Indian shares are likely to open lower on Thursday after coronavirus cases in the country reached 656, as reported by states, and the death toll increased to 13.
India's Q4 GDP growth may not be negative but can go down to 1.5-2.5 percent due to the 21-day long national lockdown, Care Ratings said.
India's aviation industry is expected to post losses of $3-3.6 billion in the June quarter with airlines sharing the bulk of the hit because of the Covid-19 pandemic, aviation consultancy Capa India said.
The U.S. is facing a very sharp, short recession because everything is shutting down, former Federal Reserve Chairman Ben Bernanke warned, but added that there could be a fairly quick rebound.
Media reports suggest that discussions are ongoing between the Prime Minister office, the finance ministry and RBI over an economic stimulus package of more than Rs. 1.5 lakh crore ($19.6 billion) to fight a downturn in the country.
Benchmark indexes Sensex and the Nifty soared around 7 percent on Wednesday, mirroring firm global cues.
Asian markets are trading mixed this morning as the number of confirmed coronavirus cases worldwide soared past 450,000 and the global death toll topped 20000. The dollar dipped while oil prices traded mixed.
U.S. President Donald Trump has said that he hopes the United States will shake off coronavirus by Easter, terming it as "a beautiful timeline."
Addressing a White House news conference Tuesday, he warned that if the country continues to lock down without business, it could suffer "a massive recession or depression."
Overnight, U.S. stocks gave up some early gains to end mixed after a handful of
Republican senators threatened to delay the $2 trillion coronavirus spending bill over the expansion of unemployment benefits.
The Dow Jones Industrial Average rallied 2.4 percent and the S&P 500 climbed 1.2 percent, while the tech-heavy Nasdaq Composite index dropped half a percent.
European markets posted strong gains on Wednesday amid renewed optimism about U.S. stimulus. The pan European Stoxx 600 surged 3.1 percent. The German DAX gained 1.8 percent, while France's CAC 40 index and the U.K.'s FTSE 100 both spiked about 4.5 percent.
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