Will the lockdown be lifted on 14 April in India or do you see that continuing for some more days? How will it impact the market sentiments?

Hard to say, but it looks like we may not have a total lifting of the lockdown. It could be more gradual and phased. While there is still no official word on the subject, some of the states like Delhi and Maharashtra have requested the centre for an extension till April 30 so that the situation can be brought under control.

The numbers are still rising and hence states feel it is too early for a total lifting of the clampdown as crowds could aggravate the situation. Instead, the idea may be to open up businesses in phases. For example, shops for basic needs may be allowed to open on alternate days and government is planning to start airline and train services across Indian in a skeletal manner.

However, strict safety measures will continue to be enforced even subsequent to the lock-in. The market is already reconciled to an extension of the lockdown, so any relaxation will be seen as positive news.

However, the focus will be more on how the casualty and affliction numbers pan out in the next few days.