Now, bring out the bubbly
It is an early Diwali on Dalal Street and brokers are a happier lot. With the benchmark Sensex of the Bombay Stock Exchange beating the street's expectation of 16,500-17,000 by Diwali this year to kiss 20,000 on Monday, brokers are more than happy with this dream run.
"Fire crackers are already on here. We are no doubt in a bull market and the number of foreign investors waiting to enter our market is ballooning. The rally is going to continue. The euphoria factor alone can take the Sensex up to 22,000," says Madhavi Vora, managing director of ULJK Securities, a broking firm housed in the BSE building.
Rahul Nangalia of Nangalia Stock Broking, is apprehensive though. He hopes the market does not go on a tailspin from here on to spoil his Diwali. "I hope Diwali is going to be good. If you look at the past, the market has had a tendency to decline before Diwali. I hope that does not happen this time around," says Nangalia.
According to Madhukar Sheth, a BSE member, there is no reason for worry. He expects the market to continue on its run-up with strong inflows from foreign investors. He advises investors to stay put in this market.