Second Budget Reaction at Market closing a few Hours later….Pranab’s Budget has shorted the Market
Pranab’s Union Budget has shorted the Market !
Ironically It’s Reliance Group Founder’s Dhirubhai Ambani’s Death Anniversary today… Arguably the Father of Indian Equity… He was the King in Capital Formation through Equity….. we probably need him to resurrect… to resurrect our Markets !… he build his flagship on scaling up a Domestic Consumption Story… we need to stimulate the same today… his vision, experience, inspiration, motivation, ideas and leadership would have helped…. You can corelate our huge Fiscal Deficit with Dependency on Oil Imports and being victimised by the huge surge in Oil last year to US $ 145/barrel…. Reliance continues to lead the way in the Private Hydrocarbons Sector in building World Class Refineries and Exploration of Oil and Gas…. Clearly it was Dhirubhai’s Vision to help make India a World Class Country and less Dependent on Oil Imports… His guidance in aiding the Government in Capital Formation through Equity would have been invaluable… He would have had the crucial retail Investors support too.
And how in the Hell did Planning Commission’s Montek Singh Ahluwalia keep stating, in the past few days, on the media to millions that the Union Budget will be Popular !
Was he deliberately misleading, like many of our market operators do, or is he as inarticulate as Finance Minister, Pranab Mukherjee !?…. ‘Popular’ Indeed !… Market has Popped !… Sensex has closed down 870 points at 14043, having breached 14000 earlier… It’s down over 1000 points from Intra day Highs of over 15000 just before Pranab began his ‘to be popular’ Budget Speech… Nifty closed at 4166, down 259 points
And come to think of it even our Finance Minister had told us to Wait for the Budget !… and so we waited… and now we’re worried and those who bet long are even wailing !
It’s not just a coincidence I’m wearing ‘Red’ today !… my past blogs would support this T-Shirt colour code for today !… you thought I was wearing a Red Shirt, did you !?
I do hope to wear ‘Green’ soon though !