In this prolonged stock market drought, many rainmakers are chanting the same old prayers beseeching government salvation.

It's not that their prayers have fallen on deaf ears. In the past several months, the government has taken monetary and fiscal measures that were seen as bullish to the stock market. But share prices have remained depressed despite the occasional spurts.

To the dismay and embarrassment of many stock analysts and self-styled investment gurus, Shanghai Composite Index, the most widely followed market indicator, cut through many layers of what they touted as "rock bottom" levels like hot knife through butter.