Delhi, May 22 -- The global stock markets can be irrational, as well as rooted in facts. They can behave in mysterious ways, as well as in a manner that's logical and commonsensical. Sometimes, they move in sync and, at other times, they show obstinacy towards each other. This interplay can lead to trends that are both weird and scientific. Nothing epitomises this better than the defiance and convergence between the indices like the Dow Jones and NASDAQ in America, and the Indian Sensex over the few months during the ongoing COVID-19 pandemic.

On February 12 this year, the American Dow Jones was at a high of 29,551. It dipped by 37 per cent in 39 days (March 23). Over the next 57 days, by May 19, it climbed up to over 24,000, a rise of 3...