The appointed hour arrived and Mr. Subbarao delivered as expected. “No changes for now. For further changes, keep watching the space” he said in summary in his 4 page long summary of the policy and the things economically oriented.
For the layman, nothing changes. EMI payments will continue to have him by his b____s, industry will continue to remain comatose and Pranab da will have more time to look helplessly and lip sync “aar b eye” when asked about economy and slowdown.
So why did markets heaved, groaned and tanked promptly after a little while? The Nifty is down 95 pts or 2%. Only God or SEBI knows for now. One hunch is, there may be some basket deals happening in response to the forex supporting moves taken by the RBI yesterday. But frankly, I don't know.
For now then, its back to the grind of pessimism and despair. This market is testing the patience of everybody.