The lower circuit of 10% on 23 March was largely driven by an increasing number of cases of COVID 19 in India and the world. On Friday night, the Dow had closed nearly 1000 points lower and that was bound to have an impact on the Indian markets. In addition, the markets are functioning while brokers are struggling to keep their operations running in the mist of manpower constraints. But the real worry in India now is that the shutdown could cause deep economic damage in terms of lost output, lost income and a crunch in consumption. The lower circuit of 10% reflects all that. However, this is only the first circuit and we need to see if the 15% and the 20% circuit get triggered or not.