Aug 05, 2024 01:41 PM IST
Mahindra Group chairman Anand Mahindra said that it was time to play the ‘long game’ in Indian stock markets.
Anand Mahindra said that it is the time to deploy ‘Pranayama’ in the Indian stock market as the nation’s rise cannot be prevented in the medium to long term. While Sensex and Nifty crashed today (August 5), the Mahindra Group chairman said that it was time to play the ‘long game’ in Indian stock markets.
He wrote in a post on social media platform X (formerly Twitter), “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.”
See Anand Mahindra’s post here:
Sensex and Nifty 50 crashed 3% each following the global market rout which came amid fears of US recession and rising geopolitical tensions in the Middle East.
Sensex plunged 3 per cent while Nifty also tumbled nearly as much as broad selloff was witnessed. The stock market crash wiped overall market capitalisation of firms listed on the BSE to nearly ₹442 lakh crore from nearly ₹457 lakh crore in the previous session. Investors lost nearly ₹15 lakh crore in the session today while there was also a slump in global equity markets. Asian markets fell with Japan’s benchmark Nikkei 225 stock index plummeting nearly 13%.
Tsutomo Yamada, Market analyst at Kabucom Securities in Tokyo told news agency Reuters, “What we witnessed today was an exceptionally rare market. We saw a 1,000 yen drop, 2,000 yen drop, then 4,000 yen dive … this panic-selling reminded me of a similar panic market after the 3/11 great earthquake in northern Japan when investors had no idea what to do and a chain of selling triggered another wave of selling. But such heavy-selling can’t last long. The market might open lower again tomorrow morning but it can’t drop much further from this level.”