  Market competition has a role which is directly or indirectly associated with
influential effects of individual sectors on other sectors of the economy. The
present work studies the relative position of a product in the market through
the identification of influential spreaders and its corresponding effect on the
other sectors of the market using complex network analysis during the pre-,
in-, and post-crisis induced lockdown periods using daily data of NSE from
December, 2019 to June, 2021. The existing approaches using different
centrality measures failed to distinguish between the positive and negative
influences of the different sectors in the market which act as spreaders. To
obviate this problem, this paper presents an effective measure called LIEST
(Local Influential Effects for Specific Target) that can examine the positive
and negative influences separately with respect to any crisis period. LIEST
considers the combined impact of all possible nodes which are at most three
steps away from the specific targets for the networks. The essence of
non-linearity in the network dynamics without considering single node effect
becomes visible particularly in the proposed network.
