India's stock market shockingly resilient amid Covid-19 devastation

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.

Fear of the virus is pervasive. Even the rich and the powerful are finding it hard to arrange a hospital bed or track down an oxygen cylinder.

But