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Friday was anything but a regular day at office for Ramesh Lahurka who heads a brokerage in Mumbai.
Being the Union Budget day, he and his team at Nariman Point Finance Ltd sat glued to the TV screen throughout the live telecast of the Finance Minister's speech from New Delhi. Frantic calls, urgent words, some light moments and some bouts of sombre silence peppered the day as the stock markets reacted through the FM's speech.
Much excitement was in the air as Mr Pranab Mukherjee began his speech. That was when the Sensex rocketed up by 195 points as he set the tone for things to come by indicating a fall in fiscal deficit target. However, at around 12.45 p.m., when the FM read out proposals to increase excise and customs duties, stocks went into reverse gear. The Sensex slid by 141 points. Rushed sell orders were placed and there was a palpable sense of urgency all around. But soon after, the markets recovered and the calm returned.
A lull of sorts engulfed the room when the announcement of reduction in Securities Transaction Tax was made.
Office goers followed the Budget proceedings on the giant screen at BSE office on Dalal Street. They lapped up both the FM's announcements and the simultaneous stock movements as they grabbed a quick lunch. The air was thick with discussions on the country's political and economic situation and on the movement of stocks.
The juice-seller standing opposite BSE said his business was better than usual today owing to the crowd. This was even as the cobbler next to him continued listening to the latest cricket match commentary on his personal radio, unmoved by the chaos all around. Fifty-year-old Joseph Fernandes who works as a security staff in the nearby SBI branch said: “Most people who put money in the stocks are not allowed to watch the market movement in their offices. They come out here to watch the stock movements. It's a good lunch break and ‘time pass' for me to come here as I have also invested in stocks.”
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