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General Forum: Current 'Affairs' | | Indian stock market plunges to 800 points | |
| //Even if we give away 100 shares to each of our illiterate farmers,they really dont know what to do with them,how to sell them/where to sell them!Our country is ILLITERATE,OVER_POPULATED,UNDER_FED, which all are linked like a circle.//
iMtamaMdi brokers uMDagaa ,appuichchina banks uMdagaa shErlu ammipeTTaTaaniki kodavemi uMdaMDi.
mahaa mEdhaavulu( beuorocrats, MBA,prajalachEta ennukOpaDDa nEtalu "adhikaaramu" tamagaNuguNamugaa chEsukoni I dESaanni paripaalistuMTE manalaaMTi vaaLLamu annI telisi sahiMchagalugutuMTE, adi swaarthamani telisikUDaa mana kaDupuniMDinadi chaalu anukoni manamu mediocores laagaa pravartistuMTE manaku , Emi teliyani aa amaayakulaku pedda tEDaa lEdu anipistuMdi.
sir
ivanni nenu sarcastic gaa eMduku cheputunnaanaMTE samaajamulO samaanatvamu kOsamu.idi mIru,nEnu chEyalEkapOyinaa kanisamu manamu alOchiMchagalugitE,mana taruvaati taramu I swaarthamu uchchulO chikkukOkuMDaa gaamdhEyavaadIyulu gaa tayaruavutaarEmOnani aaSa. lets hope a bright future for all.
Posted by: Mrs. shaloo At: 25, May 2006 1:01:39 PM IST
pl read
/* their success is all out there for all of us to see
/* making cheap credit available..
/ * Even if we give away 100 shares of Infosys to..
Posted by: Mr. Siri Siri At: 24, May 2006 2:47:14 PM IST
Shalu,
THough I must confess I am ,by now, a bit afraid of U :D,(politically correctly,your arguements:DD),I venture out to try my (bad )luck again :DDD
Problems of coolies or annadaatas( the farmers) are a plenty and are very complex and apparently can not be solved in isolation.
Everybody exploits them,though the govt claims the farmer is the backbone of the country.
From the produce produced by the farmer
by working on his farm 24x7,he hardly gets any benefit.The money he gets is seldom sufficient to pay the loans taken .It is the middle men, who buys the produce as cheaply as possible(always he manages to quote the lowest possible price to the farmer) and resells at large margins,that is who gets the lion's share of profit from agricultural produce ,not even working a day on farm,not even knowing what sweat looks like.
The farmer has to re-pay the loans taken at exorbitant interest rates from again middle men themselves or some other moneylender who always has vested interest in the affairs of the farmer.The farmer can not hold on to his agri produce to wait until the price-rise,mainly coz of pressure of loan repayment crisis.He thus gets into a vicious circle of debt trap.
The govt ,on paper atleast, introduced several institutional mechanisms like agri credit socities,rural development banks ,co-op credit societies, etc to make cheap credit available to the farmers but their success all out there for all of us to see.
Coming to the main question of agri labour in india.,their main problem is that they lack any organisation .They are un-orgainesed labour and they have no bargaining power when it comes to daily wages.Their fate and daily wages on a day depend on the push and pull factors prevalent on a particular day and ofcourse on seasonal demand pattern for agri labours( sowing,harvesting etc seasonal demand).
Again gov introduced several schemes to give employment to agri labour in un-seasonal periods.Several Rojgaar Yojana schemes were launched to no avail.Their fate continues to be pitiable by any standards.God help them!
The gov HAS to protest that BADa saahib! There are political compulsions on one side and ofcourse economic compulsions also dictate gov behavior.So ,basically,gov HAS to protect the stock market, to protect the fledgling indian industry at any cost to protect the interests of the business magnets and to protect "itself" from falling apart.
Farmers and coolies hardly enter the considerations here while making decisions on making cheap credit (call money) to the investers/stock brockers.
The gov never shows such a haste when it comes to raising prices for paddy/wheat/any agri produce coz it hardly pinches its bottom,whereas fall of stock market is a do or die situation for govt's very survival.
Even if we give away 100 shares to each of our illiterate farmers,they really dont know what to do with them,how to sell them/where to sell them!Our country is ILLITERATE,OVER_POPULATED,UNDER_FED, which all are linked like a circle.
Population control needs knowledgeable people who are literate.To raise agri production requires again literacy among farmers. To make all people literate, we need population control to spread scarcely available literacy making resources /infrastructre meaningfully.So it a circle "O".
Lets hope there comes a day when we are able to use all our vast human power effectively to compete globally.
Posted by: Mr. Siri Siri At: 24, May 2006 2:36:55 PM IST
aMdukE I share market paDipOkuMDaa govt tana bhujaalamIda ( money invest chEsi/ or mutual fundschEta chEyiMchi) ,mOstuMdi.
mari govt moyyaalaMTE mari DabbulekkaDivi.?
amdukane Govt alOchimchI chimchI saamaanya prajaanikaaniki ivvaalisina "raayitIlu, sabsIDIlu ,"asaluki" takkuva vaDDIlu ichchi , aa Dabbu minahayiMchukoni,I share market lO aDE "vaariki" tax gaTraa vEyakuMDaa pOshistumdi,paDipOkuMDaa mOstuMdi.
paapamu ivEviteliyani kashTa jIvi rOju 100/ kUlitOne panichEstumTaaDu.reitu aakaasamukEsi chUstUuMTaaDu.
paapamu vIru kashTapaDakumDaa vIriki kUDaa lOnlu ichchi share bazaar lO aaDukOMDi aMTe saripOtumdEmO? idea ichchi chUddaamaa?emaMTaaru siri siri gaaru
Posted by: Mrs. shaloo At: 24, May 2006 1:55:39 PM IST
Really you dont know?Ooooaaaaaaaaaaaaaaawwww!
Put in simple words You go to KiranaShop to buy groceries.when supply
is plentiFULLLLY there in market and when you can buy whatever you
want at reasonable prices,and prices of essential commodities remain stable.
Suppose there is shortage of supply of vegetables to the market,and
there is a lot of demand (too many people want to buy some XX same
thing),then you may have to pay Rs.30 per kilo for,for ex, humble onions.
In a similar way,but not exactly,when everybody wants to buy/rushes
to buy shares of a particular company ,say Narayanamurthy's
brothel, Infosys,its share prices shoot up.This may happen for
several companies over a period of time.
Now BSE SENSEX is an "index" computed taking into account some 30 or
so HOT companies' share prices at Mumbai stock exchange.This SENSEX
rises when share prices of those 30 or so hot companies'
rise but SENSEX doesnt depend only on those 30 companies for
survival but on the whole bunch of companies which are listed on Mumbai
stock exchange and whose shares are traded(bought and sold) everyday.
Now ,it is not just Indians who buy our Indian companies' shares.So
called FIIs (foreign institutional investors) who bring bag-loads of
dollars along with them and buy and buy and buy shares of Indian
companies listed on BSE.(Bombay stock exchange).When lot of such
people from abroad and India buy shares ,the stock market"goes
up"--> prices of shares of many companies go up due to demand from many people.That is called BULL market where investor is the king and he gets lot of profit by buying shares when prices are low and selling
shares when prices rise.This is called "speculation".,guessing/doing
research on a company's background whose share prices are likely to
go up in near future,say in another 3 to 6 months,then buying and selling such shares.
In the opposite scenario,due to "herd behaviour of people" which is
observed only at the times of "perceived"/"imagined" danger that ,for
ex,share prices are likely to fall suddenly in near future/ or gov is
going to introduce some law which empowers it to tax our profits at
very high rates(from 10% to 40% of profit,the present concern)etc
everybody who inveted in stock market,especially FIIs who poured in lot of money ( means like -bought tons of
onions cheaply in the hope of selling them at 100Rs a kilo in
future!) rushes to BSE to sell his sahres (onions in veg market) .Now everybody wants to sell but there is no buyer..so the prices of
shares(onions) comes drastically crashing down!(so onions now cost 25
paisa per kilo!).
That is caled meltdown of markets/crashing of markets/falling of
markets since market strength is measured by SENSEX which is nothing but reflection of share prices of companies listed on stock exchange.
Due to crashing of share prices do commodity prises go down ? or vice
versa?
Not necessarily.Prices of commodities is affected by demand
and supply and inflation.The prices of commodities like
onions,Cars,TVs etc are fixed from time to time by the
producer/seller/black marketer in the COMMODITY market and not by the
SHARE market,though I must confess they are not entirely
independent.Take for ex prices of gold which was around 7000 per 10
gm a few months ago ,is now at >10000 per 10 gm.Iti spartially due to
rise in global demand for gold .
=================
Hope u got some pic of stock market now.
But never ever think of RESIGNing from tp.com.
For if u go away ,there is obviously no other daring person in tp who
can take on a HARI/a MURTHY/or a XYZ
or who can keep the threads literally rolling n running.
Needless to say ,during your recent abscence from tp.all thereads were crying aloud for you for nobody could make them rock n roll!
Everybody reads what I post but nobody would confess that for fear of
losing u.
Posted by: Mr. Siri Siri At: 24, May 2006 10:50:05 AM IST
Keerty..,
Really you dont know?Ooooaaaaaaaaaaaaaaawwww!
Ok.here u go.
Put in simple words You go to KiranaShop to buy groceries.when supply
is plentiFULLLLY there in market and when you can buy whatever you
want at reasonable prices of essential commodities remain stable.
Suppose there is shortaga of supply of vegetables to the market,and
there is a lot of demand (to many people want to buy some XX same
thing)you may have to pay Rs.30 per kilo for,for ex, humble onions.
In a similar way,but not exactly,when everybody wants to buy/rushes
to buy shares of a particular company ,say Narayanamurthy's
brothel, Infosys,its share prices shoot up.This may happen for
several companies over a period of time.
Now BSE SENSEX is an "index" computed taking into account some 30 or
so HOT companies' share prices at Mumbai stock exchange.This SENSEX
rises when share prices of those 30 or so hot companies' share
prices rises but SENSEX doesnt depend only on those 30 companies for
survival but the whole bunch of companies which are listed on Mumbai
stock exchange and whose shares are traded(bought and sold) everyday.
Now ,it is not just Indians who buy our Indian companies' shares.So
called FIIs (foreign institutional investors) who bring bags loads of
dollars along with them and buy and buy and buy shares of Indian
companies listed on BSE.(Bombay stock exchange).When lot of such
people from abroad and india buy shares ,the stock market"goes
up".That is called BULL market where investor is the king and he gets
lot of profit by buying shares atwhen prices are low and selling
shares when prices rise.This is called "speculation".,guessing/doing
research on a company's background whose share prices are likely to
go up in near future,say in another 3 to 6 months.
In the opposite scenario,due to "herd behaviour of people" which is
observed only at the times of "perceived"/"imagined" danger that ,for
ex,share prices are likely to fall suddenly in near future/ or gov is
going to introduce some law which empowers it to tax our profits at
very high rates(from 10% to 40% of profit,the present concern)etc
everybody who inveted in stock market( means like -bought tons of
onions cheaply in the hope of selling them at 100Rs a kilo in
future!) rushes to BSE to sell his stock(onions in veg market) .SP
everybody wants to sell but there is no buyer..so the prices of
shares(onions) comes drastically crashing down!(so onions now cost 25
paisa per kilo!).
That is caled meltdown of markets/crashing of markets/falling of
markets since market strength is measured by SENSEX which nothing but
reflection of share prices of companies listed on stock exchange.
Due to crashing of share prices do commodity prises go down ? or vice
versa? not necessarily.Prices of commodities is affected by demand
and supply and inflation.The prices of commodities like
onions,Cars,TVs etc are fixed from time to time by the
producer/seller/black marketer in the COMMODITY market and not by the
SHARE market,though I must confess they are not entirely
independent.Take for ex prices of gold which was around 7000 per 10
gm a few months ago ,is now at >10000 per 10 gm.Iti spartially due to
rise in global demand for gold .
=================
Hope u got some pic of stock market now.
But never ever think of RSIGNing from tp.com.
for if u go away ,there is obviously no other daring peron in tp who
can take on a HARI/a MURTHY/ a XYZ or who can keep the threads
running.
Needless to say ,during your recent absence from tp.all thereads were
crying aloud for you for nobody could make them rock n roll!
Everybody reads what I post but nobody would confess that for fear of losing u.
Posted by: Mr. Siri Siri At: 24, May 2006 10:38:19 AM IST
FIIs are here for a long time: FM
May 23, 2006
In an exclusive interview with CNBC-TV18, Finance Minister Palaniappan Chidambaram says that on a long-term basis, the India story is going strong. Commenting on the stock market crash, he said that over-leveraged traders came under margin pressures.
He further said no FIIs (foreign institutional investors) have complained regarding the CBDT (Central Board of Direct Taxes) circular and that FIIs bought in the F&O (Futures and Options) markets on Monday.
Chidambaram feels that MFs (mutual funds) and HNIs (high net worth individuals) are using this as a buying opportunity, so are retailers. He adds that the Securities and Exchange Board of India has called a meeting of the exchanges today (Tuesday). The exchanges will discuss the problem of over-leveraged positions.
Excerpts from CNBC-TV18's exclusive interview with the finance minister:
How concerned or worried are you about the state of the Indian capital market in the short-term since we have to sit in the global context or sell off as far as the emerging markets are concerned?
The markets all over Russia, China, Brazil, Indonesia have declined. India as an emerging market, is not an exception. The difference in India is that in the last few days, some people who have been over-leveraged have come under margin pressures.
I believe yesterday the Reserve Bank, the banks, SEBI and exchanges have addressed that issue. There is nothing to worry for genuine investors because they are invested for the long-term and the long-term India story continues to be that of solid growth. No one has doubted India's growth story. In the short-term, we are addressing the issue of over-leveraged buyers.
How are you addressing it as far as the future and option side of the market is concerned? That is where we saw the pain coming in, have you had a conversation with the regulator and what kind of systemic changes are possible or likely on that front?
I can't speak about systemic changes and I am told that SEBI has called a meeting of the exchanges today and they will address the issue. If they need my approval, they will make recommendations but in the immediate short-term what the over-leveraged buyer has to be given is margin money, liquidity and that is being provided.
At the same time, those who are sitting on large amounts of cash are still taking positions on the F&O segment. For example yesterday, while the FIIs were net sellers in the cash market they have bought as much as Rs 2,000 crore (Rs 20 billion) in the F&O market for June. So therefore those who have the money are taking positions while those who do not have the margin money will be provided liquidity.
We have seen clarifications on how the CBDT circular did not talk about FIIs; and how FIIs are governed by the double taxation and hence this is not a means of getting them under the tax net but have those apprehensions been allayed and what is the feedback you are getting from the FIIs?
No FII has complained to me about the circular. It is the experts who have been commenting on the circular. FIIs know the legal positions and they have gone to the advance ruling authority and got judgments in their favour. FIIs, whether they are traders or investors, if they do not have a permanent establishment cannot be taxed in India. Most FIIs are covered by the double taxation agreement.
So you have no complaints from FIIs on the CBDT circular?
Many FIIs have spoken to me and none of them have complained to me about the circular.
Have they expressed any apprehensions about the state of the markets, about the ferocity of the fall?
On the contrary I have heard, I have been told and I have read statements by FIIs. I even saw an ad by an FII in the front page of Indian Express yesterday in the money section, which says 'Stay invested, FIIs are here for the long-term.'
What about the domestic mutual funds; we understand that the government does not want to influence the levels at which the market is trading. Have you been in touch with LIC, on what kind of strategy, vision and what kind of value they are seeing in this market?
I think the domestic mutual funds know what to do. Statements from MFs like UTI Mutual Fund and ICICI Prudential, which I have read this morning and yesterday say that this is a buying opportunity.
Please see the irony of it, mutual funds say there is an opportunity to buy, High Networth Individual say this is an opportunity to buy. Why should the small investors decide to sell now? The small investors must heed the advice of mutual funds and remain invested.
It is clearly an opportunity to buy. The market did rise too rapidly and when it did rise, I have been cautioning investors to take informed decisions. If you cannot do your homework, please trust your money to mutual funds.
And now when a decline takes place, an orderly decline would not cause concern. But volatility causes concerns; what we are trying to do is stem the volatility and bring some order into the market.
How do you intend to bring some order into the market?
I think if investors stay invested and those who are over leveraged find the money to meet margin call, calm will return to the market.
On Friday, when you came out and made a statement, you called the market fall a manufactured crisis - what exactly did you mean by that?
I meant that there was some misinformed reporting about this CBDT's Draft Circular, the legal position remains the same as it was in 1989 and all that CBDT did was to update that circular.
If anyone had any doubt about the thrust of the circular, whether it applied to FIIs or not should have, in my view, checked with the ministry of finance.
They could have asked us if it applied to FIIs and we would have told them that FIIs are governed by a separate provision of the Income Tax Act and governed by DTAA and the legal positions hasn't changed at all.
Besides, it was a draft circular inviting public comment. That misinformation in a sense caused some alarm but I thought it was allayed when I came out and said that FIIs are exempted because they do not have a permanent establishment.
Although the FII apprehension may have been allayed, it certainly hasn't allayed the concerns of your allies, the Left parties as well as some members of the opposition. They are calling for an enquiry into the market crash on the basis of the data that you have got from the market regulator, from the economic agencies, is there any reason to believe that it could have been on account of other reasons that there is a need for any need for enquiry?
It is too early to comment one way or the other and I decline to comment for the time being. At the moment, our effort is restore calm and order to the market. Retail investors must stay invested, mutual funds are buying, FIIs have taken Rs 2000 crore position in the F&O segment, HNIs are saying in the newspapers that this is a great opportunity to buy. Let's restore calm in the market.
We understand that Sebi chief, Mr Damodaran was in the capital yesterday, did you meet him?
No, I was preoccupied with the Parliament and I think he went back early afternoon. He was here for an official meeting.
You said that the market regulators are going to be holding meetings today to take stock of the situation on how they can deal with the systemic pressure. Are they going to be meeting with the regulators as well as the Finance Ministry?
No, I was told that he is meeting the stock exchanges, the BSE and NSE.
The Left Party has commented on the vulnerability of the markets; they want reinstating of the long-term capital gains tax, which you have come out and said that the government is not intending to that. But how do you plan to address these concerns. If the markets continue to fall, the Left will only continue to raise the bar on the apprehensions that they have?
We deal with arguments when they are raised but as I have said government has no intention to re-introduce long-term capital gains. The government does not intend to unilaterally review the Indo-Mauritius treaty. We are hemmed in by legal provisions that we have entered into voluntarily over a period of time. So I do not think any change in the tax regime is warranted.
FIIs are here for the long-term and I am happy that mutual funds have become equally significant players. In fact today, the influence of mutual funds is nearly equal to the influence of FIIs. I'm quite happy with the role played by FIIs and mutual funds in the last few days. If someone is selling, he is selling for a reason but someone else is buying at the same time. So, I don't think we should attribute motives to a sale or a purchase order. The point is that in the long-term, the India growth story is intact, FIIs know it, so do mutual funds and genuine retail investors must believe in that story.
There are also concerns about an asset bubble being created and now with the markets fallen the way they have, we continue to see negative sentiment on the street, do you expect to see it having a spin over effect on other asset classes as well, especially property prices?
Please remember that on May 17 2004, the market hit 4427 and even after the correction over the last week, yesterday the market closed at nearly 10,500 and it is still 2.5 times what it is was on the eve of the UPA government assuming office. The market has risen in pace with economic growth and sometimes it has risen rather steeply.
But I have cautioned investors to take informed decisions. A correction is underway and a correction by itself poses no problem except that it should be orderly and I can't say what effect it will now have on the realty market. I haven't examined that but realty prices are not driven only by stock market but by number of other factors.
Sometimes there is a sentiment on other asset classes too.
It is not easy to buy and sell property as it is easy to buy and sell shares.
You have just completed two years in office and according to the TV18 network poll, you have been the best performing minister. At the end of these two years, what are the areas of the disappointments specifically as far as your ministry is concerned?
Today I think, the UPA celebrates completing two years of office. In two years, we have put India back on the high growth trajectory. India's growth is now around 8 per cent. We have kept inflation below 4 per cent. Results have built up to $163 billion.
I still remember the day in 1991, when we had less than $1 billion and then Finance Minister Dr Manmohan Singh and I were worried men. Today we have $163 billion, employment is high, we have addressed social issues through the National Rural Employment Guarantee Act, we have raised old age pensions, unfolded the Bharat Nirman, the Rural Electrification, and the whole lot has changed. I think this is the time to be happy about what has been done and prepare for the future.
Talking about preparing for the future suggest some of those unfinished issues in FDI and in retail, what is the status as far as that is concerned, the banking bill on voting rise did not come up in Parliament and Parliament session has come to an end, that has led one to believe that it has being shelved?
No, that is not correct. These are under discussions. In a democracy, especially in a coalition, we can only move after discussion. I think the UPA, the Left and others will meet from time to time to discuss these matters. Look at the progress it has made and look at the unfinished agenda. While we must celebrate the progress, we must address the unfinished agenda in a manner, which makes sense to the growth story. We will address that.
Are you giving us a timeline because we understand that these matters are going to various group of ministers?
I cannot give you a timeline and this is not the occasion to talk about it.
Posted by: Mr. Siri Siri At: 23, May 2006 3:26:48 PM IST
Stock market plunge a manufactured crisis: Chidambaram
New Delhi, May. 18 (PTI): Dubbing as "manufactured crisis," the sharpest fall in the history of stock markets, Finance Minister P Chidambaram sought to bring back foreign funds, saying no Foreign Institutional Investor has been assessed as a trader for tax purposes.
"No FII has been assessed as a trader as they are investors and this is a manufactured crisis based on uninformed reporting," he told reporters shortly after the stock market closed trading today after a fall of 826 points on reports of withdrawal by FIIs.
Calling it uninformed reporting, which led to the market crash, he said: "There is a lesson for everybody. Uninformed reporting and reaction to uninformed reporting is not a desirable thing."
Earlier in the day, Chidambaram had sought to play down the plunge saying that every movement and swing of the market did not require a comment.
Chidambaram said a reflection of a decline in the London Metal Exchange on Indian market was understandable. "But what is not understandable is a reaction based on uninformed reports in newspapers," he added.
The Finance Minister said that Central Board of Direct Taxes (CBDT) had adopted a 'democratic route" by putting up a draft guidelines (relating to income tax) for eliciting views from stakeholders.
Taking a dig on commentary by experts on TV channels, he said: "I have heard experts views on the channels but to the best of my knowledge no FII has been assessed as a trader because they are investors. FIIs also do not have any permanent establishments."
He said that some large mutual funds told him a short while ago that they had purchased hundreds of crores of shares (a move to arrest the plunge).
"My advise to retail investors is that they should take informed decisions," he said adding that he had no advise for traders.
Chidambaram said whether an assessee was a trader or an investor was a question of fact, which is decided according to principles laid down by law.
The CBDT only intended to update its regulations which were issued through a circular in 1989, he said.
The Finance Minister also said that retail investors should invest through mutual funds in case they are not able to take informed decisions.
Posted by: Mr. Hasya Brahma At: 19, May 2006 10:35:11 AM IST
here are the answers for you
What’s this sign is it another scam or technical correction?
It’s a correction see my previous posting
What are the reasons behind for one day 800 points down?
My previous posting 1st paragraph
Why the regulators bodies not controlling?
In Indian market regulators dummy like president
Why the finance minister snub about this?
Finally he open the mouth with more economic in speech
Why the government impose high rate tax on FII investors..?
We (India) need to impose this otherwise long run we get problem
Should we invest in falling markets?
If you are not momentum investor go on with blind eye
What’s the position of long term retail investors?
They are as safe as any thing in tp.com (no problem long term investors)
Posted by: Mr. The Fountainhead (A.K.A Fake ID) At: 19, May 2006 0:02:18 AM IST
Causes of the Fall:
The main factor that has led to this sudden correction in the markets had been rising concerns amongst global investors with relation to the US Federal Reserve (Fed) continuing to raise interest rates. Rising
interest rates has negative implications for global economic growth as well as institutional fund flows. The sudden rise in concerns of rising interest rates has been caused by recent statements by the Fed, indicating that the policy of tightening interest rates could potentially continue going forward based on trends in economic data. This hurt investor sentiment
who were expecting some indications of a pause in the rate tightening policy of
the Fed.
While concerns on interest rates has been the catalyst that has caused this decline, the primary reason for the sharp fall has been the very sharp run up in the markets over the last five months.
this resilience of the markets is another indication towards a build up of euphoric market sentiment, as market participants tend to focus primarily on positives and negative factors are ignored. In such an environment it becomes difficult to predict the timing of a long-awaited correction,
and the market rally could continue for a longer-period than expected.
However it is important to keep in mind that a sharp correction should not be
ruled out over the short-to-medium term, and that the same occurs most often
at a time least expected.
We thus believe that the market decline is basically a correction of the very sharp run-up in the markets over the last five months, and concerns on rising interest rates has been the catalyst that has sparked the decline.
There has been no significant change in fundamentals and thelonger-term fundamental India-story continues to remain as strong as before (infact4Q results of corporate India have been very healthy and better than
expectations).
Posted by: Mr. The Fountainhead (A.K.A Fake ID) At: 18, May 2006 11:53:24 PM IST
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