This Article First Appeared In The Print On Oct 28, 2022.
Writing a year ago at Diwali time, I had noted that the stock market had taken leave of its moorings, if not its senses, by shooting up 40 percent in the previous year, on top of a double-digit increase in stock values the year before — in defiance of the sundry setbacks of the Covid pandemic. The new Samvat year 2078, I had felt, would therefore see a market correction or at least be a period when it would digest the excesses of 2077. As it turns out, that is precisely what has happened. The most commonly tracked market indices are broadly where they were a year ago…