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Veena Venugopal

As the day unfolded, small investors were left gaping at TV screens and computer monitors, barely able to comprehend what the implications of Monday's crash would be to their financial goals.

Mumbai , May 17

`CAUGHT between a rock and a hard place' best sums up the shocked sentiments of retail investors.

As news of the market crash and temporary suspension of trading spread, investors were overheard weaning details out of brokers and colleagues about the nature of the drop.

"I was on my way to work when I heard about the crash. As soon as I reached office I logged onto the Net and trading had resumed. The share prices were tumbling in front of my eyes. It was truly a helpless situation," said Mr Anik Awesh, a retail investor.

As the day unfolded, small investors were left gaping at TV screens and computer monitors, barely able to comprehend what the implications of Monday's crash would be to their financial goals. Most investors, keen on not booking losses, feel trapped in the securities market now. "I needed the money to pay for furnishing my new house. Now I am forced to take a loan because if I withdraw my money in a panic, I'll end up not just wiping out my profits but my capital as well. Today has left all my plans in a limbo," said Mr Jayant Bhadauria.

However, small investors are yet to hit the panic button. "If today is a one-off, that's ok. But if the trend continues over the next few days, I would be very worried," Mr T.M. Viswanath, another retail investor, said. "However, I would use these days to invest a little bit in auto and pharmaceutical scrips," he added.

Like Mr Viswanath, savvy investors who have savings to spare have used the opportunity to invest in stocks that have now become attractive and affordable. "I am feeling bad because I don't have as much money as I want to invest currently. I am optimistic, the markets can only go up from here," prophesised Mr H. Rahul.

But not many people share Mr Rahul's view on a quick recovery. "The first bit of good news, if at all, would be when the Budget is presented. I am a first time investor and now wish I hadn't invested in stocks. Even if things bounce back in six months, the stress of uncertainty is not worth the returns," said Ms Jyoti Desai in Mumbai.

Miles away in Bangalore, Mr Madhavan Nair is exulting as he had redeemed all his investments last week. "I am a whiz," he says on having timed the market well. He is, perhaps, part of the fortunate few who would sleep well tonight.

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