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Andy Mukherjee

India’s Stock Market Lives on Another Planet

Investors are expecting the second Covid-19 wave to be a bigger version of the first. It’s far worse than that.

It’s even worse than the numbers.

It’s even worse than the numbers.

Photographer: Sumit Dayal/Bloomberg

Why isn’t India’s stock market falling more?

The question is a fair one, considering the risky asset class in a country struggling with its most horrific calamity since its violent partition and independence nearly 75 years ago. New daily Covid-19 infections have remained above 300,000 for two weeks now, the worst caseload the world has seen. The death rate is 3,700-plus — probably much higher if you discount the underreported official statistics.