Business Daily from THE HINDU group of publications
Thursday, Oct 04, 2007
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Business Daily from THE HINDU group of publications Thursday, Oct 04, 2007 ePaper |
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Stock Markets Markets - Stock Markets
Tough task: Dealers at a Mumbai brokerage negotiating the roller coaster market. — Our Bureau Mumbai, Oct. 3 Volatility was the story of the Indian markets today, with the BSE benchmark index touching record high levels of 17958 soon after resumption of trading which was halted due to the sun outage only to fall by around 500 points to go below the previous day’s close. “I have been following the markets since the past 15 years, and mind you I can’t remember a day like this other than the Harshad Mehta scam,” said a market watcher. While the dealing room is packed with action even on a dull day today was exceptional with dealers at a broking office in downtown Mumbai juggling with three telephone calls…at the same time! “There was an almost panic situation buying and selling to book profits according to their positions. I had to sell 79,000 shares of RNRL around 13:00, the client wanted to quit while it was surging,” said a trader, taking time off while on a call with a client. Realty and power sectors gushed ahead, IT stocks too, picked up speed. Banking majors advanced. ICICI Bank hit record high. But why should realty stocks, or for that matter, the IT stocks should rise? No answer. True, the Asian markets were in the green and the European markets opened on a strong note. Should that cause a rally here? Nobody is sure. “If someone says that they understood the reason for the volatile rally today, well they are definitely lying!” said a dealer when asked the reason. Reliance IPOBut for some the rise was all about the Reliance group of stocks. “This IPO news from the Reliance house has the group’s stock pushing up the rally and thus the incredible buying interest,” said one dealer. Many made money for most part of the day. But some were not so lucky. The dealers who have to be on their toes all the time do some times falter. “Arey is ka dus ka nuksan kar di ya!” (a broker-speak for some one losing anything upwards of Rs 10,000) a dealer was heard remarking rather calmly amidst the chaos in the dealing room to no one in particular. By the end of the day, the market stabilised at 17847.04. This will not be the last time one will see capricious movements in the stock market as today was the general refrain among dealers. More Stories on : Stock Markets | Stock Markets
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