Last Updated : Friday, March 27, 2020 02:23:09

#DLGVIEWPOINT / #CORONAVIRUS shuts India Inc, but markets Trade fiercely …

RAJKOT – As the fear of the Corona Virus Pandemic spreads more than the virus itself, India is all in a complete lockdown phase for 21 days (~3 weeks) with effect from March 25th, 2020 – Wednesday till April 14, 2020 – Tuesday.

As the pace of India pauses, Indians are compelled to take a self-quarantine does of 21-days.

At this juncture, when minds are calm, composed and cool compelled to look inward, we at DATELINE GUJARAT ( decided to track the trails of Corona Virus, its origin, its impact on India and Indian Equity markets.

We have tried to trail in this article right from the day Corona positive case was detected in China, how it travelled globally, what sort of advance warning role did World Health Organization (WHO) played, while it first raised the red-flag on January 30th, 2020  and what sort of impact it has created, globally and on India.

DATELINE GUJARAT ( is otherwise also a “WORK FROM HOME” single person “SELF QUARANTINED” entity and so at this juncture while we surf the only news of corona virus outbreak and precautions to be taken, we thought to let you trailblaze across the memory lane brining you a detailed version on how it all began?

What is happening around us, where are we today and what could be the future? after 21 days, atleast in India.

With lots of buzz and clutter, as to some say virus spread after consuming bat-soup, some say it spread through animals etc etc, in such situation we though to demystify the entire cobweb of Corona Virus Spread and what really catalyzed the transmission?

As this article is being written according to WORLDOMETERS.INFO there are 4,92,085 cases reported of corona virus across the world, 1,18,022 recoveries from corona virus infection and 22,178 reported dead due to corona virus infection.


The first case of Corona Virus infected person in India was reported on January 30, 2020 in Southern India in the state of Kerala.

In India, the first three cases reported in Kerala were of students who had returned from Wuhan in China.

The 2019-2020 Corona Virus Pandemic transmission in India escalated in the month of March.

There were several cases reported across the Nation.

On March 10th, 2020 the total number of Corona Virus infected cases touched the number of 50.

On March 12th, 2020 the 76-years old man who had returned from Saudi Arabia was the first victim of the corona virus pandemic in the Nation.

The total number of cases touched 100 mark on March 15th, 2020 and by March 24th, 2020 the number had crossed 500.

As on date when this article is being written on March, 25th, 2020, death toll of Corona Virus infected patients is 10 and total number of infected cases 562.

The Prime Minister of the Nation Narendra Modi in his maiden address to the nation on Corona Virus Pandemic gave a call for self-imposed lockdown (Janta Curfew) to be observed on March 21st, 2020 – Sunday, from 7am till 9pm.

However, people were still seen moving out in several parts of the nation and following the similar patterns observed across the nation, India Prime Minister addressed the Nation on March 24th, 2020 – Tuesday, giving a call for NATIONWIDE LOCKDOWN of 21 days ~ 3 weeks with effect from March 25th, 2020 – Wednesday 00:00 hours (midnight) till April 14th, 2020 – Tuesday.

How did the last few week make an impact on the Indian markets and India Inc., and its functioning?


The first case of Corona Virus infected person was reported in China on December 1st, 2019, of a 55-years old person who had fallen ill on November 17th, 2019, in Wuhan City of Hubei Province in China.

In just a month’s time the number of corona virus infected person in Wuhan and Hubei province increased significantly.

Patients chiefly complained and displayed symptoms of pneumonia, which was reported to the Health Authorities in Wuhan, the capital city of Hubei province.

Health authorities were compelled to open an investigation in such cases.


Patients complaining and displaying such symptoms of pneumonia were mostly linked to the Huanan Seafood Wholesale Market, which also sold live animals.

Huanan Seafood Wholesale Market is located in Jianghan District of Wuhan, the capital city of Hubei Province in China is one of the largest seafood market in Central China and is spread across 50,000 square meters (~5,40,000 square feet) space with 1,000 tenants.

The market mainly sold seafood and animals including Badgers, Bats, Beavers, Camel, Cheese, Chickens, Civets, Crabs, Crocodiles, Dogs, Donkeys, Fish, Foxes, Giant Salamanders, Hedgehog, Herbs, Koalas (Bears), Marmots, Ostrich, Otters, Pangolins, Peacocks, Pheasants, Pigs, Porcupines, Rabbit Organs, Rats, Sheep, Shrimp, Spices (Masala), Spotted Deer, Striped Bass, Turtles, Vegetables, Venomous Snakes, Wolf Puppies.

The Chinese Authorities had notified the World Health Organization on December 31st, 2019 about an outbreak of pneumonia in Wuhan.

Out of the 41 patients hospitalized with complaint and symptoms displaying pneumonia, who were officially confirmed of having infected with corona virus by January 2, 2020 – atleast 27 patients were reported of having been directly exposed to the Huanan Seafood Wholesale Market.

The Market was notified closed on January 1st, 2020 for sanitary procedures and disinfecting place.

In investigations to discover the origin of Corona Virus (COVID19, SARS-CoV-2), samples from the animals sold in the market were also taken between January 1-12, 2020.

The diagnosis of the samples done by Chinese Centre for Disease Control and Prevention further revealed that the virus was found in the 33 out of 585 of animal samples collected by the authorities, of these 33 samples 31 samples came from the area of the market where wildlife animals were sold.

According to the studies corona virus was observed to have been circulating mainly among the animals, the link between the pneumonia outbreak and the seafood market was being established and it was suspected that virus might have had passed from animals to humans.

Snakes or bats were widely reported to be the source of virus, especially considering the range of wild animals sold at the market, according to the reports of the South China Morning Post, as reported on January 29, 2020 the market had several sections selling almost 120 wildlife animals across 75 species.

The later observations and studies suggested that Pangolins may have been the intermediate host of the virus which had originated from the bats.

Above observations somewhere threw the light on the fact the kind of role market had played, in the origin of epidemic in China, however the site is not officially declared as the origin of epidemic.


Outbreak of Pneumonia in Wuhan was notified to the World Health Organization (WHO) on December 31, 2019.

Based on the reports from Chinese authorities, on January 10th, 2020, the WHO had issued a travel advisory asking travellers to, be prudent to reduce the general risk of acute respiratory infections while travelling in or from affected areas (currently Wuhan City) (

While the WHO advisory noted the mode of transmission of virus remained unclear, it advised against applying any travel or trade restrictions on China.

Another advisory from WHO followed on January 12, 2020 based on the additional information from the Chinese National Health Commission which read that, “at this stage, there is no infection among the healthcare workers, and no clear evidence of human to human transmission” (


In early stages, the number of cases doubled every week, but come mid-January 2020 and the virus spread was reported to the other provinces in China.

Chinese citizens were travelling across the nation, horizontally and vertically, to celebrate Chinese New Year which is celebrated in three phases starting January 17th, 2020 till February 8th, 2020.

  • The First phase is called the Little Year and starts from January 17th, 2020 till January 24th, 2020.
  • The Second phase is called the Spring Festival and starts from January 25th, 2020 till February 4th, 2020.
  • The third phase is called The Lantern Festival and starts from February 5th, 2020 till February 8th, 2020. 

Wuhan being a transportation hub, a major rail junction and a hub of major rail interchange, infection quickly spread throughout the China, as people had to travel through Wuhan.

On January 20th, 2020 – China reported 140 new cases in one single day, which included two cases in Beijing and one such case in Shenzhen.

Official data displayed that 6,147 people had already developed symptoms of being corona virus infected, by January 20, 2020.


Based on the numbers of corona virus infected cases, on January 30th, 2020 – WHO declared the outbreak of corona virus in China as “public health emergency of International concern.” (

After having warned the corona virus outbreak in China as public health emergency of international concern, on February 24th, 2020 WHO Director Tedros Adhanom had warned that the virus was potential enough to become a global pandemic because of the increasing number of cases which were reported outside China.

On March 11th 2020, the WHO had officially declared the corona virus outbreak as a pandemic, following a period of sustained community-level transmission in several nations and countries across the world.

Europe as a continent was declared to be the new centre of pandemic after the number and rate of new corona virus cases in Europe surpassed that of the several regions of the world, apart from China.

Come March 16th, 2020 and the total number of corona virus cases reported around the world, outside China, had exceeded that of the cases reported in China.


The financial ‘house of cards’ across the world witnessed a roller-coaster ride after the foreign institutional investors started exiting from the global markets following the Corona Virus Pandemic fear, investors & traders caught in-between ‘greed and fear’ very soon the ‘fear factor’ started ruling the markets globally.

Global market indices were trading smoothly amidst the clouds of fear of global recession following the possible and perceived trade-tariff wars amidst the top-three global contributors to the world GDP ie China, European Union and US.

On December 31st, 2019 – when the first Corona Virus positive case was reported in China, Indian Stock market was trading at comfortable levels, which is very much reflective from the Indices.

Indian markets remained quite resistant to the Corona Virus reports, till the financial typhoon which had raised from China with the eye of the storm in Wuhan, was all set to to hurt and bleed everyone, on the street and trading floors.


On December 31st, 2019, SENSEX had closed at 41,253.74 which was almost 304.26 points down, from its previous day close of 41,558.

Whereas NIFTY had closed at 12,168.45 which was almost 87.4 points down, from its previous day close of 12,255.85.

Amidst economic uncertainty prevailing globally and Indian sentiments remaining a little bearish, SENSEX remained range-bound, but eroded by 903.15 points from 41,626.64 closing mark on January 2nd, 2020 till 40,723.49 mark on January 31st, 2020.

Whereas NIFTY also remained range-bound, but eroded by 220 points from 12,182.50 closing mark on January 1st, 2020 till 11,962.10 mark on January 31st, 2020.


The Valentine’s month could not sparkle the confidence among the investors, despite the red being the flavor and color of the month.

The world indices and world economies were all set to witness ride to the black-hole, from where the path of recovery did not seem, so bullish.

The global pandemic was fueling fire flames from the dragon’s mouth, of which the slow and steady impact was being felt across the geographies, as the economic downslide was seen as an unavoidable one.

SENSEX eroded by 1,575.02 points from 39,872.31 closing mark on February 2nd, 2020 till 38,297.29 mark on February 28th, 2020.

Whereas NIFTY eroded by 506.15 points from 11,707.90 closing mark on February 2nd, 2020 till 11,201.75 mark on February 28th, 2020.


Investors and traders were trying to recover from “THE BLACK FRIDAY’ which was a kind of dominos affect which had triggered the panic button after the foreign institutional investors had started offloading their stakes across the global markets.

February 28th, 2020 – was indeed THE BLACK FRIDAY, in the history of Indian Capital market, as the markets witnessed one of the biggest discount sale, where 11.31 trillion (~11.31 lakh crore) rupees were wiped out, in one single day.

Investors and Traders after THE BLACK FRIDAY jolt were just trying to recover and gain confidence, when the trading floors on Indian Bourses opened on Monday.

The trading sessions on Monday, Tuesday and Wednesday looked sentimentally gearing towards a steady trail.


SENSEX eroded by 150 points on March 02th, 2020 – Monday, over its previous close mark of THE BLACK FRIDAY, whereas on same day NIFTY eroded by 69 points, over its previous close.

Tuesday was able to inject some positive confidence where SENSEX recovered by 500 points on March 03rd, 2020 – Tuesday over its previous close mark of Monday, whereas NIFTY saw a recovery of 170 points, over its pervious close.

On Wednesday, March 04th, 2020 SENSEX closed 214.22 points from its previous close and NIFTY closed down 52.3 points, from its previous close.

Despite the Reserve Bank of India, having placed YES BANK on Moratorium, which was announced on March 05th, 2020 Thursday trading session ended on positive note in Green Zone as SENSEX closed 61.13 points up over its previous day close, whereas NIFTY marched 18 points up over its previous day close.


Come, March 6th, 2020 – Friday, from the last day of week long trading session, the markets had entered into a dangerous cocktail mode with domestic issues troubling the investors and traders on the floor and global indices, giving a gloomy sentiment.

Equity market experts and analysts across the verticals and horizontals globally were busy screaming loudly at their highest pitch on the television network screens, terming the fall, as an “opportunity” to buy stocks (shares) for long-term.

The YES BANK moratorium announced on March 5th, 2020 – Thursday, by Reserve Bank of India, barring transactions more than 50,000 rupees for a timespan on one month, had not only jolted the investor or trader sentiment and confidence, but was quite disturbing for the masses in general, which had already been reeling under the pressure of unemployment and pessimistic “less-spend” sentiment, prevailing across the markets.


Icing over the cake were the disturbing visuals of bank depositors queueing out of the YES BANK as shown LIVE on television screens.

Long analytical articles in newspapers displaying and detailing the huge difference on amount of loans & advances sanctioned by the YES BANK to the borrowers against the deposits with the bank.

Political postmortems through media conferences blaming of having “inherited the NPA flavoured bad economy”, followed by IT Media cell engineered messages going viral on social media, catalyzed the panic, across the sections.

The YES BANK impact was quite successful in triggering a kind of domestic dominos effect, on the stock markets, as the indices witnessed a sharp decline, since March 06th, 2020 – Friday.


Despite, instant and real-time measures as announced by the Indian Government on “restructuring the YES BANK” on March 6th, 2020, which was constantly monitoring the situation very closely, somehow the reports of bank-depositors returning back from the bank due to lack of cash, further worsened the situation.

After a weekend on March 7-8, 2020, markets re-opened on Monday, March 09th, 2020 –  but the downslide continued.

On March 10th, 2020 – Tuesday when India was busy enjoying the festival of colours – “Holi” and by that time “Corona Virus” had equally become a household word in India, as the total number of Corona Virus infected cases in India had touched the half-century mark of 50.

The next day Wednesday – March 11th, 2020 was the day when the testing patience of investors or traders, who had joined the trading floor, after the festive celebrations of Holi, was going to be tested.


Most of them though envisaged market in bearish mode, knew nothing that what was in waiting and what sort of preparedness they needed to brace for the impact.

On Wednesday – March 11th, 2020, as the Indian markets had ended in Red Zone on negative counters, a canon shot was in waiting when the World Health Organization (WHO) officially declared the corona virus outbreak as a global pandemic.

One more financial tsunami was in waiting to rise after WHO declared Corona Virus outbreak as global pandemic and that was March 12th, 2020 – Thursday, when stock markets across the world had crashed, the dominos affect was felt.


On March 12th, 2020 – Thursday, in 30 minutes of trading-session on Indian Bourses after the opening bell rung, 8.21 trillion (~8.21 lakh crore) rupees of investors & traders were wiped-off, the corona bullet had hit the bull’s eye and the bleeding started.

Just in time of week, with 3 holidays and 3 days trading, market had given the intense ever jolt to the investors & traders in India.

The net amount wiped-off is estimated around 22.31 trillion (~22.31 lakh crore) rupees, with SENSEX tumbling by 2,919.26 points over its previous day close and NIFTY eroded by 868.25 points over it previous day close, on March 12th, 2020.


The efforts to sanitize bleeding stock market from government’s end were very much visible.

On March 13th, 2020 –  Friday, the Union Cabinet of India had given nod to the Reconstruction plan for YES BANK and the reconstruction plan for YES BANK was to ensure stability of the financial system in India, was emphasized by the finance minister, while addressing the media, on the occasion.

Investors & Traders rejoiced the government’s efforts to safeguard the interest of depositors of YES BANK, further ensuring the stability in financial system of the nation, which got reflected in the SENSEX which ended on positive counters in GREEN ZONE displaying uptick of 1,325.34 points over its previous close and NIFY moving up by 365.05 points, over its previous close.


If bullet is not taken out from the wound, it starts giving a pain, as the Corona virus infected cases had touched the century mark of 100 on March 15th, 2020 – Sunday.

The markets globally stuck with Corona Virus Bullet were struggling to recover, the Indian sentiment till March 13th, 2020 – Friday relied on the YES BANK revival plans.

But the salvo waiting to be fired on the already wounded markets came when total number of corona virus infected cases reported from around the world, outside China, had exceeded that of the cases reported, in China.


Number of corona cases exceeding China across the world was officially announced on March 16th, 2020 – Monday, when trading floors on Indian Bourses were buzzing with Friday Fever of confidence of YES BANK revival plans.

Once again the NIFTY eroded by 757.80 points over the previous session closing and SENSEX had taken a hit by 2,713.41 points over the previous close, on March 16th, 2020 – Monday.

The bloodbath on Indian Bourses continued till March 19th, 2020 – Thursday, as regulatory submissions from several companies started pouring on the Indian Stock exchanges informing of their service or manufacturing facility going in lock-down mode following the state government directives, in order to prevent further spread of corona virus.


On March 19th, 2020 – Thursday, the news of India Prime Minister Narendra Modi to address the nation at 20:00 hours IST (Indian Standard Time, which is 5 hours 30 minutes ahead of the GMT ~ Greenwich Meridian Time) and Securities Exchange Board of India (India Stock Market Regulatory body) giving 30 days extension till June 30th, 2020 instead of May 31st, 2020 – allowing companies to file their fourth quarter (Jan-Mar) earnings statements for financial year 2019-2020, somewhere helped to cheer the investors & trader sentiment, which got very well reflected in the trading sessions on Friday – March 20th, 2020.

In his maiden address on Corona Virus the India Prime Minister gave a call for single day “Self-imposed lockdown” (Janta Curfew) to be observed on Sunday – March 22nd, 2020, which was well received by the India Inc and the Indian Bourses and which got reflected on the trading sessions, which kicked-off on March 20th, 2020 – Friday, SENSEX zoomed adding 1,627.73 points to the previous day close and NIFTY reflected 482 points upcurve over the previous day close.


In a trading session which opened on the floors of Indian Bourses on Monday – March 23rd, 2020, after having witnessed one fall on Monday, where SENSEX ended eroding 3,934.72 points over the previous trading session close and NIFTY shred off 1,135.20 points over its previous trading session close, once again the market sentiment got wooed on the news of India Prime Minister Narendra Modi to address the Nation at 20:00 hours IST on March 24th, 2020 – Tuesday.

On Tuesday, the India Prime Minister also did a video-conferencing with the India Inc leadership under the aegis of Confederation of Indian Industry (CII).

The sentiment of India Prime Minister to address the nation excited the investors and on Tuesday the SENSEX closed registering gain of 692.79 points over the previous day close and NIFTY ended registering growth of 190.80 points over the previous day close.


In his Tuesday address, the India Prime Minister imposed compulsory nationwide lockdown of 21 days (~3 weeks) with effect from Wednesday – March 25th 2020 – 00:00 hours IST to continue till April 14th, 2020 – Tuesday 00:00 hours IST.

Since the trading session for the week starting from March 23rd, 2020 – Monday till March 27th, 2020 has began, there have been loads of regulatory filings on the Indian Bourses informing or updating about compulsory lockdown or shutdown or work from home, as imposed by the Indian Government, but markets have cheered the India Inc move, followed by the Government announcement of nationwide lockdown.

The trading sessions which opened on Wednesday – March 25th 2020 witnessed a strong upcurve as the SENSEX ended adding 1,861.75 points over its previous day close and NIFTY inflated adding 516.80 points, over the previous day close.

Thursdays in last few weeks have worked as a savior for the market, today it is Thursday, Finance Minister Nirmala Sitharaman is all set to address the media, as this article is being written, so lets see, how this Thursday once again proves to be the savior for the Indian Capital Market.

As the Finance Minister Nirmala Sitharaman has declared 1.7 trillion (~1.7 lakh Crore) rupees relief package, in process to keep the bottom of the pyramid in sustainable mode providing several relief including healthcare, food security, insurance cover, equity markets reciprocated to the FM’s announcements positively.

On Thursday, March 26th, 2020 – SENSEX closed registering gain of 1,410.99 points over its previous day close, whereas NIFTY closed with gains of 323.60 points over its previous day close.

However, the biggest worry, despite the markets going buoyant is that on January 17th, 2020 – Friday, which was the historic high of the Equity Markets in India, the Equity Market Capitalization of BSE stood at ~161 trillion (~1,60,57,157.62 crore) rupees, whereas on March 25th, 2020 – Wednesday, the same Equity Market Capitalization of BSE was reported at ~113 trillion (~1,12,99,025.06 crore) rupees.

With erosion of 48 trillion (~5,206,980.56 crore) rupees of equity market capitalization at BSE, in over a period of 3 months (January-February-March) exactly the last quarter of financial year 2019-2020, yes – the factories in India are shut, as it is nationwide lockdown, but he equity or capital markets are roaring!

How long will the party continue is uncertain presently!

But, due to thin volumes on commodity exchanges in India, which were functioning from 09:00 hrs IST till 00:00 hrs IST midnight had decided to curtail their working hours till 17:00 hrs IST, with effect from March 30th, 2020 – Monday till April 14th, 2020 – Tuesday.


  • Somehow the sentiment of Corona Virus and a nationwide lockdown has yet not burnt the confidence of the citizens of the nation.
  • But, the real test lies after 21 days (~3 weeks) lockdown gets over.
  • Will the Corona Virus Pandemic get over by than, ie by April 14th, 2020 – Tuesday?
  • How strong will be the fiscal health of the nation, as the Nation has pressed the pause button for 21-days (~3 weeks)!
  • When the nations across the world will equally start paddling to throttle its economy at its fullest post Corona Crisis, will India be at an advantage to procure requisite quantum of oil at the price where demand may likely exceed the supply!
  • Remember, India is just not battling Corona Virus Pandemic, but is equally battling on the economic front as well.
  • There are several stories, kind of conspiracy theories, making rounds on social media of economic warfare triggered by China using the biological weapon in form of Virus, however there is no perfect set of evidence available presently, to verify such messages.
  • But, the way an American has filed a $20 trillion suit over China alleging China for spreading Corona Virus Pandemic, if the conspiracy theories, making rounds across on social media platform are to be believed, God Save the World and India in particular, from the clutches of new avatar of Chinese Economic Aggression, dangerously cocktailed with the Chinese technology warfare and its cyber-army.
  • With China, European Union and US as the three top-ranked contributors to the global gross domestic product, India and Japan following the large 3 contributors – will the slowdown of the three major contributors help the nation like India to increase its share in contributing to the World GDP?
  • From here the real test for making India a $5 Trillion economy starts, and how does the India as a nation really brace itself to achieve the $5 Trillion economy goal.
  • The biggest learning lesson and food for thought is, that when WHO (World Health Organization) advisory had declared the outbreak of corona virus in China as “public health emergency of International Concern” why did the world not treat this advisory as one serious warning?
  • What was the world really waiting for? “NATIONWIDE / GLOBAL LOCKDOWNS”(?/!)
  • The worst is yet to follow, as by the time the 21-days (~3 weeks) lockdown comes to an end, the summers will be at its peak, in India.
  • Red hot Sun over the head, the way Indian summers are.
  • As the global experts ponder and point out the biggest crisis which is likely to kick-off post Corona Crisis, is likely to be the WATER Crisis!
  • The water consumption in times of Corona Virus Pandemic globally is increasing, in order to fight the pandemic and secure better health and hygiene, what really lies in the future, for the cities of India, which are already water scarce?
  • Will the Indian markets enter the bullrun mode or will continue to remain bearish (?) as soon as the Corona Crisis gets over, as the factories across the world and nation are shut, but markets are roaring(!).

There are several questions, as the world is bed-ridden due to Corona Virus Pandemic, but what lies in the future for the world and in particular for our Nation – India, is one big question, in itself.

(Images used in the article are for symbolic representation and a USER GENERATED CONTENT (UGC), whereas data used in the article is referred from several public domain sources, available online and offline)

(Himanshu Bhayaniis the author of this article, journalist at DATELINE GUJARAT ( – a news website which reports, business news developments based on disclosures in public domain.Himanshu, is ajournalist with 2 decades plus (~23 years) of work experience of news-gathering and news-reporting with language, regional, national, internationalnews media organizations, including newspapers, magazines in print segment, newswires & news service agencies, television and convergent, online, internet, digital and social media.)


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