PROJECT REPORT

ON
STUDY ON INDIAN STOCK MARKET DURING PRE, POST AND DURING
PANDEMIC

Submitted by:
Chandrika Reddy 111719029031
Bhargavi Raopolu 111719029025
Shradha Kumari 111719029027
Pallavi Singh 111719029023

Under the Guidance of

Mrs Phebe Priyadarshini

During the Academic Year 2021-22

DEPARTMENT OF BACHELORS OF BUSINESS ADMINISTRATION

LOYOLA ACADEMY DEGREE & PG COLLEGE

(Autonomous) Affiliated to OSMANIA UNIVERSITY

A ‘College with Potential for Excellence’ by UGC

Re-Accredited with grade ‘A’ by NAAC

Old Alwal, Secunderabad - 500010

 LOYOLA ACADEMY DEGREE & PG COLLEGE

(AUTONOMOUS)

A “College with potential for excellence” by UGC

Accredited with grade ‘A’ by NAAC

Affiliated to Osmania University

This is to certified that Chandrika Reddy (111719029031), Bhargavi Raopolu

111719029025), Shraddha Kumari (111719029027), Pallavi Singh (111719029023), have
submitted a project report on “STUDY ON INDIAN STOCK MARKET DURING PRE
POST AND DURING PANDEMIC” as a partial fulfilment for the award of BBA degree
from Loyola academy, affiliated to Osmania University, Hyderabad during the academic year
2021-22.

Signature Signature

(Internal examiner) (External examiner)

Signature Signature
(HOD-BBA) (Principal)
)
CERTIFICATE
This is to certify that, Chandrika Reddy, Raopolu Bhargavi,
Shradha Kumari, Pallavi Singh bearing UID No. 111719029031,
111719029025, 111719029027, 111719029023, of LOYOLA
ACADEMY, has successfully done a “COLLABORATIVE
RESEARCH” work with CLOUTERN on the Topic entitled -
Study on Indian stock market during pre post during and
pandemic.

He/She has done this work under the guidance and supervision of
Mrs.PHEBE PRIYA DARSHANI MAM, from the department of
BBA, LOYOLA ACADEMY,OLD ALWAL,SECUNDERABAD
500010. The work was done from December 2021 to April 2022.
We place our appreciation on records for his/her best effort.

Sign of Company Authority

 TABLE OF CONTENTS

Chapter No. Contents Page No.

Acknowledgment
Declaration
Abstract
Chapterization
List of Tables
List of Graphs
1. Introduction
2. Company profile and Literature Review
3. Data analysis and interpretation
4. Findings, Suggestions and Conclusions
References and Annexures
 ACKNOWLEDGEMENT

We express our sincere gratitude to the college management, especially the principal, Rev Fr
L Joji Reddy, and the Vice Principal, Rev Fr K Anil Kumar J, for giving us an opportunity to
work on this project, thereby enriching our knowledge.
We are also thankful to Mrs. Mary Patricia Head of Department of BBA, for her
inspirational and valuable guidance.
We express our sincere thanks to Mrs, Phebi Priyadarshini, our project guide, for her
suggestions and guidance in completing the project.
We would also like to extend our gratitude to other faculty members without whose help this
project would not have been successfully completed.
We are indebted to Mr. Krishna Kumar ( Technical Analyst, Cloutern ), for granting us
permission to pursue the project in his company, and for giving us valuable inputs in
preparing this project.
We also thank all the other people who were directly or indirectly involved in helping us in
completing.
 DECLARATION

We the undersigned students of Loyola Academy Degree and PG College (Autonomous)

Affiliated to Osmania University hereby declared that the project report entitled “Study on
Indian stock market during pre, post and during pandemic” has been prepared and submitted
as partial fulfilment for the award of BBA degree and is bonafide work undertaken at
cloutern.
We further declare that it is an original work done as a part of our academic course and has
not been submitted to any other university or institution for the award of any degree/
diploma/ certificates or published any time before.

Chandrika Reddy
111719029031

Bhargavi Raopolu
111719029025

Shradha Kumari
111719029027

Pallavi Singh
111719029023
 ABSTRACT

This paper devotes for comparative study of few capital market parameters to evaluate the
impact of covid 19 on the stock market based on few sectors.

The closing stock price and daily stock return are the significant parameters to determine the
performance of the company as well sector over a specific time.

The study was based on 5 major sectors which majorly affected at the time of pre, post and
during covid, that are- IT, banking, automobile, pharma and FMCG. A few major companies
from each sector which lasted high in the NSE were considered. The study also highlights the
black swan event and as well as the awareness which was created about stock market during
pandemic.
 CHAPTERIZATION
Chapter I
The first chapter deals with the introduction to the study, Statement of the problem,
Objectives of the study, Scope of the study, Research Methodology used and the limitations
of the study.

Chapter II
The second chapter presents the research articles pertaining to the study which is divided into
two parts. Part A consists of the theoretical framework and Part B consists of Review of
Literature.

Chapter III
The third chapter comprises of a detailed analysis and interpretation of the impact of
COVID19 on the stock market returns of four sectoral indices which include NIFTY Auto,
NIFTY Pharma, NIFTY FMCG, and NIFTY Bank.

Chapter IV
The fourth chapter consists of the findings and conclusions drawn from the study as well the
suggestions proposed.
 LIST OF TABLES & GRAPHS

S No. Particulars Page No.

1 Table 1: Stock Exchanges in India
2 Graph of IT sector ( 1-5 ) 42-46
3 Graph of FMCG sector ( 6-8 ) 48-50
4 Graph of Pharma Sector ( 9-13) 52-55
5 Graph of banking Sector ( 14-16 ) 57-59
6 Graph of Automobile sector ( 17- 19) 61-63
 CHAPTER I
INTRODUCTION
STOCK MARKETS IN INDIA
Stock exchanges are the perfect type of market for securities whether of government and
semi-government bodies or other public bodies as also for shares and debentures issued by
the joint stock companies. In the stock market, purchases and sales of shares are affected in
conditions of free competition. Government securities are traded outside the trading ring in
the form of over the counter sales or purchase. The bargains that are struck in the trading ring
by the members of the stock exchanges are at the fairest prices determined by the basic laws
of supply and demand.

DEFINITION OF A STOCK EXCHANGE:

Stock exchange means any body or individuals whether incorporated or not, constituted for
the purpose of assisting, regulating or controlling the business of buying, selling or dealing in
securities.
The securities include:
 Shares of public company.
 Government securities.
 Bonds

HISTORY OF STOCK EXCHANGES:

The only stock exchanges operating in the 19th century were those of Mumbai setup in 1875
and Ahmedabad set up in 1894. These were organized as voluntary non-profit-marking
associations of brokers to regulate and protect their interests. Before the control on securities
under the constitution in 1950, it was a state subject and the Bombay securities contracts.
(control) act of 1925 used to regulate trading in securities. Under this act, the Mumbai stock
exchange was recognized in 1927 and Ahmedabad in 1937.

During the war boom, a number of stock exchanges were organized. Soon after it became a
central subject, central legislation was proposed and a committee headed by A.D.Gorwala
went into the bill for securities regulation. On the basis of the committee's recommendations
and public discussion, the securities contract (regulation) act became law in 1956.

FUNCTIONS OF STOCK EXCHANGES:

Stock exchanges provide liquidity to the listed companies. Stock exchanges help trading and
raise funds from the market by giving quotations to the listed companies. The central and
state government have raised crores of rupees by floating public loans over the hundred and
twenty years during which the stock exchanges have existed in this country.
By obtaining the listing and trading facilities, public investment is increased and companies
were able to raise more funds.
The quoted companies with wide public interest have enjoyed many benefits and assets
valuation has become easier for tax and other purposes.
Municipal corporations, trust and local bodies have obtained from the public. their financial
requirements, and industry, trade and commerce have secured capital of crores of rupees
through the issue of stocks, shares and debentures for financing activities like organizing new
ventures and completing projects of expansion, diversification and modernizations.
VARIOUS STOCK EXCHANGES IN INDIA:
At present there are 23 stock exchanges recognized under the securities contracts
(regulations) Act, 1956. Those are:

Table 1: Stock Exchanges in India

The following are a few important stock exchanges from the above are:

BSE: BOMBAY STOCK EXCHANGE

The Bombay Stock Exchange (BSE) is the first and largest securities markets in India and
was established in 1875 as the Native Share and Stock Brokers' Association. Based in
Mumbai, India, the BSE lists close to 6,000 companies and is one of the largest exchanges in
the world, along with the New York Stock Exchange (NYSE), Nasdaq, London Stock
Exchange Group, Japan Exchange Group, and Shanghai Stock Exchange.

NSE: NATIONAL STOCK EXCHANGE

The National Stock Exchange of India Limited (NSE) is India's largest financial market.
Incorporated in 1992, the NSE has developed into a sophisticated, electronic market, which
ranked fourth in the world by equity trading volume. Trading commenced in 1994 with the
launch of the wholesale debt market and a cash market segment shortly thereafter.

SEBI: SECURITIES EXCHANGE BOARD OF INDIA

The Securities and Exchange Board of India (SEBI) is the most important regulator of
securities markets in India. SEBI is the counterpart of the Securities and Exchange
Commission (SEC) in the U.S. Its stated objective is “to protect the interests of investors in
securities and to promote the development of, and to regulate the securities market and for
matters connected therewith or incidental thereto.
NEED OF THE STUDY
India is well established securities market with long history of organised trading.
The growth in the stock exchanges of the country spectacular and can be attributed to
increase in the number of instruments offered by listed companies and tide credit policy of
banks as a result of which Indian corporate sector has been really upon capital markets for
raising funds for the needs consequently a large population of the investor small and big have
been created in India.
The impact of COVID‐19 on the volatility of stock prices in India with the help of a
generalized autoregressive conditional heteroscedasticity model.
The study has been attempted to make a comparison of stock price return in pre ‐COVID ‐19
and during COVID‐19 situation. Findings reveal that the stock market in India has
experienced volatility during the pandemic period.
The rapid spread of the unprecedented COVID‐19 pandemic has put the world in jeopardy
and changed the global outlook unexpectedly. Initially, the SARS ‐CoV ‐2 virus, which caused
the COVID‐19 outbreak triggered in Wuhan city, Hubei province of China in December
2019, and with time it spread all over the globe. This pandemic is not only a global health
emergency but also a significant global economic downturn too.
Due to this pandemic, there is a large fall in the price of oil and a large increase in the price of
gold. Firzli (2020), refers to this pandemic as “the greater financial crisis.” In many countries,
businesses are highly indebted, weak companies are further destabilized, and corporate debt
stands at a very high level. The global financial market risk has increased substantially in
response to the pandemic (Zhang et al., 2020). Investors are suffering sufficient losses due to
fear and uncertainty.
OBJECTIVES OF THE STUDY:

 To study on black swan event an unpredictable event that is beyond what is normally
expected of a situation and has potentially severe consequences.
 To understand rapid growth of awareness about stock market among Indian citizens
during covid-19.
 To determine the effect of the corona pandemic on the sectoral indices of the Indian
stock market.
 To analyse the pandemic’s effect on economic activities.
 To analyse the impact of the COVID-19 on the return volatility of the Indian stock
market.
SCOPE OF THE STUDY:

-Research was done only for the Indian stock market and not the global markets
-To ascertain the coronavirus outbreak's impact on India's financial markets, four sectoral
indices are chosen: Nifty Auto, Nifty FMCG, Nifty Pharma, and Nifty Bank Nifty IT and
their stock market return for eight financial quarters have been analysed.
- This research was done on our understanding and knowledge we gained about stock market
during our internship with Cloutern.
RESEARCH METHODOLOGY:

This study is both descriptive and analytical in nature and discusses the positive and negative
impact of COVID – 19 on the automobile, pharmaceutical, FMCG and bank sector. The
study tries to probe the COVID-19 breakout effect on the stock markets by drawing shreds of
evidence from India.

Sources of data
Secondary data for stock indices' quarterly returns are retrieved from the web portal of
niftyindices.com. To examine the impact of COVID-19 the Sources like articles, journals,
newspapers etc. are referred.

Period of Data
The study covered the period of two years from October 2019 to September 2021 which
comprises of last financial quarter of 2019, four financial quarters of 2020, and three financial
quarters of 2021.
LIMITATIONS OF THE STUDY:

Our study has some limitations:

i. The main limitation of this study is that break out effect of the pandemic is examined only
on the four sectors of the Indian stock market. Other sectors’ impact has not been analysed.

ii. The study is also limited to companies included in the NIFTY sectoral indexes and does
not include any company in the sectors outside the index. Hence, the study has a scope for
further extension.
 CHAPTER- 2
COMPANY PROFILE &
REVIEW OF LITERATURE
COMPANY PROFILE

Cloutern is a two year old start-up, cloutern means together earning or reaching new heights.
It is a finance and derivatives consultancy company run by NSE certified partners. Company
gives advisory to the clients for various financial matters like - Stock market trading, Stock
market investment, Money management, Portfolio management, Building assets, and other
financial advices. Looking at the high curiosity youngsters have for stock market the
company target's the youngsters mostly. Various sessions and classes were organised by the
company for youngsters to make them understand the ocean of stock market. The company
also raises funds for trading and investment with different returns and promises. The future
goal is to increase the number of demat account in India and spread the awareness of stock
market and end unwanted myths about it.
INDUSTRY FRAMEWORK
FINANCIAL MARKETS

Financial markets are often associated with stock markets; sometimes they are differentiated with
the view that on financial markets we trade only securities and on the stock market we can trade
other values, such as real estate, property and currency. The stock market is also known as the
stock exchange. A stock exchange is a market for different kinds of securities, including stocks,
bonds and shares, as well as payment documents.

According to functional basis financial markets are classified into two types:
They are:
 Money markets (short-term)
 Capital markets (long-term)

According to institutional basis again classified in to two types. They are

 Organized financial market Non-organized financial market.
The organized market comprises of official market represented by recognized institutions,
bank and government (SEBI) registered/controlled activities and intermediaries. The

Unorganized market is composed of indigenous bankers, moneylenders, individual professional

and non-professionals.

MONEY MARKET:
Money market is a place where we can raise short-term capital. Again the money market is
classified in to types:
They are:
> Inter bank call money market
> Bill market and
>Bank loan market Etc.
Eg.: treasury bills, commercial papers, CD's etc.
CAPITAL MARKET:

Capital market is a place where we can raise long-term capital. Again the capital market is
classified in to two types and they are

 Primary market and

 Secondary market.
E.g.: Shares, Debentures, and Loans etc.

PRIMARY MARKET:
Primary market is generally referred to the market of new issues or market for mobilization of
resources by the companies and government undertakings, for new projects as also for expansion,
modernization, addition, diversification and up gradation. Primary market is also referred to as
New Issue Market. Primary market operations include new issues of shares by new and existing
companies, further and right issues to existing shareholders, public offers, and issue of debt
instruments such as debentures, bonds, etc. The primary market is regulated by the Securities and
Exchange Board of India (SEBI is a government regulated authority).

FUNCTIONS:
The main services of the primary market are origination, underwriting, and distribution.
Organization deals with the origin of the new issue. Underwriting contract make the shares
predictable and remove the element of uncertainty in the subscription. Distribution refers to the
sale of securities to the investors.

SECONDARY MARKET:
The primary market deals with the new issues of securities. Outstanding securities are traded in
the secondary market, which is commonly known as stock market or stock exchange. "The
secondary market is a market where scrip's are traded". It is a market place which provides
liquidity to the scrip's issued in the primary market. Thus, the growth of secondary market
depends on the primary market. More the number of companies entering the primary market, the
greater are the volume of trade at the secondary market. Trading activities in the secondary
market are done through the recognized stock exchanges which are 23 in number including Over
The Counter Exchange of India (OTCE), National Stock Exchange of India and Interconnected
Stock Exchange of India.
Secondary market operations involve buying and selling of securities on the stock exchange
through its members. The companies hitting the primary market are mandatory to list their shares
on one or more stock exchanges in India. Listing of scrip's provides liquidity and offers an
opportunity to the investors to buy or sell the scrip's.
REVIEW OF LITERATURE
Reviewing the literature helps the researcher understand the topic under research thoroughly.
The aim of any literature review is to summarize and synthesize the arguments and ideas of
existing knowledge in a particular field without adding any new contributions. The purpose
of this study is to determine the effect of the corona pandemic on the sectoral indices of the
Indian stock market. The consequences of the COVID-19 pandemic are devastating and have
severely impacted the stock markets. Researchers all over the world are focused into looking
the impact of COVID19 on the economy and different sectors. To better understand about
this project, a number of research papers have been reviewed and a few of them are included
in this section.

1] Rashmi Chaudhary (2020) has undertaken a study to analyse the impact of COVID-19 on
the performance of the Indian stock market concerning two composite indices (BSE 500 and
BSE Sensex) and eight sectoral indices of Bombay Stock Exchange (BSE) (Auto, Bankex,
Consumer Durables, Capital Goods, Fast Moving Consumer Goods, Health Care, Information
Technology, and Realty) of India, and has compared the composite indices of India with three
global indexes S&P 500, Nikkei 225, and FTSE 100. This study aims to examine the market
predictability indicators, mainly volatilities in return during the crisis (from January 2020 to
May 2020) and before the crisis (December 2019 and earlier) using GLS regression.
This paper’s key findings state that sub-sample analysis for the composite and sectoral
indices before and during COVID-19 period, with equivalent window length, discloses that
all indices show lower mean daily return, rather be specific, negative returns in the crisis
period as compared to pre-crisis five-month period. Health care was only one of the sectors
that could sustain its positive return during COVID-19 period. In total, the Indian stock
market turned out to be more volatile during COVID-19 period, and the returns exhibit non-
normality at all times

2] Dhananjay Ashri (2021) This study has attempted to ascertain the aftermath of COVID19
on the various sectors of the Indian economy by drawing pieces of evidences from the eight
sectoral indices: Nifty Auto, Nifty FMCG, Nifty IT, Nifty Media, Nifty Metal, Nifty Oil and
Gas, Nifty Pharma, and Nifty Bank. These stock indices are arguably the most accurate
representatives of various sectors of Indian economy. The results unveiled that pandemic had
a negative impact on the automobile, FMCG, pharmaceuticals, and oil and gas sectors in the
short run. In the long run, automobile, oil and gas, metals, and the banking sector have
suffered enormously.
The study revealed a malignant effect of COVID-19 pandemic on the automobile, FMCG, oil
and gas, and pharmaceuticals sector in the short run. This is because of the Indian
government's lockdown policy, which led to supply chain disruption. Furthermore, it has
been observed that automobile industry has suffered more strongly from the pandemic and
reported returns below domestic average. However, FMCG and pharmaceuticals sector
rebounded quickly and yielded positive mean daily returns. In the long-term window, the
global demand for oil, gas, and metals slowed down due to the industries' closure.

3] Emon Kalyan Chowdury (2021) conducted a study to measure the impact COVID-19 on
stock markets of 12 countries from Asia, Europe, North America, and Africa and analyzed its
impact on the overall economic activities of different sectors of the same countries. These
countries are highly infected with COVID-19 and significantly represent the global economy.
The study observes the serious negative impact of the pandemic on stock market returns.
European stock markets are the worst sufferer compared to others. All pandemic variables
have a negative impact on stock markets; moreover, lockdown days and restriction on
movement have a negative impact on economic activities. The study concluded that the
uncertainty of the pandemic, along with the tremendous economic losses, has made the stock
market highly volatile and unpredictable

4]Rahul Kumar (2021) carried out extensive research to examine the impact of the
COVID19 outbreak on Indian firms listed on the NSE and analyzed its impact on various
sectors. In addition, a sub-sample analysis based on market capitalization was performed to
understand the effect of size during extreme events. The sample consisted of 1,335 firms
listed on the NSE India and the samples were divided based on the median of the market
capitalization into the above-median and below-median companies.
The study shows that NSE-listed firms negatively responded to the COVID-19 outbreak, with
more than 6% negative CAAR in 10-day event windows. The highly negatively affected
sectors have experienced a negative abnormal return of more than 10% in 10-day event
windows, including financial services, metal, automobile, transportation services,
construction sectors, and rest. In addition, moderately negatively affected sectors have seen
negative CAAR of 5% to 10% in the 10-day event window, including electricity, textile,
plastic, chemical, Fast Moving Consumer Goods (FMCG) sectors, and others. However, few
sectors are slightly negatively affected with a negative abnormal return of less than 5% in 10-
day event windows, and these sectors are media and drug & pharma sectors. Also, the
findings revealed that the Covid-19 outbreak impacted larger firms more negatively than
smaller firms in each event window

5] P.K Mishra (2021) published a paper in which the effect of the coronavirus pandemic on
stock markets in Asia has been studied. The study empirically substantiates the influence of
the number of COVID-19 confirmed cases, COVID-19 reported death cases, stock index
returns, market volatility, oil prices, inflation rate and interest rates in determining abnormal
stock returns in Asian markets amid the COVID-19 pandemic. The pandemic has created
market uncertainties, weakened investors’ sentiments, and thus, caused market volatilities of
different degrees depending on the severity of the pandemic in the continent.
The empirical outcomes of the study conclude that:
The ongoing coronavirus pandemic causes return volatilities in stock markets in affected
countries. The media announcement of the rapid surge in COVID-19 confirmed positive
cases and death cases adversely affects the abnormal stock returns in affected countries. The
confirmed COVID-19 positive cases & death cases, stock returns, market volatility, oil
prices, exchange rate, inflation rate and interest rates are the determinants of stock market
performances during the pandemic

6] Peterson Ozili (2020) analysed the coronavirus outbreak and the spillover to the global
economy which triggered the global recession in 2020. Policy makers in many countries were
under pressure to respond to the coronavirus outbreak. As a result, many governments made
fast policy decisions that had far reaching positive and negative effects on their respective
economy – many countries plunged into a recession. Social distancing policies and lockdown
restrictions were imposed in many countries, and there have been arguments that such social
policies can trigger a recession.
The results of this study indicate that non-financial factors and/or non-economic factors can
trigger both a financial and economic meltdown in unprecedented ways. The findings reveal
that the increasing number of lockdown days, monetary policy decisions and international
travel restrictions severely affected the level of economic activities and the closing, opening,
lowest and highest stock price of major stock market indices. In contrast, the imposed
restriction on internal movement and higher fiscal policy spending had a positive impact on
the level of economic activities, although the increasing number of confirmed coronavirus
cases did not have a significant effect on the level of economic activities.

7] S. Rajamohan (2020) has attempted to study the impact of COVID-19 on stock market.
The research work specifically focused on the automobile sector alone. The stock price
volatility of automobile sector was examined. The outcome summary of the study revealed
that there is a significant impact of automobile sector index price movements after the
COVID – 19 in India.
The results of this study indicate that COVID-19 in India made an adverse impact in
automobile sector during the study period. Higher amount of equities been sold at
undervalued exhibits significant impact in the selected sectoral index in India. The sudden
fall of stock values affect the industry manufacturing process and it has influenced the stock
market for a period and it may recover soon with optimum potential.

8]Shivam Mittal (2021) studied how the outbreak of COVID-19 impacted the stock returns
of healthcare sector. BSE Healthcare index represents the healthcare and pharmaceutical
sector as a whole, and their closing prices have been taken as the benchmark for analysis. The
results show that COVID-19 outbreak significantly affects the stock performance of the
sector.
The study reveals that BSE Healthcare sector has given 14 per cent return in one month
whereas the benchmark index SENSEX reduced by 12 per cent during the same period. This
implies that the demand for the sector specific stocks during the pandemic period and the
healthcare & pharmaceutical sector has performed accordingly. This study would be useful
for private equity firms and venture capitalists who want to invest in uncertain times, where
many sectors would underperform due to low demand and further growth

9]Raman Tirpude (2021) had undertaken a study to analyse the impact of COVID 19 on the
stock market, especially in the Fast-moving Consumer Goods (FMCG) section of the
National Stock Exchange. FMCG is a dynamic sector of the Indian economy that is in high
demand by consumers. The industry is growing in many ways. Urban areas are the largest
contributors, but in recent years rural areas have been increasing rapidly. This pandemic
recession has entered a dramatic phase and impacted the sector as a whole.
The outcomes of the study show that COVID 19 adversely affected the FMCG sector in
India. The main reasons are labour shortages, production restrictions, increased knowledge of
health and hygiene, increased demand for disinfectants, handwashing detergents,
handkerchiefs, etc., and increased demand for organic products will lead to changes in
consumer tastes. Therefore, the sector's contribution to GDP is rising sharply. Industry
changes need to be analysed to avoid future complications.

CHAPTER 3
DATA ANALYSIS AND INTERPRETATION
The COVID-19 disease has spread very fast in the world and brought worse effect than any
other contagious outbreak that broke out in recent time such as Ebola and Swine Flu.
Looking at the past 100 years, the closest outbreak that is comparable to the COVID-19
pandemic was found to be the 1918–19 global influenza pandemic. In that year-long
outbreak, one-third of the world population was infected, and around 40 million people died.
In India's context, it has tackled diseases such as smallpox, polio, etc. in the past. However,
India has not confronted any highly contagious disease outbreak in history. Right from
Policymakers, businessmen, government, regulatory authority to ordinary people, all were
under enormous pressure to tackle the outbreak.

Policy makers in government and Central bank were faced with two major decisions, which
is to: ‘save the people before saving the economy’, or ‘save the economy before saving the
people’. One choice had to be made because it was difficult to achieve both at the same
time. Policy makers felt it was better to save the people before saving the economy, and as a
result, the economy was allowed to suffer.

Different restrictions, conservative policies of the government, and increased number of

positive patients literally handicapped the economic activities everywhere in the world. This
series of action which were taken to avoid the COVID-19 lead to decrease in cash flow
among the people and also due to lack of import and export the majority of the companies
lost their material sources and labours for their normal operations and also the major income
of foreign currency through tourism was completely lost. It was the major financial loss for
the India. Thus, most of the investors from the foreign countries changed their investment
mode from the Equity to other mode such as gold and other commodity. Underestimating the
results of companies due to reduced operation led to uncertainty among investors about the
future of companies, and made the stock market volatile. COVID-19 pandemic has caused
the stock market’s highest volatility out of all the pandemics so far. Hence the share market
faced a huge blow due to COVID-19.
3.1 BLACK SWAN EVENT

3.1.1 WHAT IS A BLACK SWAN EVENT IN THE STOCK MARKET?

A black swan event in the stock market is often a market crash that exceeds six standard
deviations, making it exceedingly rare from a probabilistic standpoint. Some have argued that
stock prices are "fat-tailed" and that such events are, in reality, more frequent than the
statistics would let on.

3.1.2 WHY IS IT CALLED A BLACK SWAN EVENT?

A black swan is considered to be rare, since most swans are white. In fact, the story goes that
black swans were thought once to not at all exist, until finally one was discovered. The lesson
is that what we think are very rare events may be more common than previously thought.

3.1.3 KEY POINTS ABOUT BLACK SWAN EVENT

 A black swan is an extremely rare event with severe consequences.
 It cannot be predicted beforehand, though after the fact, many falsely claim it should
have been predictable.
 Black swan events can cause catastrophic damage to an economy by negatively
impacting markets and investments, but even the use of robust modeling cannot
prevent a black swan event.
 Reliance on standard forecasting tools can both fail to predict and potentially increase
vulnerability to black swans by propagating risk and offering false security.
  The term was popularized by the book, The Black Swan, by Nassim Nicholas Taleb.

3.1.4 WHY IS COVID-19 CONSIDERED TO BE A BLACK SWAN EVENT FOR

STOCK MARKET?
The Coronavirus (COVID-19) is a “Black Swan” event. This unexpected and hard-to-predict
event was not within the range of normal expectations. Nonetheless, it will result in a severe
economic contraction on a global basis in 2020. While the magnitude of the human tragedy is
still unknowable and outside the realm of our expertise, the economic and financial impact is
coming into view. Our focus on the latter does not intend to lessen the importance of the
human side but is merely our recognition of our area of competence.

3.1.5 LESSONS LEARNT FROM THIS BLACK SWAN EVENT

What general lessons can we learn from this Black Swan?

 First, it can be devastating to a portfolio in the short-term. Even the so called “gold
standard” 60% stocks and 40% bonds portfolio lost substantial value during the
“COVID crash.”
 Second, this too will pass. Markets fully recovered quickly and are now substantially
higher than before the crash.
 Third, don’t panic and overreact. I know several investors who sold near the bottom
and never bought back into the market, totally missing the recovery.

A KEY QUESTION: Is it worthwhile for average investors to try to totally protect their
portfolios against these events?

Because of their randomness and rarity, probably not, except possibly for some very risk-
averse investors. However, total protection will have a long-term cost. Thus, careful asset
selection in, say, a 60/40 portfolio may partially mitigate a Black Swan.
3.2 AWARENESS ABOUT STOCK MARKET AMONG INDIAN CITIZENS DURING
COVID-19

One of the key trends that emerged as India recovered after the crippling blows of the
pandemic was the rise of Tier 3 and 4 markets. The spread of financial inclusion in the
country has been led by a multitude of first-time investors. The sustained rise in the number
of retail investors during the lockdowns is reflected in the rapid surge in demat accounts.

 According to data from SEBI, an average of 26 lakh new demat accounts were opened
every month in the year ending March 2022, as against a monthly average of four lakh
in 2019-20.
 As of November 2021, the total number of investor accounts stood at 7.7 crore
(NSDL and CDSL cumulatively) as of November 2021 with total investment of Rs
330 lakh crore. Of the nearly nine crore registered users on BSE, if you break up
state-wise, Maharashtra accounts for the bulk of 21 percent of total investor accounts,
followed by Gujarat at 11 percent.
 However, these have been the traditional equity bastions in India. Investment
accounts are growing fast not only in local towns and villages but also in Manipur,
Assam and Lakshadweep.
This shows that young people are looking to generate sustainable income through trading in
stocks. They have seized the opportunity that mobile trading provides to invest in equities.
The pandemic forced many people to diversify their investment portfolio beyond traditional
financial instruments. There has been a considerable increase in equity participation,
particularly among millennials and those outside the metro cities.
In the new landscape, a fiery market rally saw strong interest and activity from first-time
retail investors — particularly millennials and the Gen Z — who had access to the internet
and mobile devices. This, in addition to the government’s efforts to boost financial inclusion,
led to a rapid rise in the number of investors joining the equity market.
3.2.1 KNOWLEDGE, AWARENESS AND THE APPEAL OF EQUITY
INVESTMENTS

There is greater awareness and interest in equity investments. A shift to working from home
has given investors enough time to understand the trend. People have begun to realise the
importance of equity investments and are beginning to attach value to them.
The growing knowledge about investing and about different asset classes has accelerated
retail participation. Many have increasingly opted for diversification and higher-profit-
potential opportunities over traditional asset classes including FDs, gold and real estate. The
idea is to get returns that are better than the inflation rate.
Asset classes other than equity typically lag behind the rate of inflation and offer diminishing
returns. Therefore, millions of new, young investors have taken up stock trading.
3.3 PORTFOLIO CHARTS OF COMPANIES IN 5 MAJOR
SECTORS: IT, BANKING, AUTOMOBILE, PHARMA AND
FMCG SECTOR DURING PANDEMIC

The spread of the COVID-19 pandemic has an unprecedented and immense

impact on the world economy as well as the Indian economy. The stock market,
treated as a barometer of the economic activity of any country is adversely
affected. Not even in India, countries like Germany, France, the USA, and
Spain have been strongly affected. Nationwide lockdown, restriction on the
transportation system, demand-supply disequilibrium lead to slow down in the
economy and create a fear factor among the participants of the capital market.
Rapid fall in the share price and increased volatility are identified during this
period. The present study tries to compare the stock price return volatility, no of
the transaction, and delivery percentage of various listed companies listed on
BSE during the pre and post COVID-19 periods to examine the effect of this
pandemic on the economy as a whole.

Period of Study: we have considered the pre-COVID period from 1st

September 2019 to 15th March 2020 and post COVID period from 16th March
2020 to August 2020.

Sample: For this study, we have selected NSE listed Companies covering 5
sectors, viz. Pharma, Automobile, FMCG , Banking and Finance, and IT
3.3.1 TOP 5 COMPANIES IN IT SECTOR

3.3.1.1 MAHINDRA & MAHINDRA LTD.

Mahindra & Mahindra Limited (M&M) is an Indian multinational automotive manufacturing
corporation headquartered in Mumbai. It was established in 1945 as Mahindra & Muhammad
and later renamed as Mahindra & Mahindra. Part of the Mahindra Group, M&M is one of the
largest vehicle manufacturers by production in India. Its subsidiary Mahindra Tractors is the
largest manufacturer of tractors in the world by volume. It was ranked 17th on a list of top
companies in India by Fortune India 500 in 2018. Its major competitors in the Indian market
include Maruti Suzuki and Tata Motors. Under the “Mahindra” brand name, the company
produces SUVs, Multi utility vehicles, pickups, lightweight commercial vehicles,
heavyweight commercial vehicles, two wheeled motorcycles and tractors. Mahindra
maintains business relations with foreign companies like Renault SA, France.
NSE : M&MBSE : 500520
ISIN CODE : INE101A01026
Industry : Automobiles - Passenger Cars House : Mahindra & Mahindra

Graph 1
 3.3.1.2 INFOSYS LTD.
Infosys Limited is an Indian multinational information technology company that provides
business consulting, information technology and outsourcing services. The company was
founded in Pune and is headquartered in Bangalore.[5] Infosys is the second-largest Indian IT
company after Tata Consultancy Services by 2020 revenue figures and the 602nd largest
public company in the world according to Forbes Global 2000 ranking.[6] The credit rating
of the company is CRISIL AAA / Stable / CRISIL A1+ (rating by CRISIL).
NSE : INFYBSE : 500209
ISIN CODE : INE009A01021
Industry : IT – Software House : Infosys

Graph 2
 3.3.1.3 WIPRO LTD.
Wipro Limited (formerly, Western India Palm Refined Oils Limited) is an Indian multinational
corporation that provides information technology, consulting and business process services.
Thierry Delaporte has served as CEO and managing director of Wipro since July 2020. It is
headquartered in Bangalore, Karnataka, India.Wipro's capabilities range across cloud
computing, cyber security, digital transformation, artificial intelligence, robotics, data analytics,
and other technology consulting services to customers in 67 countries.
NSE : WIPROBSE : 507685
ISIN CODE : INE075A01022
Industry : IT – Software House : WIPRO

Graph 3
3.3.1.4 TATA CONSULTANCY SERVICE

Tata Consultancy service is the Largest IT company in India in terms of Revenue. TCS is an IT
services, consulting and business solutions provider that has been partnering with the world’s
largest businesses in their transformation journeys for the last fifty years.

Graph 4
3.3.1.5 HCL TECHNOLOGIES
HCL Technologies is one of the best IT companies in India. The Company is a leading global
IT services company that helps global enterprises re-imagine and transform their businesses
through Digital technology transformation.
The Company focuses on providing an integrated portfolio of services underlined by its
Mode 1–2–3 growth strategy. It is the third-largest Indian top it companies.

Graph 5
INTERPRETATION OF IT SECTOR

In the wake of the outbreak, everything from doctors appointments to schooling to workouts
went online. As more people have worked, learned, banked, exercised, relaxed, and even
sought medical care from home during Covid-19, they have gotten a crash course in just how
much can be accomplished at home.

Almost two years into the pandemic, some countries have resumed daily life, while some
have seen resurging cases and renewed lockdowns. As vaccines are doled out, a complete
return to normal still remains uncertain for many, but what’s certain is the fact that the
pandemic has fundamentally impacted several industries.

In some cases, the technological changes inspired by Covid-19 will come in the form of an
acceleration of existing trends — for example, industrial automation and contactless
payments. In other cases, like virtual reality, 3D printing, or telehealth, the crisis may change
the course of the industry, enabling companies to demonstrate value that, until now,
consumers have been unable or unwilling to see.
3.3.2 TOP 5 COMPANIES IN FMCG SECTOR

3.3.2.1 HUL
Hindustan Unilever Limited (HUL) is a consumer goods company headquartered in Mumbai,
India. It is a subsidiary of Unilever, a British company. Its products include foods, beverages,
cleaning agents, personal care products, water purifiers and other fast-moving consumer
goods.
HUL was established in 1931 as Hindustan Vanaspati Manufacturing Co. and following a
merger of constituent groups in 1956, it was renamed Hindustan Lever Limited. The
company was renamed in June 2007 as Hindustan Unilever Limited.
As of 2019, Hindustan Unilever's portfolio had 44 product brands in 14 categories. The
company has 18,000 employees and clocked sales of ₹34,619 crores in FY2017–18.
In December 2018, HUL announced its acquisition of GlaxoSmithkline's India's consumer
business for $3.8 billion in an all equity merger deal with a 1:4.39 ratio. However the
integration of GSK's 3,800 employees remained uncertain as HUL stated there was no clause
for retention of employees in the deal. In April 2020, HUL completed its merger with
GlaxoSmithKline Consumer Healthcare (GSKCH India) after completing all legal
procedures.

Graph 6
3.3.2.2 TATA CONSUMER

Tata Consumer Products is a fast-moving consumer goods company headquartered in

Mumbai, and a part of the Tata Group. Its registered office is located in Kolkata. It is the
world's second-largest manufacturer and distributor of tea and a major producer of coffee.
Formerly known as Tata Global Beverages Limited (TGBL), Tata Consumer Products was
formed when the consumer products business of Tata Chemicals merged with Tata Global
Beverages in February 2020. The company now operates in the food and beverages industry,
with 56% of their revenue coming from India while the rest is from their international
businesses. After the merger, the company controls Indian and international brands like Tata
Salt, Tata Tea, Tetley, Eight O'Clock Coffee, Good Earth Tea, Tata Sampann and Tata
Starbucks.

Graph 7
3.3.2.3 P 7 G HYGIENE
Procter & Gamble Hygiene and Health Care Limited is engaged in the manufacturing and
selling of branded packaged fast moving consumer goods in the femcare and healthcare
businesses. Its portfolio includes WHISPER – India’s leading Feminine Hygiene brand, and
VICKS – India’s No. 1 Health Care brand and Old Spice.

Graph 8
INTERPRETATION OF FMCG SECTOR

Indian consumer durables market is broadly segregated into urban and rural markets and is
attracting marketers from across the world. The sector comprises a huge middle class, a
relatively large affluent class, and a small economically disadvantaged class. Global
corporations view India as one of the key markets from where future growth is likely to
emerge.

Due to pandemic, the sales and growth of FMCG Sector also dropped. Even though FMCG
sectors were operational during these times but the demand for the goods decreased
drastically, resulting dip in the sales of the goods.

Compared to other sectors, FMCG sector wasn’t affected as bad, as even during the time of
crisis the demand for FMC goods could not be zero. There was always some consumption,
leading to lower losses when compared to other sectors.
3.3.3 TOP 4 COMPANIES IN PHARMA SECTOR

3.3.3.1 DR. REDDY'S LABORATORIES LTD.

Dr. Reddy's Laboratories is an Indian multinational pharmaceutical company located in
Hyderabad, Telangana, India. The company was founded by Kallam Anji Reddy, who
previously worked in the mentor institute Indian Drugs and Pharmaceuticals Limited. Dr.
Reddy's manufactures and markets a wide range of pharmaceuticals in India and overseas.
The company has over 190 medications, 60 active pharmaceutical ingredients (APIs) for drug
manufacture, diagnostic kits, critical care, and biotechnology products.
NSE : DRREDDYBSE : 500124
ISIN CODE : INE089A01023
Industry : Pharmaceuticals & Drugs House
 Graph 9

3.3.3.2 SUN PHARMACEUTICAL INDUSTRIES LTD.

Sun Pharmaceutical Industries Limited (d/b/a Sun Pharma) is an Indian multinational
pharmaceutical company headquartered in Mumbai, Maharashtra, that manufactures and sells
pharmaceutical formulations and active pharmaceutical ingredients (APIs) in more than 100
countries across the globe. It is largest pharma company in India and the fourth largest specialty
generic pharmaceutical company in the world, with a total revenue of over US$4.5 billion as of
June 2021. The products cater to a vast range of therapeutic segments covering psychiatry, anti-
infectives, neurology, cardiology, orthopaedic, diabetology, gastroenterology, ophthalmology,
nephrology, urology, dermatology, gynaecology, respiratory, oncology, dental and nutritionals.
Its API products include Acamprosate Calcium, Alendronate Sodium, Amifostine trihydrate,
Budensonide and Carvedilol.
NSE : SUNPHARMABSE : 524715
ISIN CODE : INE044A01036
Industry : Pharmaceuticals & Drugs House : Sun Pharma

Graph 10
 3.3.3.3 LUPIN LTD.
Lupin Limited is an Indian multinational pharmaceutical company based in Mumbai,
Maharashtra, India. It is one of the largest generic pharmaceutical companies by revenue
globally.The company's key focus areas include paediatrics, cardiovascular, anti-infectives,
diabetology, asthma and anti-tuberculosis.Lupin's businesses encompass the entire pharmaceutical
value chain, ranging from branded and generic formulations, APIs, advanced drug delivery
systems to biotechnology. The company's drugs reach 70 countries with a footprint that covers
advanced markets such as USA, Europe, Japan, Australia as well as emerging markets including
India, the Philippines and South Africa to name a few.
NSE : LUPINBSE : 500257
ISIN CODE : INE326A01037
Industry : Pharmaceuticals & Drugs House : Lupin

Graph 12
 3.3.3.4 DIVIS LABORATORIES LTD

Divis Laboratories Ltd is engaged in manufacturing of Advanced Pharmaceutical Ingredients

(APIs), Intermediates and Nutraceutical ingredients with predominance in exports. It has a market
presence in 95 countries and 14,000 employees and is one of the leading pharmaceutical
companies in the world. The company is engaged in production of leading generic APIs,
Nutraceutical ingredients and custom synthesis of APIs and intermediates for global companies. It
has a product portfolio of 122 products across various therapeutic areas. The company derives
47% of total revenues from top 5 products. Naproxen (an anti-inflammatory drug) contributed
18% of total sales during FY20. The company is one of the leading suppliers of this drug.

Graph 13
INTERPRETATION OF PHARMA SECTOR

The Indian Pharmaceutical sector ranks third globally in terms of volume and tenth in terms
of value.
The coronavirus pandemic and its resultant lockdown badly affected all major sectors of the
economy, but it has come as a boon in disguise to the Indian pharmaceutical sector. Though
some part of pharmaceutical business was affected such as supply chain and import of active
pharmaceutical ingredients from China, Covid-19 has provided some opportunities in the
pharmaceutical sector, especially India.
 3.3.4 TOP 3 COMPANIES IN BANKING SECTOR

3.3.4.1 HDFC Bank Ltd

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive
an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private
sector. HDFC Bank is a publicly held banking company, the bank was incorporated in August
1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. It is
engaged in providing a range of banking and financial services including retail banking,
wholesale banking and treasury operations.

Graph 14
3.3.4.2 KOTAK MAHINDRA BANK LTD

Kotak Mahindra Bank is a diversified financial services group providing a wide range of banking
and financial services including Retail Banking, Treasury and Corporate Banking, Investment
Banking, Stock Broking, Vehicle Finance, Advisory services, Asset Management, Life Insurance
and General Insurance. Ratios (Q4FY21) Capital Adequacy Ratio - 23.4% Net Interest Margin -
4.45% Gross NPA - 3.25% Net NPA - 1.21% CASA Ratio - 60.4%

Graph 15
3.3.4.3 ICICI BANK LTD
ICICI Bank is a large private sector bank in India offering a diversified portfolio of financial
products and services to retail, SME and corporate customers. The Bank has an extensive network
of branches, ATMs and other touch-points. Ratios (Q3FY21) Capital Adequacy Ratio - 19.51%
Net Interest Margin - 3.67% Gross NPA - 4.38% Net NPA - 0.63% CASA Ratio - 41.8%

Graph 16
INTERPRETATION OF BANKING SECTOR

As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised and
well- regulated. The financial and economic conditions in the country are far superior to any
other country in the world. Credit, market, and liquidity risk studies suggest that Indian banks
are generally resilient and have withstood the global downturn well (Indian Banking Industry
Report, Nov 2020). While the banking sector was been negatively affected by the pandemic,
it is also critical for economic recovery. But the crisis will strengthen competitive pressures
on banks by accelerating trends towards digitalisation and new financial service providers.

The banking sector is also affected, although mostly indirectly. While banking services can
be provided remotely and do not rely on direct customer contact, the linkage of the sector
with the real sector as provider of payment, savings, credit and risk management services
extends the negative effect of the Covid-19 crisis to banks and other financial institutions.

At the same time, the banking sector has the role of supporting firms and households during
this period of lower revenues and incomes, which has triggered important policy actions by
financial supervisors and governments.
3.3.5 TOP 3 COMPANIES IN AUTOMOBILE SECTOR

3.3.5.1 MARUTI SUZUKI INDIA LTD

The Company was established in 1981. A joint venture agreement was signed between the
Government of India and Suzuki Motor Corporation (SMC), Japan in 1982. The Company
became a subsidiary of SMC in 2002.It is the market leader in passenger vehicle segment in
India. In terms of production volume and sales, the Company is now SMC’s largest
subsidiary. SMC currently holds 56.28% of its equity stake. The principal activities of the
Company are manufacturing, purchase and sale of motor vehicles, components and spare
parts.Market share of major car manufacturers (%) Maruti Suzuki - 47.4 Hyundai - 17 Tata -
7.5 Kia - 7.3 Mahindra - 6.4 Renault - 3.6 Honda - 3.5 Toyota - 3.0

Graph 17
3.3.5.2 TATA MOTORS LTD
Tata Motors Group is a leading global automobile manufacturer. Part of the illustrious multi-
national conglomerate, the Tata group, it offers a wide and diverse portfolio of cars, sports utility
vehicles, trucks, buses and defence vehicles to the world. It has operations in India, the UK, South
Korea, South Africa, China, Brazil, Austria and Slovakia through a strong global network of
subsidiaries, associate companies and Joint Ventures (JVs), including Jaguar Land Rover in the
UK and Tata Daewoo in South Korea. Jaguar Land Rover Ltd. Tata Motors Ltd (TML) bought
British iconic brands Jaguar & Land Rover from Ford in 2008 and merged them together in 2013
to form one unified company.

Graph 18
3.3.5.3 HERO MOTOCORP LTD

Hero Moto Corp earlier also known as “Hero Honda” is one of India’s first motorcycle
manufacturers. The company started in 1984 as a Technological collaboration with Honda, Japan.
Before this collaboration, Hero was selling Cycles under the brand name, Hero Cycles. In 2011,
Honda group sold its 26% stake in the company to the Munjals (promoters) and ended the JV.
Post the termination of JV, the name of the company was changed to Hero Motocorp.
It is the world’s largest manufacturer of 2 Wheelers, in terms of unit volumes sold by a single
company in a calendar year, for 19 years in a row. In FY 20, it sold 64 lakh two-wheeler units.
Sales grew by 39% over the past decade. The overall market share of the company in the two-
wheeler segment stands at 35.7% as of FY20. The company has some strong brands under its
names like Splendor, Passion, Glamour in the bike segment and like Pleasure, Maestro in the
scooter segment and others, etc

Graph 19
INTERPRETATION OF AUTOMOBILE SECTOR

India is expected to emerge as the world's third-largest automobile market by 2021. The COVID-
19 pandemic has had a swift and severe impact on the globally integrated automotive industry.
Symptoms include a disruption in Chinese parts exports, large scale manufacturing interruptions
across Europe, and the closure of assembly plants in the United States. This is placing intense
pressure on an industry already coping with a downshift in global demand, and likely leading to
increased merger & acquisition activity.

The pandemic-induced lockdown resulted in the shutting down of production at original

equipment manufacturers (OEM). It also led to disruption of the entire value chain of major
industries in India, and therefore negatively affected production of auto spare parts in micro, small
and medium-sized industries. In addition, the reduction in consumer demand for passenger
vehicles contributed to a loss in revenue and a severe liquidity crisis in the sector.
 INTERPRETATION OF MARKET SECTORS

Back in 2019 the Indian stock market was moderate

In 2020 the bull run in pharma and IT stocks took place
And that was the time and Opportunity for the people who invest for the long term to buy stocks
of other sectors in DIP. They also got an amazing discounted price.

In 2021 the increase in volume and market depth took the Indian stock market to another level.
And the result is that:
Today our market is on a bull rally for life time high.
Even after the monetary policy today, interest rates were unchanged
And this gave a confidence to the market, and it is expected to go for life time high now.
 3.4 IMPACT OF COVID-19 ON INDIAN ECONOMY

The outbreak of COVID-19 has impacted nations in an enormous way, especially the nationwide
lockdowns which have brought social and economic life to a standstill. A world which forever
buzzed with activities has fallen silent and all the resources have been diverted to meeting the
never-experienced-before crisis. There is a multi-sectoral impact of the virus as the economic
activities of nations have slowed down. What is astonishing and worth noting is an alarm bell
which was rung in 2019 by the World Health Organization (WHO) about the world’s inability to
fight a global pandemic. A 2019 joint report from the WHO and the World Bank estimated the
impact of such a pandemic at 2.2 per cent to 4.8 per cent of global GDP. That prediction seems to
have come true, as we see the world getting engulfed by this crisis.

The impact of coronavirus pandemic on India has been largely disruptive in terms of economic
activity as well as a loss of human lives. Almost all the sectors have been adversely affected as
domestic demand and exports sharply plummeted with some notable exceptions where high
growth was observed. An attempt is made to analyze the impact and possible solutions for some
key sectors.

3.4.1 FOOD & AGRICULTURE

Since agriculture is the backbone of the country and a part of the government announced essential
category, the impact is likely to be low on both primary agricultural production and usage of agro-
inputs. Several state governments have already allowed free movement of fruits, vegetables, milk
etc. Online food grocery platforms are heavily impacted due to unclear restrictions on movements
and stoppage of logistics vehicles. RBI and Finance Minister announced measures will help the
industry and the employees in the short term. Insulating the rural food production areas in the
coming weeks will hold a great answer to the macro impact of COVID-19 on Indian food sector
as well as larger economy.

3.4.2 AVIATION & TOURISM

The contribution of the Aviation Sector and Tourism to our GDP stands at about 2.4% and 9.2%
respectively. The Tourism sector served approximately 43 million people in FY 18-19. Aviation
and Tourism were the first industries that were hit significantly by the pandemic. The common
consensus seems to be that COVID will hit these industries harder than 9/11 and the Financial
Crisis of 2008. These two industries have been dealing with severe cash flow issues since the start
of the pandemic and are staring at a potential 38 million lay-offs, which translates to 70 per cent
of the total workforce. The impact is going to fall on both, White and Blue collar jobs. According
to IATO estimates, these industries may incur losses of about 85 billion Rupees due to travel
restrictions. The Pandemic has also brought about a wave of innovation in the fields of contactless
boarding and travel technologies.

3.4.3 TELECOM

There has been a significant amount of changes in the telecom sector of India even before the
Covid-19 due to brief price wars between the service providers. Most essential services and
sectors have continued to run during the pandemic thanks to the implementation of the ‘work
from home’ due to restrictions. With over 1 billion connections as of 2019, the telecom sector
contributes about 6.5 per cent of GDP and employs almost 4 million people. Increased broadband
usage had a direct impact and resulted in pressure on the network. Demand has been increased by
about 10%. However, the Telco’s are bracing for a sharp drop in adding new subscribers. As a
policy recommendation, the government can aid the sector by relaxing the regulatory compliances
and provide moratorium for spectrum dues, which can be used for network expansions by the
companies.

3.4.4 PHARMACEUTICALS

The pharmaceutical industry has been on the rise since the start of the Covid-19 pandemic,
especially in India, the largest producer of generic drugs globally. With a market size of $55
billion during the beginning of 2020, it has been surging in India, exporting Hydroxychloroquine
to the world, esp. to the US, UK, Canada, and the Middle-East.

There has been a recent rise in the prices of raw materials imported from China due to the
pandemic. Generic drugs are the most impacted due to heavy reliance on imports, disrupted
supply-chain, and labour unavailability in the industry, caused by social distancing.
Simultaneously, the pharmaceutical industry is struggling because of the government-imposed
bans on the export of critical drugs, equipment, and PPE kits to ensure sufficient quantities for the
country. The increasing demand for these drugs, coupled with hindered accessibility is making
things harder. Easing the financial stress on the pharmaceutical companies, tax-relaxations, and
addressing the labour force shortage could be the differentiating factors in such a desperate time.

3.4.5 OIL AND GAS

The Indian Oil & Gas industry is quite significant in the global context – it is the third-largest
energy consumer only behind USA and Chine and contributes to 5.2% of the global oil demand.
The complete lockdown across the country slowed down the demand of transport fuels
(accounting for 2/3rd demand in oil & gas sector) as auto & industrial manufacturing declined and
goods & passenger movement (both bulk & personal) fell. Though the crude prices dipped in this
period, the government increased the excise and special excise duty to make up for the revenue
loss, additionally, road cess was raised too. As a policy recommendation, the government may
think of passing on the benefits of decreased crude prices to end consumers at retail outlets to
stimulate demand.
3.5 IMPACT OF THE COVID-19 ON THE RETURN VOLATILITY OF THE INDIAN
STOCK MARKET

3.5.1 PRE- PANDEMIC

3.5.1.1 ONE-FIFTH OF NIFTY 500 STOCKS TRADE BELOW PRE-COVID LEVELS

Despite the sharp bull run that took India’s stock markets to record highs, around a fifth of the
stocks in Nifty 500 index, a collection of the biggest companies in the country, have delivered
zero or even negative returns, with their stock languishing below their pre-covid levels.
Many brokerages take pre-covid period as the time before 17 January 2020, when India issued its
advisory to avoid travel to China. Many stocks such as ITC Ltd, Bharti Airtel Ltd, Maruti Suzuki
India Ltd, ONGC Ltd, Indian Oil Corp Ltd, Coal India, HDFC AMC, PVR Ltd, Bata India Ltd,
L&T Finance, Inox Leisure, Indusind Bank, RBL Bank, Bandhan Bank, Punjab National Bank are
still trading below their pre-pandemic levels.

Meanwhile, both the benchmark Sensex and Nifty touched a record high on 28 June, while the
Nifty 500 index hit an all-time high on 16 June.
While benchmark indices have touched record highs in the last couple of weeks, there are still a
large number of stocks which are trading below their pre-covid prices. We believe that ambiguity
over earnings recovery for select sectors against the backdrop of covid-19 and deterioration in
margins along with increased working capital needs weighed on stock performances. We believe
that the ramp-up in vaccination programme and opening-up of complete economy in ensuing
months would be key catalysts for sectors like hospitality, tours and travels, hotels, etc." said
Binod Modi, head of strategy at Reliance Securities.

Analysts attributed the negative or low returns in some popular auto and auto ancillary stocks that
are actively traded in futures and options to revenue slowdown as a result of lower demand due to
lockdowns imposed by many states across the country in recent months.

Among the banking and financial stocks, those lenders that have witnessed relatively more
downside due to the loan moratorium announced last year and rising bad loans have lagged. In the
fast-moving consumer goods space, ITC saw negative returns because of low demand from the
cigarette and hotel business. Oil and gas sector stocks also faced impact due to lower crude oil
prices last year and low demand. In the telecom sector, Bharti Airtel has given negligible returns
since the start of the pandemic in the absence of tariff hikes since last year, analysts said.

Overall, we believe the growth phase should return in these sectors from the third quarter of FY22
on the back of economic measures taken by the government and good demand which has started
to pick up post unlocking," said Akhil Rathi, vice president advisory at Marwadi Shares and
Finance.

Companies that have seen the most erosion in their stock prices since the start of the pandemic
include Future Retail Ltd, Yes Bank, Future Consumer, DCB Bank, GE Power, Chalet Hotels and
Raymond, which have lost 40-81%.
 3.5.2 DURING PANDEMIC

On 23 March 2020, stock markets in India post worst losses in history. Sensex fell 4000 points
(13.15%) and NSE NIFTY fell 1150 points (12.98%). However, on 25 March, one day after a
complete 21-day lock-down was announced by the Prime Minister, Sensex posted its biggest
gains in 11 years, adding a value of Rs4.7 l lakh crore (US$62 billion) for investors.

On 8 April, following positive indication from the Wall Street that the pandemic may have
reached its peak in the US, the stock markets in India rose steeply once again. By 29 April, Nifty
held the 9500 mark.

Due to closing of various industries, for example

- Automobile :
All factories were closed and manufacturing of cars were stopped hence it lead to decrease in
sales.
Similarly various manufacturing hubs and shops were closed all sales were stopped which
will lead to decrease in sales and profit figures.
This is directly proportional to the stock price of that company.

FII (Foreign Institutional Investors) and DII (Domestic Institutional Investors) we're aware
about this hence they took all there money from the stocks and sold almost 76% of there
holdings, which lead to huge crash in the stock market.

In fact, retail investors like us got scared and took all the money out.
Also NIFTY was closed at lower circuit because of pandemic fear.
Only IT and pharma companies survived because IT went for work from home and pharma
got benefited the most because of medical revolution in India after covid.

3.5.2.1 THE RISE OF RETAIL INVESTORS ON D-STREET DURING THE

PANDEMIC
One of the key trends that emerged as India recovered after the crippling blows of the
pandemic was the rise of Tier 3 and 4 markets. The spread of financial inclusion in the
country has been led by a multitude of first-time investors. The sustained rise in the number
of retail investors during the lockdowns is reflected in the rapid surge in demat accounts.
According to data from SEBI, an average of 26 lakh new demat accounts were opened every
month in the year ending March 2022, as against a monthly average of four lakh in 2019-20.
As of November 2021, the total number of investor accounts stood at 7.7 crore (NSDL and
CDSL cumulatively) as of November 2021 with total investment of Rs 330 lakh crore. Of the
nearly nine crore registered users on BSE, if you break up state-wise, Maharashtra accounts
for the bulk of 21 percent of total investor accounts, followed by Gujarat at 11 percent.
However, these have been the traditional equity bastions in India. Investment accounts are
growing fast not only in local towns and villages but also in Manipur, Assam and
Lakshadweep.

3.5.2.2 NO GEOGRAPHICAL BARRIERS

The emergence of new high-growth markets has also shifted the power centres in terms of
most significant investor populations. BSE data reveals that there has been an increase in
retail investors from across India. During the pre-pandemic days, metro cities were the power
centres in terms of investor population. But post-pandemic, there has been an explosion in the
adoption of mobile and digital investing platforms, as investors across India looked for
alternative sources of income. This has freed financial institutions from the limitations of the
geographies they could serve.
In the new landscape, a fiery market rally saw strong interest and activity from first-time
retail investors — particularly millennials and the Gen Z — who had access to the internet
and mobile devices. This, in addition to the government’s efforts to boost financial inclusion,
led to a rapid rise in the number of investors joining the equity market.

3.5.2.3 THE SHIFTING POWER CENTRES

A shift in the power centres is reflected in Upstox's own experience of onboarding new
investors. Before the surge, most of the demat accounts were in the eight metro cities and a
few big towns among Category Y cities. Since the pandemic, there is an incremental increase
in customer additions from the top 50 cities.
It is encouraging to note that more than 80 percent of Upstox's customers are in the 18-36 age
bracket and from areas untapped previously.
3.5.2.4 KNOWLEDGE, AWARENESS AND THE APPEAL OF EQUITY
INVESTMENTS
There is greater awareness and interest in equity investments. A shift to working from home
has given investors enough time to understand the trend. People have begun to realise the
importance of equity investments and are beginning to attach value to them.
The growing knowledge about investing and about different asset classes has accelerated
retail participation. Many have increasingly opted for diversification and higher-profit-
potential opportunities over traditional asset classes including FDs, gold and real estate. The
idea is to get returns that are better than the inflation rate.
Asset classes other than equity typically lag behind the rate of inflation and offer diminishing
returns. Therefore, millions of new, young investors have taken up stock trading.

3.5.2.5 GROWING NUMBERS

The stock market rally in the past year has undoubtedly contributed to the massive increase in
the number of retail investors. On 20 February 2020, stock markets across the world suddenly
crashed after growing instability due to the COVID-19 pandemic. It ended on 7 April 2020.
During the FY21-FY22 period so far, the Sensex zoomed and crossed the 60,000 mark for the
first time ever, and the Nifty50 touched 18,600, completely ignoring the pandemic-induced
economic blues. We believe it is the new breed of first-time retail investors adding depth to
the equity market, and we are glad that the pace of financial inclusion has also accelerated in
the process.
New retail investors have provided conclusive proof that the deeper parts of the country are
the bedrock of a fantastic future for its equity market.
3.5.3 POST PANDEMIC:

The spread of Covid-19 crushed the stock market when it became clear it would cause a rapid
and historic drop in economic output.
As the economy bounced back, the recovery was choppy, millions remain unemployed and
yet the stock market has surged to record highs.

The market’s rapid gains are based on optimism vaccines will help return the world to normal
in the new year, and businesses will do well as a result.
But strategists say the market valuations have become distorted and are likely to see a
pullback in early 2021 though stocks should end the year higher.

The pandemic turned 2020 into a year of unprecedented events — not the least of which was
the swift crash and then record-fast recovery of the stock market.
The market’s race higher has been in stark contrast to an economy that has been growing
slowly.
Many small businesses are struggling, and more than 10.7 million people are unemployed,
according to Labor Department monthly data.
Even so, the market has powered higher, fueled by expectations of a period of strong growth
after vaccines are widely distributed and the economy fully reopens.
Those same expectations have helped draw in a different cohort of investors, many of them
young and new to investing. JMP estimates the brokerage industry added more than 10
million new accounts in 2020, with Robinhood alone likely representing about 6 million.

“One of the things that the pandemic has underscored more than anything else is that the
stock market is a forward-looking mechanism,” said Michael Arone, chief investment
strategist at State Street Global Advisors. “That’s been the tagline all year long as investors
continue to scratch their heads wondering why the stock market could perform so strongly
while the economy, labor market and earnings face such challenges. It’s more about future
expectations than current conditions. It’s something that investors were loosely aware of in
the back of our minds always.”

The market plunge and its rebound paralleled America’s response to the virus.
There was shock and fear, followed by hope for a recovery but with some setbacks along the
way, as the virus continues to spread while investors look forward to the vaccine.
The year 2020 started off the way it was expected to, and then things went bad fast in late
February and March as the pandemic spread and government officials around the world and
in the U.S. shutdown economic activity.

“Usually it takes an unanticipated event to cause the market to get knocked on its ear, and
nobody prior to the new year, that can think of, said we’re going to have a problem with a
virus in 2020, ” said Sam Stovall, chief investment strategist at CFRA. “Everyone creates
their yearly forecast in early December, so if the market was still at an all-time high Feb. 19,
obviously a majority of people continued to think it would be a good year and even with the
virus in the background it would not be a world altering event — and oh, how we were
wrong.”

The virus has thrown many trends that were already underway into hyper speed.

“Everything was so fast. We went from peak to trough in 33 calendar days, which was three
times as fast as the 1987 bear market. Feb. 19 was the record. It fell 34% in 33 calendar
days,” Stovall said. “The Fed said we’re going to do whatever it takes, the market said you
don’t fight the Fed and we got to breakeven on Aug. 18, which made it the fastest recovery
on record and then we scored 19 new highs since then.
3.5.3.1 WHY A PULLBACK COULD BE LURKING?
The S&P 500 is up more than 65% since the March low, and nearly 16% for the year. The
Nasdaq is 44% higher for the year. Stovall and other strategists say it would not be surprising
to see a pullback in the early part of the new year, but he and others expect the market to end
the year higher.
“Valuations right now are trading at a 42% premium,” said Stovall. He was referring to the
premium above the average 12-month forward price-to-earnings ratio of 16.7 for S&P 500
stocks going back to the year 2000. There’s always a weird dichotomy between stocks and
the economy except in the initial stages of a recession, when the economy falls sharply. The
initial news that the economy is crumbling seems to crush the stock market, but the recovery
is much longer for the economy than it is for stocks,” said Chris Rupkey, chief financial
economist at MUFG Union Bank.
“The only difference in this stock market is the stock indexes have gotten to levels that are at
values we almost haven’t seen before. ... We haven’t seen valuations since before the internet
sock market bubble in the late 1990s,” he added. “It’s OK for stocks to be here if companies
are going to make a lot of money next year.”

Rupkey said investors point to the last recovery in 2009 and note stocks moved higher ahead
of the economic recovery. But he noted that at the time, valuations were rising into the teens,
not above 30.
The way investors look at the market has also changed, and that may be a direct result of how
the pandemic has impacted the economy.

“Typically, when we go through economic downturns, people drift to consumer staples,

utilities, and health care. ... In a traditional downturn, you went defensive,” said Tobias
Levkovich, chief U.S. equity strategist at Citigroup. Utilities are negative on the year, down
about 5%; consumer staples are up 6.9% and health care is up 10%.
Levkovich also says it would not be surprising to see the rapidly rising market pull back in
the new year. He said a 10% to 12% retracement is possible.
“The ‘defensive’ in the Covid world became who could grow in an economy where there is
no growth,” said Levkovich. That would be like e-commerce, or Amazon, which is up 80%
for the year.
“Defensive meant bulletproof balance sheets with free cash flow, and you ended up buying
mega cap tech,” Levkovich said. The S&P information technology sector is up nearly 42%
for the year, the best-performing of the major sectors.
“All in one fell swoop, mega cap was large cap, mega cap was defensive and mega cap was
growth.

3.5.3.2 STAY AT HOME VS RECOVERY

As the market climbed out of its pit, investors picked stocks that would do well as people
worked from home and children attended school remotely. They punished stocks in
businesses they could no longer enjoy — like airlines and cruise ships.
As vaccines became reality, they began to buy stocks that would do well in an economic
recovery.

“We saw more small investors participate in the market, as did all of our competitors across
the board, in a way that we’ve never seen before,” said JJ Kinahan, chief market strategist at
T.D. Ameritrade. “We saw options usage increase and people understanding how to use
options. ... They’re defining their risk, which is something new. Retail investors tend not to
do it.”
Kinahan said retail investors are also able to trade higher-priced stocks like Tesla and
Amazon through the options market. He said many of the investors are young and new to
investing and trading. At T.D. Ameritrade, millennials make up about 30% of its retail
clients, an increase of 35% over three years.
As the stock market surged, there was also a massive boom in initial public offerings, the
strongest wave of issuance ever. Investors have also levered their holdings and margin debt is
at an all-time high, a potential contrarian warning.

“Right now there’s this great expectation. The downside is can we really live up to what
everyone is expecting. What happens to the overall market?” Kinahan said. He said one
question is can pandemic favourites Peloton and Zoom continue the growth they’ve had after
the world returns to normal.
3.5.4 TWO YEARS AFTER COVID: THE NEW NORMAL
When the coronavirus pandemic hit Indian shores in early 2020, the Indian economy was already
in a downward spiral, with growth rate slumping to an 11-year low of 3.1 per cent in the March
quarter of FY20. The rapidly surging Covid-19 cases forced the government to impose a
nationwide lockdown which resulted in India’s first recession in FY21 (at -6.6 per cent) after a
gap of 40 years.

While the economy was mending its way up, the second wave beginning March 2021 led to loss
of many more lives and further deceleration of growth momentum. However, high-frequency data
indicates that the Indian economy came out of the Omicron wave in January with little damage, in
stark contrast with the two previous coronavirus waves. The PMI indices for manufacturing and
services sectors showed only a slowdown in activity in January, well short of an outright decline
as in previous occasions.

During the first wave, mobility restrictions and supply shortages led to a surge in retail inflation.
However, with global economic recovery and hardening commodity prices, both wholesale and
retail inflation have remained elevated, putting pressure on the Reserve Bank of India (RBI) to
change its accommodative stance to boost growth.
 CHAPTER 4
FINDINGS, SUGGESTIONS AND
CONCLUSION
4.1 FINDINGS

Since 2020, the world has been passing through a difficult time due to the outbreak of COVID19
Pandemic. This novel public health emergency has created both demand- and supply-side shocks
affecting both real and financial sectors of economies globally. One of the noteworthy immediate
consequences of it was sudden nosedive of stock markets across countries in the globe. The
subject matter of the study is to determine the effect of pandemic on the sectoral indices of the
stock market in India.
This study is both descriptive and analytical in nature and discusses the positive and negative
impact of COVID – 19 on the automobile, pharmaceutical, FMCG and bank sector. The study
tries to probe the COVID-19 breakout effect on the stock markets by drawing shreds of evidence
from India. The data for stock indices' quarterly returns are retrieved from the web portal of
niftyindices.com. To examine the impact of COVID-19 the Sources like articles, journals,
newspapers etc. are referred.

The findings of the study, therefore, validate the supposition that:

i. The main factor influencing investors’ behaviour, was uncertainty about the duration of the
pandemic and the sustainability of the economic recovery.
ii. The deadly spread of COVID-19 infection can exert an adverse impact on stock market
performances;
iii. The uncertainty of the pandemic, along with the tremendous economic losses, has made the
stock market highly volatile and unpredictable.
iv. The corona pandemic has generated pessimism and uncertainties in the stock markets to
negatively guide the investors
v. The pandemic has influenced investors’ sentiments, and made them panic & pessimistic about
their investments
vi. The pandemic has created market uncertainties, weakened investors’ sentiments, and thus,
caused market volatilities of different degrees.
vii. 2020 Indian stock market saw one of the most highly volatile markets ever, even beating the
2001 and 2008 financial crises
viii. Fluctuations are more in secondary market than any other market
xi. The investors are also lacking knowledge in the shay-tack of awareness on online trading.
x. There are more speculators than investors.
4.2 SUGGESTIONS

There will always be a point where things will recover and come to a point. COVID-19 has
collapsed the backbone of the financial market. Cloutern made us understand how the Indian
stock market behaves according to any internal and external factors of a country, depending on
the fundamentals and the technicals market behaves rationally and irrationally. In such a moment
of collective confusion, what we learn was it’s an opportunity to learn something about investors
psychology and human behaviour.

-At the time of crash preferences was to stick towards large banks
-diversification of portfolio is necessary so as to divide the risk.
-Better to invest than to trade, meaning focusing on long term investment then short term.
-We understood investing is not the same as gambling because investing increases the overall
wealth of an economy, while gambling merely takes money from a loser and gives it to a winner.
-The stock market is not just for rich people and brokers; with the data and research tools now
available online like cloutern, the stock market is more accessible to the public than ever before.
-Buying a stock simply because its market price has fallen is not a good strategy; instead, focus on
buying growth companies at a reasonable price.
-Having a little bit of knowledge can be dangerous in investing; successful investors carefully
research their investments or use the services of a trusted advisor.

During the time of pandemic there were several liquidity injection measures implemented such as
Reserve bank of India (RBI), the central monetary authority has cut its key policy rate by 115
basis points over the last 3 months. It also announced a liquidity injection of around Rs 8 lakh
core in the financial markets since its first announcement on March 27. 2020. 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.

Volatility is an important determinant in investment decisions in the stock market. The investors
in the stock market are also likely to be affected by the volatility of stock prices as high volatility
would be the reason for huge losses or gains and hence, greater uncertainty.
 4.3 CONCLUSION

Clouten had shown us the clear picture of how stock market works in India .The company helped
us to understand how covid -19 pandemic has a significant impact on the socio -economic
situation and the stock market returns in the country. It is undoubtedly a turning point in the
activities of many sectors, as well as for the directions of development of the entire economy.
Through this study we examined the returns of four major sectoral indices in response to the
COVID-19 pandemic in context of India.
Overall, the analvsis reveal that the tour sectoral indices were resilient and quickly responded to
the
COVID-19 pandemic in the context of India.
By this study we got to know that volatility is an important determinant in investment decisions in
the stock market. The investors in the stock market are also likely to be affected by the volatility
of stock prices as high volatility would be the reason for huge losses or gains and hence, greater
uncertainty.
The deliverable percentage indicated the trader's interest in the stock and sector. High-quality
shares have generally a large delivery percentage. A high percentage implies that investors have
good faith in the stock for this reason they are prepared to take delivery of this stock for a long-
term purpose not for intra-day trading. The volume of trades shows how many transactions were
placed on shares for a particular day. It can be used to measure the enthusiasm for the buyers and
seller on the security.
However, during this pandemic volatility has increased from pre covid era to post covid era. As
the stock market is not certain about the persistence of the covid-19 shock in the economy, we
observed significant fluctuation in daily return. However, we have not observed any significant
difference in the deliverable percentage for all these sectors during these two study periods.
Moreover, we have identified that number of daily trades has increased significantly for all
sectors except the bank and financial sector, where we have found no significant difference. The
paper is, however, not devoid of limitations. They are as follows: first, the data used in this study
is restricted up to 6-month pre and post; second, we have considers only five sector for the study
and 50 listed companies for this study.
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