Indian stocks have kick-started the day with minor losses, in line with the sentiment in other Asian bourses, as the coronavirus pandemic has forced an economic shutdown.

The IMF has backed India's decision to impose a nation-wide lockdown despite the massive economic cost of the decision. The IMF has projected growth in Asian economies to come to a halt for the first time in 60 years.

Join us as we follow the top business news through the day.

Emerging markets witness unprecedented capital outflow

IT stocks fall as Wipro flags coronavirus challenges

A few quick updates from Reuters on the troubles facing India's IT sector after Wipro's bleak outlook.

** Top Indian IT exporters slip after sector heavyweight Wipro flags uncertainties and challenges due to the coronavirus outbreak, suspends qtrly revenue guidance

** Infosys Ltd falls over 5.5%, Tata Consultancy Services slips 3.4%, Wipro slides 3.5% and Tech Mahindra drops 4.85%

** Sector's main sub-index on NSE down as much as 3.9%, following Wipro's comments

** Bengaluru-based Wipro was the first among the IT cos to report March-qtr earnings on Wed; Q4 profit missed est on higher spending

** CFO Jatin Dalal flags “challenging” qtrs ahead, says would require “tremendous response” on costs

** Wipro's statements come a week after U.S. software services giant Cognizant withdrew its 2020 outlook on coronavirus uncertainty

** If there is so much uncertainty, one can't clearly assess the impact and give a guidance - HDFC Securities analyst Amit Chandra

** Slowdown in IT spends will impact H1, which generally drives the growth for the full year - IDBI Capital

** Indian IT cos heavily rely on rev from the United States and Europe, two of the hardest hit regions because of the virus

** TCS to report results on Thursday, Infosys earnings scheduled for Monday

Rupee tanks 36 paise to all-time low of 76.80 against US dollar

As investors rush towards the US dollar, the rupee and other emerging market currencies are coming under increased pressure.

PTI reports: "The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and sharp rise in coronavirus cases in the country.

Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe haven Greenback amid weakening risk appetite in the markets.

The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close.

The rupee had settled at 76.44 against the US dollar on Wednesday.

The currency could also track local equity markets which started on a negative note as Asian stock markets are set to tumble amid increasing gloomy economic outlooks for Asia, Reliance Securities said in a report."

Refineries cut output as coronavirus hits fuel demand

As global demand for oil takes a huge hit due to the pandemic, refiners have oped to cut their output.

Reuters reports: "Refineries have been curbing output in the last few weeks, as fuel demand has been crushed by global travel restrictions aimed at containing the spread of the coronavirus.

While most refiners are running, several have reduced the barrels of oil they process as gasoline and diesel use has fallen sharply as the coronavirus pandemic keeps much of the world at home, with little need to drive or fly.

The U.S. Energy Information Administration (EIA) said last week the global petroleum and liquid fuels consumption likely averaged 94.4 million barrels per day (bpd) in the first quarter of 2020, 5.6 million bpd lower than the same period in 2019.

EIA forecast 2020 world oil demand will drop by 5.2 million bpd from an average of 100.7 million bpd last year."

Fed says US economy contracts sharply due to COVID 19 pandemic

Some insights on the economic impact of the coronavirus pandemic from the US Federal Reserve's Biege Book.

Reuters reports: "Economic activity “contracted sharply and abruptly” across all regions in the US as a result of the COVID-19 pandemic, the Federal Reserve said on Wednesday.

“The hardest-hit industries — because of social distancing measures and mandated closures — were leisure and hospitality, and retail aside from essential goods,” the Fed said in its latest survey on economic conditions, known as the Beige Book, based on information collected from its 12 regional reserve banks before April 6, Xinhua reported.

“All Districts reported highly uncertain outlooks among business contacts, with most expecting conditions to worsen in the next several months,” the Fed said.

The survey showed that employment declined in all districts as the COVID-19 pandemic affected firms in many sectors."

IMF backs India's "very wise" lockdown decision despite economic cost

The International Monetary Fund has praised the Centre's decision to impose a nation-wide lockdown to spreadof the coronavirus pandemic given the likely long-term costs of the disease.

IANS reports: "The International Monetary Fund (IMF) supports India’s “very wise” decision to impose a national lockdown to combat the coronavirus pandemic despite the resulting economic slowdown, according to Changyong Rhee, the organisation’s director of the Asia and Pacific Department.

He said at a news conference on Wednesday, “India entered the pandemic turmoil in the midst of a credit crunch induced slowdown and its recovery prospect becomes more uncertain.”

The IMF drastically revised India’s growth rate projection for the current fiscal year to 1.9 per cent from the 5.8 per cent made in January, which was lower than the 7 per cent made in October.

Rhee said that India’s strict action against the COVID-19 pandemic “can cause a drop in economic activity (and) growth rate will go down definitely, but I think that is a very wise and important decision to minimise the long-term cost of this disease spread.”

He said that the fiscal stimulus as well as the monetary policy easing adopted by the Indian government and the Reserve Bank are in the right direction, but whether they will be enough “depends on how this containment policy which is just adopted, how successful it will be”."

IEA forecasts huge drop in oil demand in 2020

The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and warned no output cut by producers could fully offset the near-term falls facing the market.

Benchmark Brent crude futures fell following the IEA’s monthly report, by $1.88, or 6.4%, to $27.72 a barrel by 1816 hours IST.

The IEA forecast a 9.3 million bpd drop in demand for 2020 despite what it called a “solid start” by producers following a record deal to curb supply in response to the coronavirus pandemic.

Stocks open with losses

The benchmark stock indices opened the day with losses of close to 1% as they struggle to regain upward momentum.

Ths Sensex is trading down over 200 points while the Nifty is trading below the 8,900 mark.

Overnight, the Dow Jones Industrial Average was down nearly 2% losing around 450 points.