Oct 8, 1999|
BSE-30 Sensex at all time high
The markets are rejoicing, but not due to the fact that the Bhartiya Janata Party led coalition, National Democratic Alliance, has come to power. It is because of the fact that there will be after all a government in place. Or so it seems.
- Fiscal deficit is expected to touch 6% of the GDP vis a vis the budget estimate of 4% of GDP
- Prices of diesel, kerosene and LPG have been raised sharply, fuelling fears of a jump in inflation
- Pick up in industrial production continues to lag expectations
- Badla charges have been very high for the past two weeks and show no signs of receding
- The National Council for Applied Economic Research has painted a grim scenario of the economy and suggested that the recovery may not be sustainable
- And most importantly, the BJP led 24 party coalition is already facing dissent from some members in view of the price hikes
And these are just a few of the many pessimistic views on the Indian stock markets. However, as witnessed yesterday, the investors and momentum investors have been picking up stocks as if there were no tomorrow. The market gained a stupendous 5.6%, the largest in any one session in recent times. Of the two thousand odd stocks that were traded on the BSE, some 67% advanced, 24% remained unchanged while the rest declined.
As is often said, the markets are efficient and know more than any anyone else does. Let's hope this holds true in the current context.
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