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Stock impact report

Nifty, Sensex dive as Fed rate cut fails to calm coronavirus fears [Reuters]

Vedanta Limited American Depositary Shares (Each representing four equity shares) (VEDL) 
Company Research Source: Reuters
Nifty, Sensex dive as Fed rate cut fails to calm coronavirus fears BENGALURU (Reuters) - Indian shares sank on Monday as the U.S. Federal Reserve’s emergency move to cut rates back to near zero and disappointing economic data out of China spooked investors about the impact of the coronavirus outbreak on global growth. The surprise rate cut on Sunday by the Fed and its measures to ensure liquidity in dollar lending ahead of a scheduled meeting that had been set for Tuesday and Wednesday sent U.S stock index futures tumbling to their daily down limit. “Major concern is about the steps being taken to contain the virus spread by the government, stimulus is not something that is enough to calm nerves right now,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities. “In India, the number of cases are going up, the volatility index is also high, indicating that markets will remain under pressure.” The rupee, which fell to a record low of 74.508 against the dollar on Fr Show less Read more
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