Prime Minister Narendra Modi on April 14 announced an extension in lockdown till May 3. Earlier the lockdown period was announced from March 25 till April 14.
He further said the government will observe the situation of every state and will start operations in those parts which are green zones. Agriculture and essential services will not get disturbed during the lockdown period, he added.
Experts feel the extended lockdown will have impact on economy and earnings. Hence they expect some selling pressure to remain but overall the market will not have any major reaction during the extended lockdown period and will remain rangebound till the virus spread gets controlled.
"The continuation of the lockdown will certainly put additional pressure on an already sinking economic growth, consumer sentiment and corporate earnings. We expect the markets to remain under pressure unless the virus gets defeated or some medical solution emerges," Kedar Shahoo Kadam, DGM & Head Research at Cholamandalam told Moneycontrol.
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