Of course I won’t say that the Sensex is the economy. But investor sentiment on the stock markets, with its wild swings between extreme pessimism and extreme optimism, can be a really fun propaganda tool. You can tell when the vultures are waiting to spin a moment of panic on the stock markets into a narrative against Modi government.
So, it’s gonna be real fun pointing out how the Sensex decisively decided to kick some serious anti-national a$$ this year… TWICE!
The most recent one was with the information of Raghuram Rajan leaving. The Mameluk crowd had really raised the pitch on that one, even coining a pompous term for it …the so called “Rexit”. Eminent commenters like Swaminathan Aiyar warned of billions of $$$ in investment leaving India due to “Rexit”. So when Rajan announced on a Saturday that he was dropping out of the race to be the next RBI governor, you could see these folks with their mouths watering for a Monday.
A huge fall in the Sensex on Monday was all they needed. It wouldn’t matter if the markets recovered the next day…a huge fall in the Sensex on the Monday after “Rexit” was all they needed to seal the victory in the narrative they had been pushing for. Here is an article on QZ.com with its mouth watering for a bad Monday:
“And this is why I suspect, investors are going to be fairly unforgiving come Monday”
They were ready. They were psyched. They were waiting on the edges for the winning runs to be hit. For months they had strategized for this moment. They had gone to town telling the whole world that India exists simply because of Raghuram Rajan. They were sure it would work.
Cruel cruel fate! Up 370 points … and these people had even written the headlines.
You wanna hear something funny? Remember that article from QZ about how investors would be unforgiving come Monday? Scroll lapped up the article and republished it on Monday morning, completely sure that they’d have a party when the markets opened.
Instead the market went all patriotic on their secular a$$es….by Tuesday, Troll had edited the article slightly. Look closely:
The last sentence now just says “investors are going to be fairly unforgiving”. The words “come Monday” have mysteriously disappeared into the sky 🙂
I’m not saying that Dr. Rajan should have left. I feel he was a victim of people who claimed to be his “friends” and pumped him up as an anti-Modi figure till the inevitable ego clash brought him down. I’m only talking about what happened on the markets and what seculars would have done had things gone the other way. I’m not saying that the market reacted positively to Rajan leaving…the Sensex was just responding to easing Brexit concerns. But, imagine for a moment if the market had gone down that Monday instead of up. You think there would be a Mameluk who wouldn’t pounce upon it? If the market had gone down that Monday, it would doubtless have also been because of Brexit fears. But you think a Mameluk would have allowed that possibility in popular discourse? Of course not…they would have blamed the Brexit crash on Rajan’s exit.
So, well, the BJP got a lucky break here. The market kept going up that week hoping that Brexit wouldn’t happen. By the time the market felt the Brexit shock, four crucial trading days had passed, robbing the Mameluks of the opportunity to connect Rajan to the market fall. Ha!
To make things worse, the Brexit crash turned out to be a one day affair…the markets recovered sharply and have now ended substantially higher than they started 🙂 Ouch…all that propaganda about how the whole world invests in India only because of Rajan…all of it swept away. LOL!
Listen Mameluks, if you had asked for a real Rexit…the exit of Rahul Gandhi many years ago, you would not have been in this embarrassing position where you had to desperately hope the markets would be spooked on Monday June 20.
So, well, didn’t I say this is the SECOND time this year that the Sensex kicked some secular a$$? Which was the first? Remember this historic tweet from our beloved Rajdeep:
I now regard this historic tweet as Modi’s lucky charm 🙂 Something really changed that day. The Sensex which had been falling and falling relentlessly for months suddenly turned green…that week the Sensex rose 1500 points! As on date, the Sensex is trading more than 4000 points higher than the day Rajdeep called the index anti-national…
Well, so here is what we know. We can’t predict the fickle mind of the Sensex, but one thing seems certain: whatever you do, don’t call the Sensex anti-national. It will get really angry and make you look like a fool. You see, Rajdeep, not everyone wears the badge of “anti-national” with pride 🙂