100 points on the Nifty lost in 45 minutes, that is amazing…!
Look at the language in the press from Saturday to Monday….it will all say
‘Markets in a Panic’, ‘Markets crash’, ‘Investors loose Rs. 13,455 crores in market cap’
I spoke to 3 big brokers and one trader (old friends who do not mind sharing market ‘khabar’ once in a while!). The fears are so different today compared to what got our goat in the 1980s and 1990s. The biggest worry today was ‘loss triggers’, ‘stop loss being triggered’, and fears of margins not being paid on Monday for the MTM (mark to market) losses. Funny we worried about settlement being postponed, settlement not happening at all, problems with one or two brokers (unka sauda math likho – is what the better brokers would say).
There is one big investor (more than big, he is famous, because I KNOW OF AT LEAST 5-7 brokers richer than him) who recently had this problem – I learnt about it a few months ago)!! Two very big brokers refused to accept his deals!! For a broker this means your other members think you are dead!
At the end of the trading session a few people created a rumor of MMS having resigned – after telling the only 2 Gs he knew were Rahul G and Sonia G….what are you guys talking about?
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