Sensex turnarounds on Diwali

It has almost been a couple of months we are continuously seeing the great turmoil in world economy and its effect on various sectors like banks,private firms,insurance sectors,share maket from Dow Jones to Nasdaq to Nifty.And people especially the  small investors  of the share market who lives from hand to mouth depending on the NSE, BSE Sensex or Nifty  started leaving all hopes to see the 5 digit Sensex any more.Literally they were in troubled waters regarding what to do with the amount of money invested?Whether to keep them as it was and wait,or just withraw money before it worsens?Rather direct questions like what would be their future,where would their family be struck them every now and then.With a fall of 20% in the month of September followed by 40-45% in October,the last 10-15 days before Diwali had been a knock out punch.Market was lacking of money,some people trying to get hold of good stocks like SBI,ICICI Bank could not get hold of those because of the pathetic condition.From 19000 points only 3 months ago Sensex steeped down to 12000 then 10000 and a shocking 7600 points the day before Diwali.Nifty was also facing a die digit 2250.ICICI Bank,already in a devastating condition,was having a NSE listing with price around Rs300/- per share which was previously somewhere around Rs1300/- per share.Even gold price got slashed.Dhanteras was being celebrated under the uncertain cloud of hungry sensex.Though there had been constant constant consolation from the Finance minister,Mr.P.Chidambaram,it was almost going to be a washout.

But as they say,there’s always a silver lining for a dark cloud.Probably it was a Diwali bonus,a smart pullback.Though volumes were not great and midcap rallying was too slow,some stocks like Reliance,Sail could see some light.Volatility oozed up in the market.Even when I was busy measuring whether the toobri-s flowers reached the roof of the topmost building,I found Sharma uncle suddenly rushing in eventually throwingaway the burning sparkle stick without notice.Well it was a Diwali special.The stock market was kept open for some time in the evening when Sensex reached a better looking 9000 points mark.

Diwali Stepup

So this was it.People like sharma uncle,the swift intra-day players or traders sold a good amount of holdings and paid off due mithai bills.Others tried to catch hold of stocks like SBI which faced another slash and some others continued with thier crackers,as they thought a wait could fetch them more.Indeed let us see.

It was indeed a semi chappar fadke Diwali gift. Still what we can do rather what we should do as human beings,is wait for recuperation of the Market,the economy of the country and the world.