Key Indian stock indices closed deep in the red on Monday, March 30 on news that despite the border closure the number of coronavirus cases increased to 1,000, with 27 deaths recorded to date. Notably, the government’s stimulus package approved on Friday failed to prop up markets. To remind, India’s central bank cut the policy interest rate to 4.40% from 5.15% and the reverse repo rate to 4.15% from 4.90%. On the Nifty 50, only pharmaceutical and consumer names traded higher, while the automotive and real estate sectors posted the steepest losses. Recapping the benchmarks, the Nifty 50 slid 4.38% to 8,281.10, and the BSE Sensex retreated 4.61%, settling at 28,440.32. By 10:37 GMT, USD/INR firmed 0.11% to 75.550, while EUR/INR dipped 0.58% to 83.5545. The 10-year Indian government bond yield stood at 6.193%. Tata Power, Oil & Natural Gas and Reliance Industries shed 4.12%, 2.25% and 3.20%, respectively, tracking a decline in oil prices. As noted above, the list of underperformers included automotive and real estate stocks. In particular, Eicher Motors, Maruti Suzuki, Mahindra & Mahindra and Bajaj Auto plunged 6.53%, 6.16%, 5.94% and 2.51%, while Godrej Properties, Prestige Estates and Oberoi Realty sank 14.6%, 9.98% and 6.79%, respectively. The daily chart shows that a bearish flag pattern is shaping up on the BSE Sensex. Consequently, the current downturn will likely be extended in the short term.