Top headlines: Goldman downgrades Indian mkts, Asia to clock lowest growth

Business Standard brings to you a snapshot of events that made the headlines today

Goldman Sachs has downgraded its stance on the Indian market to ‘marketweight’ from ‘overweight’ citing “delayed recovery and extended valuations.” Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the International Monetary Fund said. The Centre, on Thursday, allowed health and motor third party policyholders to defer their renewal, if it falls between March 25 and May 3— the lockdown period. Meanwhile, Rahul Gandhi said on Thursday that the nation-wide lockdown is only a "pause button" against the coronavirus pandemic and the government must aggressively test people to contain the disease. Here are the top events of the day that made the headlines.

1. Goldman Sachs downgrades India from 'overweight' to 'marketweight'

The US-based investment firm has also lowered the Nifty target to 9,600 for June 2021, expecting substantial downward revisions to corporate earnings. “Valuations look optimistic even accounting for a recovery. With uncertainty about near-term earnings, P/E multiples using perfect EPS foresight and on CY21 EPS remain well above previous crisis levels,” Goldman Sachs said in a note. Read on...

2. Covid-19: Asia's growth may see first halt in 60 years in 2020, says IMF

Policymakers must offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic, said Changyong Rhee, director of the IMF's Asia and Pacific Department, Reuters reported. "The Asia-Pacific region is no exception. The impact of the coronavirus on the region will be severe, across the board, and unprecedented," he said. Read full story here...

3. National lockdown just 'pause button' against coronavirus: Rahul Gandhi

"Lockdown has not solved the problem but has postponed the situation instead. Therefore to continue the fight, give GST to States, discuss with the States. This direction is still needed. The speed with which the money should reach the States is not happening. The fight against Coronavirus is on two fronts - medical and economic," Rahul Gandhi said on Thursday. He further asked that states be given more power in the battle against the deadly illness. Read more...
 

4. Sentiment in real estate sector at all-time low: Knight Frank-Ficci survey

The current sentiments of the real estate stakeholders in the country have dropped to an all-time low in the first quarter (January – March) 2020, according to the Knight Frank - FICCI - NAREDCO Real Estate Sentiment Index Q1 2020 Survey. Even while the government and the Reserve Bank of India have provided some stimulus measures, further support may be required to help the real estate sector. Read on... 
 

5. Lockdown 2.0: Govt extends renewal of health, motor policies till May 15
Now, policyholders can pay for the renewal of their policies till May 15. Earlier, the government had deferred the renewal payment till April 21 but since the lockdown was extended, more time has been given to pay for the renewal and even the period under consideration has been increased. Read more...

6. 28,941 samples tested on April 15, says ICMR; WHO lauds health ministry

Continuing its fight against coronavirus, the Indian Council of Medical Research (ICMR) said a total of 2,74,599 samples have been tested for Covid-19 detection so far, with 28,941 samples being tested on Wednesday. The samples were taken from 2,58,730 individuals which is lower than the samples tested because many suspected patients were tested more than once, according to the statement released by ICMR. Get more updates...

7. E-commerce platforms to sell mobiles, TVs after April 20 amid lockdown

Officials said on Thursday that mobile phones, televisions, refrigerators, laptops and stationary items will be allowed to be sold through e-commerce platforms like Amazon, Flipkart and Snapdeal from April 20 during the lockdown. The clarification from a senior home ministry official came a day after Union Home Secretary Ajay Bhalla issued revised guidelines for the extended lockdown period till May 3. Read more...