Not much cash in counters as Street prays for a better Samvat.
Disha Shah, in her early twenties, bought 200 shares of Raymond Ltd on the Bombay Stock Exchange, which wore a festive look on Wednesday. “It is a good company. I am buying it for keeps — long term,” Shah said as the textile scrip steadily gained through the session.
Her father, Dinesh J Shah of DJ Shah Securities, added: “She thinks it will touch Rs 1,000 in three years.”
The BSE benchmark Sensex, however, gained marginally, as buying was largely token. The Sensex, which gained 470 points in the last two trading sessions, rose by 33.97 points, or 0.20 per cent, to 17,288.83, after touching the day’s high of 17,350.49. Trading in gold and silver also remained thin. While gold prices closed at Rs 27,600 — Rs 880 higher per 10g — silver closed Rs 2,210 higher per kg at Rs 56,200.
The senior Shah did not buy anything on the floor but said he would reach office and buy some shares of Gitanjali Gems. He expects a 50 per cent upside in the stock in the short term. “We will see such stock-specific action this year,” he said, adding: “Sensex may stabilise around 18,500 in the short term.”
Senior broker and chairman of DSP Black Rock Mutual fund Hemendra Kothari, rushed to Laxmi puja at his own office soon after the opening bell. “In the short term, there are concerns on euro zone crisis. But, when things are bad, it is the best time to invest,” Kothari said, adding one could expect 10-15 per cent returns on the Sensex in Samvat 2068, since we had already had a bad year.
Samvat 2067 was the second-worst in terms of returns since 2000, shaving off close to 18 per cent on the Sensex.
But that did not deter three generations of brokers, may be even four, from thronging the historical trading ring of the BSE and seek the blessings of Goddess Laxmi. The bourses conducted a special ‘Mahurat’ trading between 4:30 pm and 6:00 pm, facilitating brokers to start their new account books.
Bollywood actor Mahima Chaudhary added her bit to the mood by ringing the opening bell.
According to Siddarth Shah of JGA Shah Share brokers, Samvat 2068 will be a good year for equities, as some government measures are expected in the next few weeks. “For the past seven-eight months, we have had nothing. I am expecting positive measures in the run-up to the Budget,” he said.
Few equity experts look bullish on gold. “The relationship is adverse. If you are bullish on equity, you can’t be bullish on gold,” said Ambareesh Baliga of Way2Wealth. While Baliga sees gold hitting the roof at Rs 23,000, he sees a 30 per cent upside on the Nifty this year. “We should touch the 6,750 level by next Diwali.”
Gold was traded in international market above $1,700 an ounce to the highest level in a month as concerns about Europe’s debt crisis spurred demand for the metal as a protection of wealth.
