Dilemmas after the boom: Market euphoria and an obvious disconnect

The likelihood is that the new Samvat will be a period when the market either corrects, or at the least digests the excesses of the year gone by, writes T N Ninan

Share prices broke free from their usual moorings during the past year. You could even say the Sensex took leave of its senses, because the 30-share benchmark index has gained an astonishing 40 per cent or so in the course of the traditional accounting year that will end with Diwali next week. Investors have enjoyed no year like this in more than a decade. And it’s a boom that almost no one had forecast, other than perennial optimists like Rakesh Jhunjhunwala, whose portfolio has grown in value by more than 150 per cent since the first Covid crackdown of March