Advertisement
Monday, Nov 29, 2021
Outlook.com
ECONOMY

A Flash In The Pan?

Budget 99 sent the stockmarkets into a bull frenzy, but sentiments are bound to cool down in the longer term

A Flash In The Pan?
A Flash In The Pan?
outlookindia.com
-0001-11-30T00:00:00+05:53

Even Yashwant Sinha must be a trifle taken aback at the stockmarket’s frenzied welcome to his second budget. In three days to March 3, rising share prices had added Rs 40,000 crore to total market capitalisation. And he must be awfully glad that the markets created history again in the ’90s. Post 1992, it was only the second time that the markets added 100 points each on those three consecutive days. For instance, even if you had 10 shares of Infosys on February 22, you could have made a cool Rs 85,000 had you sold them on March 3, brokerage not included.

Of course, hard-nosed punters knew that the good times would not last. The Sensex dropped 80 points on March 3 and 4 and closed Thursday at 3602. But it was only an expected technical correction, according to market circles, and the rally has probably settled down to a new level.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Meet Parag Agrawal: The New Indian Origin CEO Of Twitter

Meet Parag Agrawal: The New Indian Origin CEO Of Twitter

The incoming CEO is an IIT Bombay graduate who joined Twitter a decade back after having worked at Microsoft, Yahoo and AT&T in research positions.

Omicron: WHO Warns World Should Be Wide Awake

Omicron: WHO Warns World Should Be Wide Awake

WHO Director-General Tedros Adhanom Ghebreyesus said the emergence of the highly mutated omicron variant underlines just how perilous and precarious our situation is.

South Africa Tour Not Cancelled, BCCI Waiting For Govt Word

South Africa Tour Not Cancelled, BCCI Waiting For Govt Word

Several sporting events have been cancelled due to the new variant of the coronavirus, Omicron. India are scheduled to tour South Africa for a full series.

How New Covid-19 Variant Is Impacting Travel Across States In India

How New Covid-19 Variant Is Impacting Travel Across States In India

India has issued fresh travel restrictions for international travellers coming from 'at risk' nations in the wake of the Omicron outbreak across several countries in the world.

Advertisement