Indian companies are making a beeline for the stock market, to ride its inexplicable buoyancy even in the midst of a pandemic. This year’s pipeline of new issues, as cleared by Sebi, is already worth around Rs 34,000 crore
Illustration by Raj Verma
Even as the pandemic plays havoc with lives and livelihoods, the Indian stock markets, apparently unaffected by it all, have been buoyant—almost as if in a parallel universe. Even the dismal economic outlook has not got in the way of this stock market exuberance. The BSE (Bombay Stock Exchange) Sensex has risen 82 per cent in roughly 15 months, from 29,468 on March 31, 2020, to 53,880 on July 7 this year. According to a State Bank of India (SBI) report, 14.2 million new individual investors joined the stock markets in 2020-21, a year in which the economy was mauled by Covid-19.