India is going through a tough phase due to the rapid increase in coronavirus cases across the country, especially in the state of Maharashtra. Taking in view of the station, Chief Minister Uddhav Thackeray imposed Section 144 in the state to curb the virus spread. Various restrictions have also been imposed which will surely impact the residents. These resrictions are also likely to impact the Indian market indices which will open on April 15, Thursday. The market remained closed on Wednesday, April 14 on account of Dr Baba Saheb Ambedkar Jayanti.
The restrictions and measures to control the spread of Covid-19 was announced by the Chief Minister on April 13, Tuesday. According to a report by Livemint, experts' are of the view that the share market has already discounted on Monday on the speculation of lockdown in Maharashtra and hence, there are very few chances of a further crash. They added that the number of cases that will be reported in the next fortnight will be a big trigger, while the performance of the US market will also be an important overseas factor.
On Monday, April 12, market indices fell around 3.5 per cent where the BSE Sensex plunged 1,707.94 points or 3.44 per cent to close at 47,883.38. The NSE Nifty lost 524.05 points or 3.53 per cent to close lower at 14,310.80. However, the market turned green on Tuesday rising by over 1.3 per cent and gave a positive ending. On April 13, the BSE Sensex surged 660.68 points or 1.38 per cent to close at 48,544.06, while the NSE Nifty gained 194.00 points or 1.36 percent to close higher at 14,504.80.
Maharashtra, Uttar Pradesh, Chhattisgarh, Delhi and Madhya Pradesh are the five worst-affected states and reported the highest number of Covid cases in the last 24 hours. Maharashtra alone has reported 60,212 cases which accounts for about 32 per cent of the new cases on April 13.
India has registered its highest single-day spike since the beginning of the pandemic with 1,85,190 new COVID-19 cases reported as of 11.15 pm on April 13. The total number of cases in the country stood at 1,38,52,599. India has also surpassed Brazil in the cumulative number confirmed of coronavirus cases and has become the second worst hit country globally after the United States.