Sectoral Equity Market Responses to the Covid-19 Pandemic in India: A Panel Data Analysis of Epidemiological and Policy Variables

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Panel data analysis reveals significant impacts of COVID-19 case growth and government interventions on sectoral returns in India.

A significant negative relationship exists between COVID-19 case growth and sectoral equity returns.
Lockdown announcements positively impacted sector returns, indicating investor optimism for policy support.
The study uses a fixed effects panel regression framework on weekly data from January 2019 to December 2021 across various sectors.
Findings highlight sectoral variability, with Pharma and IT sectors showing stronger responses than others.

Alita Nandi (2024) studied this question.

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