Market Benchmark Index Sensex continues to be in bear phase as markets open 2,500 points lower on Monday as the government announced a lockdown in over 75 districts where coronavirus cases have been detected. Similarly, Nifty 50 also tanked 800 points on Monday during the opening session.
As the week started off, Sensex crashed 2532.74 points or -8.47% at 27,383, continuing to trade below 30,000. The broader Nifty 50 crashed 799.75 points or -9.14% at 7,945.70 on Monday.
Sensex further slipped 2859.74 points or -9.56% at 27,056.22 indicating a sharp fall due to the lockdown.
Moreover, all the stocks on the stock exhanges showed in red on Monday.
Following a high level meeting on Sunday, officials have decided to put 75 districts from where individuals have tested positive for the novel coronavirus under a state of near-complete lock-down.
The decision was taken at a meeting on Sunday morning with the Chief Secretaries of all the States and the Cabinet Secretary and the Principal Secretary to the Prime Minister.
The only exceptions will be emergency services and shops selling commodities such as shops selling grocery, vegetables, milk, medicines etc.
Moreover, during this lock down bank will offer fewer services like cash deposit and withdrawal, clearing of cheques, remittance and other government transactions from Monday.
Indian Bank's Association I(IBA) appealed to its customers and requested them to bear with them as other non-essential services may be suspended. However, ATMs across the country will be operating, it said.