Trade is expected to be majorly hit in India as  the group of ministers announced cancellation of all visas till 15th April. Global economies already hit by severe depression is expected to be majorly hit by thus ban on travel due to the carno virus situation. While the risk appetite globally remained weak, investors took some comfort from the comments by US President Donald Trump that the government would cut payroll taxes and announce very major stimulus to bolster the economy. The US Federal Reserve is widely expected to announce another 50 basis point rate cut in interest rate at its monetary policy meeting on Mar 18. Last week, the US central bank announced an off-policy 50-bps rate cut. Market participants globally expect the UK to announce stimulus measures in its Budget scheduled to be tabled later today. On Tuesday, Italy imposed a lockdown in most parts of the country to contain the spread of the coronavirus. Market participants also expect the Reserve Bank of India to follow the steps by other central banks across the globe and lower interest rates to boost sentiment in the financial markets. Market participants are of the view that the RBI may keep sharp depreciation in the rupee in check through its dollar-selling intervention.