Markets shed gloom

\Sbusiness correspondent

Nagpur, Oct 14

The markets which had gone into a tailspin following worldwide Covid-19 pandemic have started recovering from first week of October - thanks to the peak of festive season beginning with Navrartri from October 17.

Though in response to the government appeal, the people are making celebrations plain and simple, yet the market sheen which was missing for so many months has started coming back.

For the first time since March this year- when countrywide lockdown was announced-families are coming out of their homes for making big budget purchases ahead of festive and wedding season.

This has infused a sense of enthusiasm among the traders who were reeling under extreme slowdown initally due to recession followed by global lockdown.

Sources said due to nin-day Navratri festival, the markets for two and four wheelers are experiencing an upswing.

During Covid-19 pandemic, companies manufacturing two-wheelers and four-wheelers were completely shut down as the skilled and unskilled workers returned to their native places.

This affected production of not only two-wheelers and four-wheelers but also that of all non-essential items including white goods, apparel, home appliances, automobiles, accessories needed for automobiles and many others.

However during phased Unlock, the situation is returning to normal and customers have restarted bookings for various goods.

Since, schools and colleges are likely to reopen after Diwali, demand for scooterette has gone up.

This augurs well for all sectors of economy, particularly automobile sector and sales of two-wheelers and four-wheelers in October are likely to be much higher as compared to that in the preceding months, market sources said.