More election rallies than market rallies: Shankar Sharma takes witty jibe at D-St volatility

Stock market veteran Shankar Sharma took a dig at current market volatility and state assembly elections on the stock media platform 'X' (formerly known as Twitter), saying "The problem with our country is that in the last 6-8 months, we have had more election rallies than stock market rallies," in his post.

Indian stock market have seen a sharp correction in last 6-8 months with minor glimpse of recovery. In the latest attempt of rebound, benchmark indices snapped their 7-day winning run on Wednesday after rising nearly 4.5 per cent in the last 7 sessions. Despite this recovery, the Nifty50 index is down 10 per cent in the last six months. Broader market indices, BSE midcap and smallcap indices- have dropped 16 per cent and 18 per cent, respectively during the given period.

Sharma, the founder of GQuant Investech, indicated this correction in the stock markets, where investors have seen a sharp carnage in their portfolio. During this period, India has seen state assembly elections in key states like Haryana, Maharashtra, Jharkhand and Delhi, besides bi-elections in select constituencies.

A day ago, Sharma suggested that flexibly accepting a mistake and moving on may work even better. "Flexibility to change perspective works even better. We can be patient/ disciplined/ persevere, with a bad market/ sector/ geography/ bad stocks. Won't help. But flexibly accepting a mistake or a change of era, and moving on, will yield diamonds," he said in the reply post.

After a day's hiatus, Indian stock markets were back in green on Thursday as the BSE Sensex gained more 317.93 points, or 0.41 per cent to settle at 77,606.43, while NSE Nifty50 index more than 105.10 points, or 0.45 per cent to end the session at 23,591.95. BSE midcap index was up by half a per cent, while the smallcap index ended a per cent higher.

Only three sectoral indices of Nifty- Auto, pharma and healthcare-settled in red, while other 14 managed to end the day higher. However, the overall market breadth was weak as 2,346 shares declined while 1,700 advanced on BSE. 86 names remained unchanged for the day.