Samvat 2070, the new year for the trading community on dalal
street, started on a high note with the sensex scaling a new all-time high at
21322, during the one hour fifteen minutes special trading session on Sunday evening and also closing at
a new high at 21239.
Usually during this special trading session, called the
muharat trading session which marks the start of a new year. traditional day
traders and investors on the street only buy shares, even if in small
quantities, and donot sell any of their holdings however, over the years this
tradition has changed and now there are
traders and investors who also on this day.
Sunday’s Muhurat session started with the sensex up by
nearly by 100 points with stocks like Tata Motors, Jindal Steel and Sun Pharma
in the lead, the sensex scaled a new peak at the very beginning but then profit
taking to some points off the index and it closed with a gain of 43 points. The
day’s session also made investors richer by about rs 19000 crore with BSE’s
market capitalization now at rs 68.3 lakh crore.
Although the sensex is at a new high not many are happy
since the recent rise has not accompanied spurt in turnover. Low turnover on
the bourses means less commission for the brokers and hence the lack of
enthusiasm among the people on the dalal street.
Moving ahead, brokers are also expecting some corrections
with the strength of rupee, foreign fund flows and political developments being
the main drivers. “Government;s special schemes to get more dollars through the
FCNR scheme will end by this month end. Against a total target of $15billion,
we have already got about $13billion through this scheme. This, along with
lowering of our current account deficit (CAD), has helped the rupee strenghern
from its all time low levels (near the 69 to the $ Mark),” said deven choksey,
MD KR choksey shares and securities.
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