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Neither Modi nor Trump is Responsible for what Happens Next in the Market - Private Briefing

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Neither Modi nor Trump is Responsible for what Happens Next in the Market
Mar 24, 2018

Last week, I wrote to you and said the Modi government would survive the no-confidence motion in parliament this week.

I overestimated our parliamentarians. The vote still hasn't happened yet. The whole thing has degenerated into a farce.

But such is life in Parliament. Except for the Finance Bill, not a single piece of legislation has moved in the last three weeks.

And even that had to be 'guillotined', a truly apt term, to describe the passing of an important bill without any debate. Apparently, the guillotine has been used by the speaker only twice in the last eighteen years.

Anyway, half an hour was all it took to clear the bill, along with the request for a mind-boggling sum of Rs 800 billion worth of appropriations.

Also, slipped into the bill, were clauses about tricky issues like salaries of politicians and foreign funding of political parties.

I can see why there was no debate.

But let that be. Our beat is stocks. So let's get back to the market.

It's a 'Correction'...Finally

Yesterday, the market closed 10% below its all-time high...the Wall Street definition of a correction. It took almost two months, so it's certainly not a sharp correction.

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