It is the time to deploy ‘Pranayama’ in the Indian stock market as the nation is an oasis in the world and its rise cannot be prevented in the medium to long term, said Mahindra Group chairman Anand Mahindra. Commenting on the Nifty 50 and Sensex crash on Monday, Mahindra said that it was time to play the ‘long game’ in Indian stock markets.
“Never a better time to deploy the ancient Indian practice of Pranayama. It’s about breathing deeply and looking inwards. What I see is an India that is an oasis in the world. Whose Rise will not be impeded in the medium to long term. Play the long game…,” Mahindra wrote in a post on social media platform X (formerly Twitter).
Indian stock market benchmark indices Sensex and Nifty 50 crashed 3% each on Monday following the global market rout caused by the fears of US recession and rising geopolitical tensions in the Middle East.
Sensex plunged 2,450.32 points, or 3.03%, to 78,531.63, while Nifty 50 tumbled 696.35 points, or 2.82%, to 24,021.35 amid across-the-board selloff.
The stock market crash today wiped the overall market capitalisation of the firms listed on the BSE to nearly ₹442 lakh crore from nearly ₹457 lakh crore in the previous session, making investors lose nearly ₹15 lakh crore in a session.
The bloodbath on Dalal Street followed the slump in global equity markets. Asian markets tumbled with Japan’s benchmark Nikkei 225 stock index falling nearly 13%.
Fears of a looming recession in the US jolted the risk appetite investors globally after the latest US jobs data which showed unemployment rate jumping to near a three-year high of 4.3% last month.
“This significant sell-off in domestic equities has been primarily driven by weak global sentiments following disappointing U.S. economic data, particularly non-farm payrolls, manufacturing PMI, and jobless claims, which have raised concerns about a potential economic slowdown in the world’s largest economy. Additionally, the yen carry trade has further dampened global sentiment,” said Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services Ltd.
However, he believes that given the prevailing bullish trend, it is unlikely that prices will remain low for an extended period and a recovery from these lower levels is a probable scenario.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
