On 31 May, there was sudden frenetic activity in India’s stock markets. The value of shares bought and sold on the National Stock Exchange (NSE) doubled from the previous day. Such an enormous spike in shares trading on one day is very rare, even when there may be a big, surprising news or development. For example, on 12 March 2020, when the World Health Organisation, declared the coronavirus outbreak as a global pandemic, stock market activity rose 22% from the previous day, but even then, it did not double. Stock market trading activity last doubled on 16 May, 2014, when election results were declared and Narendra Modi had won with an absolute majority in the Lok Sabha, a first in three decades, which was a huge surprise then.
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