

Coronavirus updates: COVID- 19 cases in India has reached 146,208;Globally, 5,607,145 infected

Coronavirus updates: COVID- 19 cases in India has reached 146,208;Globally, 5,607,145 infected
Tuesday, May 26, 2020
The total count of COVID- 19 cases in India has reached 146,208, according to the Ministry of Health and Family Welfare. The country now ranks among the world's top 5 nations with most active cases, the list of which is led by the US. The number of deaths related to the Covid-19 in India stands at 4,187. 4.4 deaths per lakh population have been reported for the world, while India has reported about 0.3 deaths per lakh population, which is amongst the lowest in the world. This has been due to lockdown, timely identification, and management of coronavirus cases: Lav Agarwal, Union Health Ministry Joint Secretary. Read more

New guidelines to fight the coronavirus pandemic to be effective from 4th May

New guidelines to fight the coronavirus pandemic to be effective from 4th May
Wednesday, April 29, 2020
The home ministry in a tweet has communicated that new guidelines to fight the coronavirus pandemic shall come into effect from 4th May. The guidelines will give considerable relaxations to districts that have done well to combat the virus so far. The decision was taken after a comprehensive review which sought to gauge the current state of the pandemic. There have been tremendous gains & improvement in the situation due to lockdown till now. To ensure that these gains are not squandered away, the lockdown guidelines should be strictly observed till 3rd May, read the home ministry communiqué. Country's second phase of mandated lockdown is scheduled to end on May 3. Read more

Coronavirus fight-RBI reduces repo rate by 75 basis points to 4.4 per cent.EMIs put on hold

Coronavirus fight-RBI reduces repo rate by 75 basis points to 4.4 per cent.EMIs put on hold
Friday, March 27, 2020
After yesterday's GOI announcement of its economy rescue in right earnest with a Rs 1.70 lakh crore coronavirus counter, the Reserve Bank of India joined the big fight today with a host of measures aimed at minimising the damage from Covid-19. These measures come just hours after Moody's Investors Service cut India's growth forecasts for 2020 calendar year to 2.5% from 5.3%. A moratorium of three months of EMIs on all outstanding loans was announced. Read more

India growth forecast reduced to 5.1% for FY21 by Fitch

India growth forecast reduced to 5.1% for FY21 by Fitch
Friday, March 20, 2020
In its Global Economic Outlook 2020, Fitch said the number of people affected by coronavirus will keep rising in the coming weeks but that the outbreak will remain contained. However, there are downside risks to this situation. Fitch in December 2019 projected India's growth at 5.6 percent for 2020-21 and 6.5 percent in the following year. "Supply-chain disruptions are expected to hit investments and exports. We see GDP growth to remain broadly steady at 5.1 percent in the fiscal year 2020-2021 following growth of 5.0 percent in 2019-2020," Fitch said. For 2021-22, Fitch projected India's growth to be 6.4 percent. Read more

PM Modi appeals all Indians to stay indoors as much as possible to avoid getting infected by coronavirus

PM Modi appeals all Indians to stay indoors as much as possible to avoid getting infected by coronavirus
Thursday, March 19, 2020
Today ( Thursday 19th March) Prime Minister Narendra Modi in a national broadcast asked people to sacrifice "their some weeks and time" as coronavirus has no cure yet, the only way to stay safe is to stay indoors. "I request all people in the country to get out of the house only when it is extremely necessary, try and do all work from home," he said. He made a fervent appeal to all Indians to stay indoors as much as possible to avoid getting infected by coronavirus, saying the world has never seen a danger as grave as this. A Covid-19 task force has also been set up under the finance minister to tackle the pandemic. He called for 'Janta curfew' on March 22 from 7 am-9 pm, saying no citizen, barring those in essential services, should get out of the house.

Nifty enters bear market, slips below 10,000;Sensex cracks over 2,900 points

Nifty enters bear market, slips below 10,000;Sensex cracks over 2,900 points
Thursday, March 12, 2020
It was a ocean of red for Asian markets at the open. Indian markets opened also on a similar note. Declaration by WHO coronavirus as ‘Pandemic’triggered travel bans globally which sent shock waves across financial and commodity markets. US President Donald Trump's much-awaited speech at Oval Office could not allay investor concerns, as US stock futures tumbled 4 percent early on 12th March(Thursday), in addition to a near 6 percent slide in US stocks overnight, setting up the stage for a terrifying start for domestic indices. In the closing trades, the BSE Sensex cracked 2,919 points i.e. 8.1 percent, to 32,778.14. Nifty50 entered in to bear market, falling over 20 percent from the recent high. Read more

Coronavirus impact: OECD slashes India's FY21 growth forecast to 5.1%

Coronavirus impact: OECD slashes India's FY21 growth forecast to 5.1%
Tuesday, March 3, 2020
The Organisation for Economic Cooperation and Development (OECD) Yesterday (2-3-2020) lowered India’s GDP growth forecast to 5.1 percent, from its earlier projection of 6.2 percent, for 2020 on concerns over the impact of deadly coronavirus on the domestic as well as the global economy. According to the latest OECD Forecasts, India’s real GDP growth is expected at 5.1 percent during the fiscal year starting April 1, 2020, and improve to 5.6 percent in the following year. The latest projection for 2020-21 is 1.1 percentage points lower than the November 2019 forecast. The OECD has projected India’s growth at 4.9 percent for the financial year ending March 2020. As per the report Global economic growth will sink to levels not seen in over a decade as the coronavirus outbreak hammers demand and supply, challenging central banks and governments to respond to a fast-changing situation, according to the OECD.

Investors lose Rs 11.4 trillion in 6 days:Selling overdone?

Investors lose Rs 11.4 trillion in 6 days:Selling overdone?
Saturday, February 29, 2020
Continuous selling for six sessions in the Indian markets in tune with global trends that have tumbled as coronavirus fears escalated has shaken investor confidence. Total investor wealth has dropped by Rs 11.4 trillion in the past six trading days to Rs 147 trillion, as per the exchange data. On 28th Feb 2020, the S&P BSE Sensex tumbled 3 percent, in intra-day deals to 38,565 levels. From a level of 41,323 on Wednesday, February 19, 2020, the index has tanked 6.7 percent in the past six trading days. There is more pain in store for global markets in the backdrop of the coronavirus scare. But it is widely felt that selling in the Indian markets has been overdone as the country has remained relatively immune to the pandemic till now. “Indian markets have been following the global trend and are better-off with the energy and commodity prices falling."If one is convinced about the long-term prospects, this is the time to buy fundamentally sound companies,” experts opined

Coronavirus fallout recession fears:Worst week for global markets since 2008

Coronavirus fallout recession fears:Worst week for global markets since 2008
Friday, February 28, 2020
Global share prices headed for the worst week since the world financial crisis in 2008 as investors braced for the coronavirus to become a pandemic and rapidly spread around the world. Hopes that the epidemic that started in China would be over in a few months and economic activity would return to normal have been shattered, as new infections reported around the world now surpass those in China. MSCI all country world index fell 3.3 per cent on Thursday to bring its losses so far this week to 8.8 per cent, on course for its biggest weekly decline since a 9.8 per cent plunge in November 2008. Wall Street shares led the rout as the S&P 500 fell 4.42 per cent, its largest percentage drop since August 2011. It has lost 12 per cent since hitting a record close on Feb. 19, marking its fastest correction ever in just six trading days while the Dow Jones Industrial Average fell 1,190.95 points, its biggest points drop ever.

The coronavirus outbreak in China will have a limited impact on India

The coronavirus outbreak in China will have a limited impact on India
Thursday, February 20, 2020
The coronavirus outbreak in China will have a limited impact on India but the global GDP and trade will definitely get affected due to the large size of the Chinese economy, RBI Governor Shaktikanta Das has said. The pharmaceutical and electronic manufacturing sectors in India are dependent on China for inputs and they may be impacted, Das told. Alternatives are being explored to overcome these issues, he said. For India, China is an important trading partner and policymakers both in the government and the monetary authority "are very watchful of the developments that are taking place," Mr Das said. He noted that the critical thing to be watched and monitored now is how quickly Chinese authorities are able to contain the problem. For India, he said, the important aspect is manufacturer should be able to quickly develop alternative sources.

Corona virus effect:Stocks Sink as Markets Open in China

Corona virus effect:Stocks Sink as Markets Open in China
Monday, February 3, 2020
Stocks in Shanghai opened 8.7 percent lower in early Monday, while shares in the southern Chinese boomtown of Shenzhen fell 9 percent. The markets had been closed since Jan. 23 for the Lunar New Year holiday, and government officials extended that closure until Monday while the authorities dealt with the outbreak. Read more

Air India arranges a special flight to evacuate Indians from Wuhan today

Air India arranges a special flight to evacuate Indians from Wuhan today
Friday, January 31, 2020
Coronavirus outbreak: National airline carrier Air India arranges a Jumbo Boeing-747 to rescue about 250 passengers from Wuhan, China, the site of the outbreak of Coronavirus. This comes a day after India confirmed its first case of Coronavirus in Kerala. The 423 seater flight will depart from Delhi airport at 12.30 pm as per a senior airline official. "The national carrier once again comes to the rescue" read the tweet from Air India’s national spokesperson Ashwani Lohani.

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