Mumbai: The Sensex tumble on Monday and it took the dreams of many small investors with it. But unlike 2004, there was no panic on the Dalal Streets. The investing public, and trading systems, have grown up.
Encouraging words from the Finance Minister P Chidambaram and an effort to revive the market. But it does little to uplift retail investor Kishora Sonavane's spirits. This 29-year-old advertising professional has lost nearly a third of his portfolio in the last few days.
Sonavane says, “I am just a small fish in this market, I don't know what to do. Why can't the FM control the FIIs?”
He isn't the only one. But the emotions are different from two years ago - when trading was suspended for the first time. There was little panic, no violence- just an unusual calm. Unlike 2004, there were also a number of investors who made money and cashed out at the right moment.
H C Contractor, retail investor says, “I am investing since 1967. I sold when the markets were high and invested in real estate.”
Market systems were also in place this time and the government was successful in halting the freefall.
Markets recovered later in the day after government-backed institutions like LIC pumped money in money. Investors like Kishore Sonavane will have to wait for the markets to rise again.
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