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‘V’ for victory, signal stock markets - Views on News from Equitymaster
 
 
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  • Apr 8, 2000

    ‘V’ for victory, signal stock markets

    To say that BSE Sensitive Index (BSE Sensex) surged over 4.4% this week would be deceptive. For in this one week, the Sensex witnessed probably one of its highest percentage declines and, hold your breath, percentage gains.

    The highlights of the week were the crash and the subsequent resurgence on the NASDAQ and a scare created among foreign institutional investor (FII) (limited to Mauritius based funds) with the serving of income tax notices demanding payment of capital gains tax. The FII issue was finally settled with the Ministry of Finance issuing a clarification.

    The graph however reveals an interesting picture. The FIIs were big net buyers (despite the capital gains tax scare) on the day the BSE Sensex crashed by over 7%. Subsequently, the markets revived as FIIs continued to invest in the markets, albeit in smaller quantities. The week culminated with the FIIs pumping in Rs 3.6 bn, which helped propel the Sensex to record a fantastic 7.3% gain.

    On a point to point basis, the week was a good one with the markets registering a 4.4% rise and additional foreign funds making an entry into the markets. Who said long term investing is a dead concept?

    ‘V’ for victory, the stock markets seem to signal. But ‘victory’ for whom. Net-net, the loser in this round has been the retail investor. No doubt that many a foreign and institutional investors too have been left nursing a bloody nose. Or is it a victory for those who have been supportive of the lofty valuations of technology companies (only time will tell whether all lost ground will be made). In the meantime, put on your seat belts and gear up for a more volatile future!

     

     

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