28 October, 2020

Big Bang Theory Reinvented

Longevity appears to be the hallmark of the current bull run

Big Bang Theory Reinvented
outlookindia.com
-0001-11-30T00:00:00+05:53

For the stockmarkets, Y2K has indeed begun with a bang. After a trouble-free rollover into the new millennium, the first two days on the bourses saw the breaking and setting of new, mind-boggling records. On Tuesday, January 3, the 30-share BSE Sensex scaled the 5500-point mark to end at 5538.98 points. It’s the biggest gain in any consistent rally since 1994.

This was not all. On the previous evening, the BSE benchmark had closed 370 points higher at 5384.66 points-the second largest single-day jump in history. Within the first 20 minutes of the new year’s first trading day, volumes had touched Rs 900 crore. At the end of the day, a record 706 scrips hit the circuit-breakers. Over 75 per cent of traded scrips recorded gains. Buyers thronged the market and unexecuted orders on the BSE and the NSE touched Rs 1,000 crore. In these two days, market capitalisation on the BSE crossed a staggering Rs 10 trillion.

Is this buoyancy for real or is it just a flash in the pan which will lead to chaos and reorder? Especially when one remembers that post-’92, every...

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