India, Feb. 14 -- Some media reports talk about the spirits and ghosts of Friday the 13 that loom over the Indian stock markets. Others talk about the spread of the AI-tech plague that decimated the software stocks. A few mention that it is the Bengaluru contagion that will soon spread to other IT centres in the country. The fact remains that over the past few trading sessions, and especially yesterday, stock indices took a tumble, software shares crumbled like dry cookies, and other sectors were caught in the AI (Artificial Intelligence) whirlwind. No one knows when and where this will stop. At present, it seems like a bottomless snake pit.

Let us start with the benchmark indices, the Sensex (Bombay Stock Exchange) and Nifty (National S...