Every Diwali, as Muhurat trading nears, hope fills our hearts, optimism swells about tomorrow, and a feel-good factor pervades. If you are an Indian investor, this sentiment is universal. In an economy that has grown from weakness to strength, then from strength to weakness, and again back all the way…
The week saw the long best the shorts. After a spell of selling, FII’s turned buyers of Indian equity again. While the reasons behind their change of heart are not clear, only sustained buying by them can turn the trade into a trend. While it will take a few weeks…
In bad markets, one clearly visible tendency is to start thinking in “What if” mode. When returns look below expectations, we want to think that we could have done better. So, we think of what we did not do in the past and wonder if that was the better choice…
Another exciting trading week saw several companies trip and lose significant valuation. This trend has become almost routine. Week after week, we are seeing more companies trip up. Naturally, this has a significant bearing on sentiment. As this almost starts to look like a trend, the negativity is spiking sharply.…
The market’s disappointment with its own response to the tax cuts is hardly surprising. The market has this acute habit of hoping that all good things will come to its aid. Investors believe their portfolios have a natural right to benefit from path-breaking policy moves. The readiness of their invested…
பொருளாதாரத்தில் மாற்றங்கள் என்பது வாரத்திற்கு ஒருமுறை நிகழக்கூடியது அல்ல; மெதுவாக இயங்கும் ஒரு தொடர் நிகழ்வு. இதனை நாம் உணரும்போது நம்மிடையே உற்சாகம் குறையலாம். ஆனால், இத்தகைய மெதுவான மாற்றங்கள் பொருளாதாரத்தை சிறப்பான இடத்தை நோக்கி நகற்றுகின்றனவா, மோசமான இடத்தை நோக்கி நகற்றுகின்றனவா என்பதை கூர்ந்து கவனிக்க வேண்டும். பங்குக் குறீயீடுகளினால் பொருளாதார முன்னேற்றம் ஏற்படுவதாக முதலீட்டாளர்கள் அடிக்கடி எண்ணிகொள்கின்றனர். கண்டிப்பாக, அப்படி எண்ணுவது சரியான வழி அல்ல. தற்போதுள்ள…
நான் பங்கு சந்தைக்கு 1990ல் நுழைந்தபோது என்னிடம் இருந்த பணம் 3500 ரூபாய். ஒரு சிறு முதலீட்டாளராக நுழைந்த நான் எத்தனையோ இடர்களை சந்திக்க நேர்ந்தது. அந்த காலக்கட்டம் அத்தகையது . பணக்காரர்கள் மட்டுமே பங்கு முதலீட்டில் ஈடுபட்டனர். வர்த்தகத்தை ஆண்ட பங்கு தரகர்கள் சிறு முதலீடு செய்வோரை ஒதுக்கியே வைத்தனர். நான்கு ஆண்டுகளுக்குப்பின் 1994ல் NSE என்கிற தேசியப்பங்கு சந்தை துவங்கியது. நேரடியாக கணினி முறையில் இயங்கிய…
It was a trading week that would best fit the Bollywood description of a potboiler. From fear to gloom, and then to despair, the market had almost given up when Friday reversed the mood magnificently to create a typical happy end to the week’s drama. The government decided that it…
To sell 2% of a PSU the government destroyed 10% of its market cap. Nobody cared about the impact cost of disinvestment borne by existing shareholders. For the government to hit its targets, shareholders were made to pay dearly. Naturally, nobody trusts the government anymore and preferred selling PSUs at…
The GDP data has been getting worse for a while. The latest Q1 data which came on Friday beat all expectations hollow on the downside. Clearly, it was a howler. The interesting point to note is the setting and drama that surrounded this release. The minister addressed a presser on…
When people stop spending, it is a sign of fear. When people stop investing, that too is a sign of fear. The signs of fear seemed to be spreading fast and the government knew it well. Debating whether there is a basis for such fear may not ease the situation…
The week closed on an expectant note. The market expects the government to do effective damage control. The expectations are centered around clear action points. FPI concerns need to be addressed credibly. The NBFC crisis needs a resolution of liquidity issues. The reserve bank must decisively lower interest rates. Banks…
