24 June, 2021

Echoes Of A Rumble

The markets seem buoyant, forex reserves are shooting up, retail investors are making hay. But beware the Ides of March.

Chirodip Choudhuri
Echoes Of A Rumble
On March 9, 2005, the BSE Sensex was barely 46 points lower than the landmark 7000 mark. Everyone waited for that moment; that psychologically important one that was akin to the US Dow Jones crossing 10000 points in 1999. But the inevitable was postponed. Thanks to the two initial public offerings (IPOs) of Jet Airways and Punjab National Bank, which together mopped up a whopping Rs 5,000 crore and sucked money out from the market. Says Devesh Kumar, head equities, ICICI Securities: "It would have crossed 7000 and given a boost to investors had it not been for the IPOs."

Last week too, we waited, hoping for the Sensex to breach that mark. But alas, the markets went into correction mode in the first few days. Still, as the experts point out, it's now a matter of when, not if. "This is the pent-up demand of the last few years that's coming out now," says Jayesh Seth, Joint MD, Kantilal Chaganlal Securities. There seems to be only one way for the Sensex to go now—up, up and away. Not surprisingly, the buzz on Dalal Street is about when it will cross 10000 points. And one's...

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