More ordinary Indians engage with the stock market than ever before. They are egged on by government policies, influencers on social media and television, bankers acting as agents for funds and the freedom to make instant decisions through apps.

Technology makes it super easy now to put savings into shares. But for all the proximity that the market has to people, it remains nonetheless an enigma. Its ups and downs are tricky to second guess. A phantom seems to orchestrate its movements.