The Hindu Business Line : A walk though Dalal Street

THE tone of the day was set at 9:15 a.m. by Mohammed Afiz, taxi driver from Amethi, who said, "Madam jo bhi ho, Congress hi aayega. Amethi ki party hai." (No matter what, the Congress will win, It's Amethi's party.)

As Mr Afiz made his pronouncement, "Xerox Centres" and roadside tea stalls were just opening for the day's business as brokers, exchange employees and others piled into the Bombay Stock Exchange building at Dalal Street.

At 9:20 a.m., Congress was leading in 179 centres and the BJP at 157. The man on the street was clearly worried about where this election was going. "Not good results, not good at all," nodded a broker before starting work. Shortly after, the Sensex was drubbed down by over 100 points.

In about 40 minutes, however, the markets started rising. You could catch a rumour if you stretched out your hand on Dalal Street. "Markets are improving because the NDA is closing in, now the difference is only about 10 seats," said a broker before breezing off. "Short positions are getting covered," reasoned another.

"What is there to worry? Mr Manmohan Singh was the father of reforms. The bulls will win, no matter what," said Mr Sudhir Porecha of Porecha Global Securities.

By 11:00 a.m., the markets were volatile but clearly in the green. While all eyes were still on the terminals, there was a palpable easing of postures. The owner brokers stepped out for a cup of tea or a quick smoke.

At the tea stall, ministry portfolios were being distributed. "If Sonia Gandhi decides to become Prime Minister, then Dr Manmohan Singh would be the finance minister. No matter what, Rahul Gandhi should get the I&B or the youth affairs portfolio," opined a broker. "Has Mr Murli Manohar Joshi won from my constituency?" the tea stall owner was eager to know.

The star brigade was much in focus. "What would Govinda do for Mumbai North? What about Tulsi? Sunil Dutt? Sidhu?" the enquiries flew thick and fast at the group huddled around a radio set.

Fund managers were watching the markets closely. "It's a day for value buying, find value scrips buy them," barked a fund manager. "Don't worry about where the index is going, see where you shares are headed," advised another.

"Reforms have gained momentum, it's beyond any party to stop them now. Oh, but what if the Left front comes in?" a fund manager weighed the options.

"Is it true that the BJP has resigned to sit in the opposition?" asked a fund manager in the air-conditioned lobby of his swanky office.

Outside, the paanwalla echoed the same question, sweating out the muggy Mumbai May; no matter what the result, elections 2004 have been a great leveller - in more ways than one.

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