What changed for the market while you were sleeping? Top 10 things to know

Benchmark indices on April 7 posted strong gains after two consecutive sessions of losses. Sensex closed 2,476 points, or 8.97 percent, higher at 30,067.21 while Nifty settled 708 points, or 8.76 percent, up at 8,792.20.

It was a broad-based rally as all pockets managed to rebound sharply, especially recent beaten down spaces like private banks and auto counters.

According to the pivot charts, the key support level for Nifty is placed at 8,495.63, followed by 8,199.07. If the index continues moving up, key resistance levels to watch out for are 8,954.08 and 9,115.97.

Nifty Bank closed 10.51 percent up at 19,062.50. The important pivot level, which will act as crucial support for the index, is placed at 18,280.67, followed by 17,498.83. On the upside, key resistance levels are placed at 19,517.46 and 19,972.43.

The evaporation of a rally on Wall Street in the closing minutes of Tuesday’s session shows that many investors fear the U.S. stock market is in danger of a renewed tumble due to uncertainty surrounding the coronavirus pandemic.

Asian stock futures were under pressure on Wednesday after a late, sharp sell-off on Wall Street and as oil prices slumped under pressure from swelling global supplies.

Trends on SGX Nifty indicate a negative opening for the index in India with a 159.5 points of loss. The Nifty futures were trading at 8703.50 on the Singaporean Exchange around 07:30 hours IST.

The damage to the Indian economy that the spread of COVID-19 has caused will depend on the duration of the lockdown as well as the manner in which it is withdrawn, said Mark Matthews, Head of Research, Asia, Julius Baer. "The closure of all but essential services and industry with potential extension means a complete halt in activity to approximately 75 percent of the economy for a duration of three weeks (with potential extension)," he told Moneycontrol in an exclusive interview.

“On an average, every month of lockdown results in output loss of approximately 8.5 percent of the annual total. Hence, if 75% of the economy is locked down for a month, the output loss will 6.5 percent,” Matthews said.

Retailers risk losing about 50-60 percent of turnover, and it will take around three-six months for revival, feel experts. “If somebody does a Rs 500 crore of turnover, the loss of sales is expected to be in the range of 50-60 percent, which could be around Rs 250-300 crore. This could be that deep,” said Kumar Rajagopalan, Chief Executive Officer - Retailers Association of India (RAI).

Indian Retail Industry has more than 15 million retailers, both small and big, traditional and modern trade.

Foreign institutional investors (FIIs) bought shares worth Rs 741.77 crore, while domestic institutional investors (DIIs), too, bought shares of worth Rs 422.51 crore in the Indian equity market on April 7, provisional data available on the NSE showed.

The dollar found a footing on Wednesday as investors returned to safe-havens, unwinding some risk currency gains made on hopes the coronavirus crisis in Europe and New York was slowing.

Oil climbed on Wednesday, reversing most of the prior session’s losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid the coronavirus pandemic.

The Small Industries Development Bank of India (SIDBI) on Tuesday said it will provide emergency working capital of up to Rs 1 crore to small and medium enterprises against their confirmed government orders. The new loan product, SIDBI Assistance to Facilitate Emergency response against coronavirus (SAFE) plus will be offered collateral free and disbursed within 48 hours, a release said.

Australia’s parliament will return on Wednesday in a slimmed down version to pass an emergency A$130 billion ($80 billion) stimulus package as the coronavirus pandemic wreaks havoc on the country’s economy.