Anand Mahindra, the chairman of the Mahindra Group, tells investors to "play the long game" as the country's rise is unhindered in the medium to long term, despite the dramatic plunge in the Indian stock market.
"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 …," Mahindra said on X, formerly Twitter.
Mahindra's remarks come in the wake of a significant market downturn, which saw the Indian stock market lose over Rs 10 lakh crore in a single day. This sharp decline was part of a broader global trend, as benchmark indices Nifty and Sensex extended more than 1% in losses. The downturn was led by adverse global cues and concerns about a potential US recession.
Never a better time to deploy the ancient Indian practice of Pranayama.
August 5, 2024
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… https://t.co/UASfOSjQ10The turbulence in global markets was evident as US stock futures fell sharply, while Nasdaq futures dropped over 2%. The Nasdaq index entered correction territory, falling 10% from its all-time highs. In Asia, the Japanese market led, with the Nikkei 225 index plunging a staggering 13%.
In India, market anxiety reached new heights with the India VIX—a key gauge of market volatility—skyrocketing 52% to 22, its highest since August 2015.
Among the hardest-hit sectors were Nifty auto, realty, metal, and public sector banks, each experiencing declines of around 3%. The Nifty FMCG index was the only sector to post gains, driven by increases in stocks such as Hindustan Unilever Ltd., Tata Consumer Products Ltd., and Britannia Industries Ltd.
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