Sensex crashes covid 2.0 impact

Indian stock markets tanked today amid a surge in domestic coronavirus cases prospects of the hardest-hit state of Maharashtra considering a lockdown. The Sensex crashed nearly 1,500 points to 48,112 at day’s low while Nifty nosedived below 14,400. India reported a record 1.68 lakh new Covid-19 cases in 24 hours, overtaking Brazil to become the second most affected country globally by the coronavirus.
Why have the Markets declined?
The domestic indices came under pressure on account of the sharp rise in Covid-19 cases in India has come as a major concern over the last week as the daily increase in cases rose from around 1 lakh on April 4 to around 1.7 lakh cases yesterday. In India, several states are now considering a more stringent lockdown and the markets are concerned over the impact on economic activity and GDP growth for the current financial year.
Maharashtra, which saw a rise of over 63,000 cases and 381 deaths on Monday, is reported to by considering a two-week lockdown and that may have a big impact on the economic activity as the state is big industrial hub of the country. Market participants have grown cautious over fresh surge in numbers and its impact on the economy.

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