An election opens up: Kejriwal's bail and other straws in the wind

The India VIX (volatility index) has jumped nearly 80% from a low in April. Volatility in the markets may also be indicating an uncertainty about election outcomes

Will Chief Minister Arvind Kejriwal's walk out of Tihar Central Jail prove to be as historic as Babu Jagjivan Ram and H N Bahuguna's walk away from Indira Gandhi’s Congress after she lifted the Emergency and announced elections? That day, February 3, 1977, a strong signal went out that Indira Gandhi could be defeated.

The interim bail granted to Kejriwal indicates that the Modi regime does not control all institutional outcomes. The two-judge bench of Justice Sanjiv Khanna and Justice Dipankar Datta – has shown that the judiciary can act independently. In upholding civil liberties in the face of a