Chapter 5

INTERNATIONAL SCHOOL OF BUSINESS & MEDIA, PUNE
INTERNATIONAL SCHOOL OF BUSINESS & MEDIA,

PUNE
DISSERTATION REPORT
Title:
Impact of COVID-19 Pandemic on the Stock and Commodity Markets
Submitted By:
Name – Sushil Patel
Roll No. – 20202236

CERTIFICATE OF ORIGINALITY
This is to certify that Dissertation report entitled As Impact of COVID-19 Pandemic on the
Stock and Commodity Markets submitted to International School of Business & Media,
Pune in partial fulfilment of the requirement for the award of the degree of Post Graduate
Diploma in Management is the original work carried out by Sushil Patel under the guidance of
Prof. Survase Madan.
The matter embodied in this project is the genuine work done by the student to the best of my
knowledge and has not been submitted to this Institute before or to any other Institute for the
fulfilment of the requirement of any course of study.
Signature of Student Signature of Guide I
Mr. Sushil Patel Prof. Survase Madan
Roll no: - 20202236
Email Id: pg20sushil.patel@isbm.ac.in
Mobile No.: +91-9910398625
Specialization I: - FINANCE
Specialization II: - BUSINESS ANALYTICS
College Stamp
Signature of Academic Chairperson
Prof. Survase Madan
ISB&M, Pune
ii
ACKNOWLEDGEMENT
I take great pleasure to thank and acknowledgement the permission and allowance by Prof.
Survase Madan I extend a whole hearted thanks to him/her under whom I worked and learned a
lot and for enlightening me with their knowledge and experience to grow with the corporate
working.
Their guidance at every stage of the Project enabled me to successfully complete this project
which otherwise would not have been possible without their motivation, without the support it
was not possible for me to complete the report with fullest endeavoring.
I would like to extend my thanks to my Institute Director Survase Madan and all my Colleagues
in the company who supported me in carry out my operation successfully and generously and
provided me vital information / training regarding my project objective.
Signature of Student
Mr. Sushil Patel
Roll No. 20202236
Email Id: pg20sushil.patel@isbm.ac.in
Mobile No: +91-9910398625
Specialization I: - FINANCE
Specialization II: - BUSINESS ANALYTICS
iii
Executive Summary
iv
Executive Summary
COVID-19 is certainly the first sustainability crisis of the 21st century. The paper examines the
impact of COVID-19 on the Indian stock and commodity markets during the different phases of
lockdown. In addition, the effect of COVID-19 on the Indian stock and commodity markets
during the first and second waves of the COVID-19 spread was compared.
The findings conclude that during the different phases of lockdown in India, COVID19 has a
negative and significant impact on oil prices and stock market performance. However, in terms
of gold prices, the effect is positive and significant. The results of the first wave of COVID-19
infection also corroborate with the above findings. However, the results are contradictory during
the second wave of coronavirus infection.
The findings contribute to the research on the stock and commodity market impact of a pandemic
by providing empirical evidence that COVID-19 has spill-over effects on stock markets and
commodity market performances. This result also helps investors in assessing the trends of the
stock and commodity markets during the pandemic outbreak.
v
INDEX
Chapte
Contents Page. No.
r No.
Certificate ii
Acknowledgement iii
Executive Summary iv
List of Tables vii
List of Figures viii
1 Introduction 9
2 Review of Literature 13
3 Methodology 16
4 Data Analysis and Discussion 19
5 Implications, Recommendations, and Conclusion 26
Limitations 29
References 30
vi
LIST OF TABLES
Sr. No. Title of the table Page. No.
1 Timeline for different phases of lockdown in India 18
2 Descriptive Statistics 21
3 Statistics of Gold, Oil, Stock prices w.r.t lockdowns 22
4 Test of homogeneity of variance 23
vii
LIST OF FIGURES/CHART
Sr. No. List of the Figures/Charts/Graph Page. No.
1 Oil Prices per barrel 24
2 Gold prices per troy ounce 25
3 NSE closing price 25
viii
Chapter -1
Introduction
9
Research Structure of the Work
Chapter 1: The opening chapter outlines the research topic and the background to build up the
credibility for the gaps and the importance to understand the impact of COVID-19 on
unemployment in India. The research aims, objectives and research questions are laid out along
with the brief of the methodology.
Chapter 2: The second chapter discusses the various studies previously done on COVID-19 and
its effect on the market. It discusses the finding of various research scholars on relations between
COVID-19 and terrorism, stock markets, hotels, investment funds, commodity consumption and
movements, etc.
Chapter 3: This third chapter outlines the method using which the researcher will collect the
data. This has been justified by investigating the stock and commodity markets’ volatility of the
Indian stock and commodity market. It is further categorized into two timelines: the first timeline
studies the phases of lockdown as imposed by the government of India, and the second timeline
focuses on the comparison between the first and second waves of COVID-19 infection.
Chapter 4: The illustration of the data collected is analyzed in this fourth chapter which allows
the synthesis of the findings and establishing some key factors.
Chapter 5: The last and final chapter links the outcomes of the data collected from the last
chapter and tests to meet the research aims and objectives. The gaps found are put into the
recommendations, with limitations and the future study scope defined.
10
1. Introduction
The novel coronavirus pandemic which we all are facing since December 2020 has created
absurd shocks in the financial and economic world. The stock and commodities markets are no
different than the rest of the world in facing the volatilities due to this global pandemic.
The first case of COVID-19 was reported in China on 3 rd January’ 2020 and by 30th January’
2020 the entire world was alerted against it by the World Health Organization (WHO).
Following the aggressive progress of COVID-19, the World Health Organization (WHO) on 30 th
March’ 2020 declared it a pandemic. As part of initial measure, the WHO suggested social
distancing and wearing face masks, however due to exponential rise in number of cases around
the globe, many countries started enforcing complete lockdown. His affected both social and
economic conditions of individuals and countries.
Studies suggest that terrorist attacks and pandemics have severe impacts on the economic and
financial conditions of individuals because they create a sense of fear and panic that distorts the
demand for goods, labor movements, and money supply. Due to COVID-19, the US, Asian, and
European Stock markets witnessed a sudden plunge causing huge uncertainties for the investors.
The oil prices went at an all-time low in negative figures due to low demand worldwide.
Similarly, many other stocks and commodities faced a sharp decrease owing to low demand.
Many investors consider accounting information as a benchmark to make their future investment
decisions in the commodity and capital markets. However, due to pandemic and natural
calamities the accounting information became redundant.
The uncertainty and volatility became the motivation behind our study for the impact of COVID-
19 on stock and commodities market. The first case of COVID-19 in India was found in January
2020 in Kerala. Following many more cases and WHO declaring it a global pandemic, strict
safety measures started being implemented from March, 2020 including a nationwide lockdown.
As of 30th December, 2021 India has 3,48,22,040 confirmed COVID-19 cases and 4,80,860
11
deaths according to the data released by the Ministry of Health and Family Welfare,
government of India.
Currently India faces the threat of a new variant of COVID-19 called Omicron and might
undergo another lockdown depending on the spread and control of the variant.
Since March 2020, Indian government has implemented lockdown in multiple stages with
varying stringencies. India is one of the fastest growing economies of South Asia but these
lockdowns have significantly affected the economic condition of the country. This has
encouraged us to examine the direct impact of COVID-19 on Indian commodity and stock
markets.
Due to huge population of India and weak healthcare infrastructure, the markets of India are
hugely impacted.
1.1 Objective:
In our study we are focused on investigating the impact of COVID-19 on Indian stock and
commodities market. We have considered two timelines for our study. The first timeline focuses
on the various phases of the lockdown that government of India imposed and the second timeline
focuses on evaluating the impact of first and second waves of coronavirus. We will also analyze
the impact of COVID-19 spread on the Indian stock market during both these timelines.
The sudden and abrupt rise of the novel coronavirus has stumped the researchers and attracted
them for investigation. However, there are not many studies that have considered a comparative
analysis of the impact of COVID-19 lockdown and the first and second waves.
12
Chapter -2
Review of Literature
13
2. Review of Literature
There are limited studies that focus on the impact of COVID-19 unexpected events such as
lockdown and first and second wave infections on the stock and commodity markets.
M-H Chen was a researcher who studied the effect of SARS on hotel exchange performance in
mainland China. He concluded in his study that due to constant emotions of fear and panic in the
investors, the pandemic has a negative impact on stock performances.
Another researcher called T. R. Burch concluded similar findings that unfortunate pandemics
and terrorism severely impact the mind of investors ad create panic selling.
N. Mirza investigated the volatility of the European investment fund during COVID-19 by
studying its impact on the stock market. He concluded that with the progress in the outbreak, the
investment funds observed stressed performance in prominent sectors except social funds.
S. Papadamou found that the market volatility was directly affected by Coronavirus across 13
major developed stock markets around the world. He analyzed trends in Google searches during
the COVID-19 to reach his conclusions. His results supported and substantiated the work of
another researcher, Z. Da who concluded that at times of stress and uncertainty, stock markets
volatility is affected by Google searches.
Liu researched that COVID-19 impacted 27 leading stock markets and his findings suggested
that the returns of all the leading stock markets are negatively affected by COVID-19 and the
pessimistic view of investors. Similarly, other researchers such as Del, Hasan, Chiang, and
Paltrinieri also reached similar conclusions.
A study by Siu and Wong focusing on Hong Kong SARS pandemic concluded that the
pandemic is associated with low demand and consumption for traditional goods and services.
DeLisle conducted research during 2003 SARS pandemic concluded that the pandemic resulted
in a loss of around $3 trillion gross domestic product (GDP).
14
Albulescu researched the oil demand and financial volatility in the United States during
coronavirus outbreak by implementing the Auto-regressive Distribution Lag. He concluded that
with the increase in the infection in the United States, oil demand is decreasing. His research was
supported by finding from other researchers Wren-Lewis and Fornaro and Wolf.
The novel coronavirus had created a sense of uncertainty among the people regarding their job
and financial conditions. JCT Mao proposed at times of uncertainty investors become
apprehensive and start selling their stocks indiscriminately to avoid future losses.
Investors make their investment decisions based on their belief in rationality and self interest
however in times of uncertainty an investor is unable to make such decisions.
In our study we are testing this uncertainty theory that have led to hasty investment and selling
decisions by the Indian investors. It has encouraged us to analyze the nexus between COVID-19
cases and their effect on financial and commodity markets.
Along with the uncertainty theory, we have also considered the theoretical approach of the
demand theory which states that price and demand are interlinked. The spread of coronavirus has
resulted in closure of many industries such as education, aviation, construction, travel and
tourism, and others. It has resulted in stockpiling and losses to industrialists and producers.
15
Chapter – 3
Methodology
16
3. Methodology
Research Designing: Descriptive and explorative research designed is used for the study.
Techniques: Test of homogeneity, independent t-test method is used for study.
Data Size: The data size chosen by the study is from January to November.
Data collection strategy: Online Method Data collection tool:
Data analysis: Descriptive is used to analyze the data. Descriptive statistics such as table, graph, charts,
mean is used for the study. The data is analyzed with the help of MS-Excel and SPSS software.
To examine the impact of COVID-19 on the Indian stock and commodity market, we have taken
the daily closing price data of the National Stock Exchange index (NSE) and closing prices of
gold and oil from the Multi Commodity Exchange (MCX) of India. We have considered only
gold, oil, and stock index as they are more volatile compared to other variables. Further, the
percentage of investment is also higher in these commodities as compared to others variables.
This study investigates the stock and commodity markets’ volatility of the Indian stock and
commodity market. This part is further categorized into two timelines: the first timeline studies
the phases of lockdown as imposed by the government of India, and the second timeline focuses
on the comparison between the first and second waves of COVID-19 infection.
17
Table 1 Timeline for different phases of lockdown in India
Phases of Lockdown Dates
No lockdown (No COVID) 1 January to 20 March 2020
1st Lockdown (Phase 1) 23 March to 14 April 2020
2nd Lockdown (Phase 2) 15 April to 30 April 2020
3rd Lockdown (Phase 3) 1 May to 18 May 2020
4th Lockdown (Phase 4) 19 May to 31 May 2020
5 Unlock phase (Unlock) 1 June to 20 July 2020
First Wave of COVID Infection 23 March 2020 to 30 November 2020
Second Wave of COVID Infection 1 February 2021 to 16 April 2021
Hypothesis 1 (H1). Coronavirus has a significant negative impact on the performance of the
stock and commodity market.
Hypothesis 2 (H2). The volatility of stock and commodity markets is higher in the first wave
compared to the second wave of COVID-19 spread.
In the first part of the study, we used descriptive analysis, to find out the deviation of stock
returns and commodity market from their means, during the different phases of lockdown.
Further, we have used heteroskedastic independent t-test to study how the above relationship
changed in India during the first and second waves of COVID-19 spread. The heteroscedastic
independent t-test has been used as the variances were not equal during the first and second
waves of COVID-19 spread.
18
Chapter – 4
Data Analysis & Discussion
19
4. Data Analysis & Discussion
Initially, we investigated the Indian stock and commodity market volatility by exploring the
descriptive statistics of the National Stock Exchange indices and gold and oil closing prices
during the different phases of lockdown and also during the first wave and second wave of
COVID-19 spread.
4.1 Descriptive Statistics of Gold, Oil, and National Stock Exchange (NSE)
In the case of oil price, the mean was 49 before lockdown, and after phase one, the mean average
was 23, whereas in the case of the stock exchange, the mean average was 11,560.40 before
lockdown, and it reached 8453.3 after the first phase of lockdown.
During all the phases of the lockdown, the mean and the prices of gold are showing a rising
trend. The reason for such rise may be due to the perception of investors that consider gold to be
the safest form of investment in times of such pandemics and crisis.
Further, the descriptive statistics also show that during the first wave, the volatility is high in all
three commodities in India. During the first wave, the National Stock Exchange of India and oil
prices have a negative relationship; however, in the second wave, this relationship is positive.
Due to no partial lockdown during the second wave, global oil demand is rising, pushing oil
prices even higher. Moreover, based on the positive approach of investors and the government,
stock prices are also rising, and this is negatively affecting investment in the gold markets. Thus,
gold prices are showing a falling trend.
20
Table 2 Descriptive Statistics
Gold (India) Oil (India) National Stock Exchange
(Rs. Troy Per Ounce) (per Barrel) (India)
Std. Std. Std.

N Mean N Mean N Mean
Dev Dev Dev
11,560.4
No 58 113,789.9 3974.56 56 49.88 10.16 57 1065.62
0
Phase 1 17 123,918.8 3889.14 17 23.11 2.30 13 8453.38 446.06
Phase 2 13 129,947.4 1789.41 13 12.03 15.26 12 9236.35 259.60
Phase 3 11 129,461.6 1194.86 11 25.56 3.08 11 9194.79 141.63
Phase 4 9 130,781.6 1236.18 10 33.63 0.869 8 9188.19 246.55
10,116.4
Unlock 20 130,965.1 1948.25 23 38.40 1.41 22 191.04
5
18 10,740.4
First Wave 136,100.8 7237.63 180 36.13 8.19 178 1247.73
6 2
Second 14,879.0
46 128,006.1 3612.02 49 60.70 2.92 47 246.43
Wave 8
The results of the descriptive analysis clearly show that in the case of oil and stock exchange
return, there is a considerable fall in the closing prices of indices and oil throughout the different
phases of lockdown. However, the fall is quite steep during the initial stages of lockdown.
21
22
4.2 Statistics of Commodities w.r.t. lockdowns
Table 3 Statistics of Gold, Oil, Stock prices w.r.t lockdowns
(I) No Lockdown (J) Mean Difference (I- Std. Error Sig.

Lockdown J)
No Lockdown Phase 1 -10,128.9458* 1078.0053 0.000*
Phase 2 -16,157,4594* 720.1895 0.000*
Gold Phase 3 -15,671.6608* 634.1572 0.000*
Phase 4 -16,991.6851* 664.9510 0.000*
Unlock -17,175.2117* 679.8152 0.000**
No Lockdown Phase 1 26.76457* 1.43671 0.000*
Phase 2 37.85185* 4.43534 0.000*
Oil Phase 3 24.31521* 1.61799 0.000**
Phase 4 16.24939* 1.35200 0.000*
Unlock 11.47861* 1.35633 0.000*
No Lockdown Phase 1 3107.01538* 187.69082 0.000*
Phase 2 2297.05000* 159.80683 0.000**
Stock Phase 3 2365.60909* 147.46471 0.000*
Phase 4 2372.20625* 165.89407 0.000*
Unlock 1443.94545* 146.90541 0.000*
Note: * denotes 5 percent level of significance, ** denotes 1 percent level of significance
23
The results of the test show that in both the stock and commodity markets in terms of stock
prices, gold, and oil prices, there is a significant difference among the mean comparison, before
lockdown and during the different phases of lockdown.
4.3 Test of homogeneity of variance in commodities
We also used the heteroskedastic independent t-test to see how the stock and commodity markets
behaved during the first and second waves of COVID-19 spread in India
Table 4 Test of homogeneity of variance
Levene Statistic df1 df2 Sig.
Gold Prices 6.239 5 122 0.000*
Oil Prices 6.372 5 127 0.000*
Stock Indices 8.295 5 117 0.000*
Note: * denotes 5 percent level of significance
Thus, we can conclude from the above results that novel coronavirus has created a severe
negative impact on the Indian stock and commodity markets during the first wave, compared to
the second wave of COVID-19 spread.
24
4.4. Daily Price Variation
The below figures show the Daily price variation in gold, stock, and oil prices in different phases
of lockdown.
Figure 1 Oil Prices per barrel
25
Figure 2 Gold prices per troy ounce
Figure 3 NSE closing price
26
Chapter – 5
Interpretation, Recommendations, &
Conclusions
27
5. Interpretation, Recommendations & Conclusion
In this study, we investigate the effect of COVID‐19 on the performance of stock and commodity
markets of India. We analyzed these markets by comparing both phases of complete lockdowns
and no lockdown period.
5.1 Recommendations
 COVID‐19 has collapsed the backbone of the financial market. To boost up the stock
market proper policy measures must have to be adopted by the government.
 RBI announced a liquidity injection of around Rs 8 lakh crore in the financial markets
since its first announcement on March 27, 2020. During this recovery period liquidity
will push stock prices up. This turmoil is a good opportunity for long term investors.
 the investors must have to shift their investment from a bleak prospect to the bright one to
balance their work and avoid risk.
 To maintain inclusive and sustainable growth domestic policies will need to be designed.
 Financial assistance must have to be provided by the supreme authority to the destroyed
required sectors.
5.2 Conclusion
The unprecedented pandemic has already brought challenges to almost all countries. Not a single
sector is left unaffected because of COVID‐19. In brief, the results conclude that the Coronavirus
outbreak has affected the stock price and increased the volatility in the Indian stock markets, and
affect the financial system. Accordingly, this paper tries to provide a very simple but original
statistical analysis of the COVID‐19 pandemic by taking the case of the Indian stock market.
The findings conclude that during the different phases of lockdown in India, COVID19 has a
negative and significant impact on oil prices and stock market performance. However, in terms
of gold prices, the effect is positive and significant.
28
We can infer from the findings of the study that the spread of the coronavirus has a significant
and negative impact on the Indian stock market. Corona-induced lockdowns have a significant
effect on investors’ investment capabilities, as well as generating a sense of fear and anxiety
about the future. Layoffs, company closures, and production have harmed the profitability of
most sectors of the economy, including travel and tourism, real estate, and aviation, among
others.
The economic stimulus packages introduced during the second wave positively influenced stock
markets. When we look at the commodity market analysis for oil and gold, we can see that the
findings are conflicting, as the coronavirus has had a negative and significant effect on oil
prices, whereas a positive effect on the gold prices. COVID-19 has a positive effect on gold
prices, which is likely due to the fact that, while gold does not provide much economic value on
its own, it is a useful tool in times of uncertainty and disruption.
29
Limitation
This study covers the time when novel coronavirus was showing a rising trend, and there is no
specific study that focuses on analyzing how the market performs when this pandemic
subsidizes. This study has also ignored the impact of macroeconomic variables on stock market
fundamentals, thus providing sufficient scope for further research.
30
References
1. Sharif, A.; Aloui, C.; Yarovaya, L. COVID-19 pandemic, oil prices, stock market,
geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from
the wavelet-based approach. Int. Rev. Financ. Anal. 2020, 70, 101496.
2. World Health Organisation. Public Health Emergency of International Concern Declared.
Available online: https: //www.who.int/docs/default-source/coronaviruse/transcripts/ihr-
emergency-committee-for-pneumonia-due-to-thenovel-coronavirus-2019-ncov-press-
brief-ing-transcript-30012020.pdf?sfvrsn=c9463ac1_2.
3. World Health Organisation. WHO Characterizes COVID-19 as a Pandemic. Available
online: https://www.who.int/docs/defau lt-source/coronaviruse/transcripts/who-audio-
emergencies-coronavirus-press-conference-full-and-final-11mar2020.pdf?sfv
rsn=cb432bb3_2.
4. Nippani, S.; Washer, K.M. SARS: A non-event for affected countries’ stock markets?
Appl. Financ. Econ. 2004, 14, 1105–1110.
5. Kollias, C.; Manou, E.; Papadamou, S.; Stagiannis, A. Stock markets and terrorist
attacks: Comparative evidence from a large and a small capitalization market. Eur. J.
Political Econ. 2011, 27, S64–S77.
6. Wang, Y. Meigu Chixu Baodie de Binggen Zai Naer [What Is the Root Cause of the
Continued Collapse of US Stocks]. Shanghai Zhengquan Bao [Shanghai Security News].
2020. Available online: http://news.cnstock.com/news,bwkx-202003-4507256 (accessed
on 11 March 2020).
7. Broadstock, D.C.; Zhang, D. Social-media and intraday stock returns: The pricing power
of sentiment. Finance Res. Lett. 2019, 30, 116–123.
8. Dumontier, P.; Raffournier, B. Accounting and capital markets: A survey of the European
evidence. Eur. Account. Rev. 2002, 11, 119–151.
31
9. Saleem, H.; Shabbir, M.S.; Khan, M.B. The short-run and long-run dynamics among
FDI, trade openness and economic growth: Using a bootstrap ARDL test for co-
integration in selected South Asian countries. South Asian J. Bus. Stud. 2020, 9, 279–
295.
10. Chen, M.-H.; Jang, S.; Kim, W.G. The impact of the SARS outbreak on Taiwanese hotel
stock performance: An event-study approach. Int. J. Hosp. Manag. 2007, 26, 200–212.
11.Burch, T.R.; Emery, D.R.; Fuerst, M.E. Who Moves Markets in a Sudden
Marketwide Crisis? Evidence from 9/11. J. Financ. Quant. Anal. 2016, 51,
463–487
32
List of Websites referred:
 www.nseindia.com
 www.bseindia.com
 www.moneycontrol.com
 www.investopedia.com
 www.profitindicators.com
 www.stocata.com
 www.en.bookfi.org
 www.thepatternsite.com
 www.fineprint.com
 www.forexinvestment.com
 www.wikipedia.com
33

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INTERNATIONAL SCHOOL OF BUSINESS & MEDIA, PUNE

INTERNATIONAL SCHOOL OF BUSINESS & MEDIA,

Impact of COVID-19 Pandemic on the Stock and Commodity Markets

Name – Sushil Patel

Roll No. – 20202236

Signature of Student Signature of Guide I

Mr. Sushil Patel Prof. Survase Madan

Roll no: - 20202236

Email Id: pg20sushil.patel@isbm.ac.in

Mobile No.: +91-9910398625

Specialization II: - BUSINESS ANALYTICS

Signature of Academic Chairperson

Prof. Survase Madan

Mr. Sushil Patel

Roll No. 20202236

Email Id: pg20sushil.patel@isbm.ac.in

Mobile No: +91-9910398625

Specialization II: - BUSINESS ANALYTICS

List of Tables vii

List of Figures viii

4 Data Analysis and Discussion 19

5 Implications, Recommendations, and Conclusion 26

Sr. No. Title of the table Page. No.

1 Timeline for different phases of lockdown in India 18

3 Statistics of Gold, Oil, Stock prices w.r.t lockdowns 22

4 Test of homogeneity of variance 23

Sr. No. List of the Figures/Charts/Graph Page. No.

1 Oil Prices per barrel 24

2 Gold prices per troy ounce 25

3 NSE closing price 25

Research Structure of the Work

Techniques: Test of homogeneity, independent t-test method is used for study.

Data collection strategy: Online Method Data collection tool:

Phases of Lockdown Dates

No lockdown (No COVID) 1 January to 20 March 2020

1st Lockdown (Phase 1) 23 March to 14 April 2020

2nd Lockdown (Phase 2) 15 April to 30 April 2020

3rd Lockdown (Phase 3) 1 May to 18 May 2020

4th Lockdown (Phase 4) 19 May to 31 May 2020

5 Unlock phase (Unlock) 1 June to 20 July 2020

First Wave of COVID Infection 23 March 2020 to 30 November 2020

Second Wave of COVID Infection 1 February 2021 to 16 April 2021

Data Analysis & Discussion

4. Data Analysis & Discussion

Table 2 Descriptive Statistics

Gold (India) Oil (India) National Stock Exchange

(Rs. Troy Per Ounce) (per Barrel) (India)

Std. Std. Std.

Phase 1 17 123,918.8 3889.14 17 23.11 2.30 13 8453.38 446.06

Phase 2 13 129,947.4 1789.41 13 12.03 15.26 12 9236.35 259.60

Phase 3 11 129,461.6 1194.86 11 25.56 3.08 11 9194.79 141.63

Phase 4 9 130,781.6 1236.18 10 33.63 0.869 8 9188.19 246.55

4.2 Statistics of Commodities w.r.t. lockdowns

Table 3 Statistics of Gold, Oil, Stock prices w.r.t lockdowns

(I) No Lockdown (J) Mean Difference (I- Std. Error Sig.

No Lockdown Phase 1 -10,128.9458* 1078.0053 0.000*

Phase 2 -16,157,4594* 720.1895 0.000*

Gold Phase 3 -15,671.6608* 634.1572 0.000*

Phase 4 -16,991.6851* 664.9510 0.000*

Unlock -17,175.2117* 679.8152 0.000**

No Lockdown Phase 1 26.76457* 1.43671 0.000*

Phase 2 37.85185* 4.43534 0.000*