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Trading year closes on gloomy note; traders worried
Published on Tue, Oct 28, 2008 at 02:17, Updated on Tue, Oct 28, 2008 at 02:32 in 
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New Delhi: Monday, October 27 was the end of the Indian trading year and it was a sad close to Samvat 2064 (the Hindu calendar).
The Sensex dropped below 8000 during trade, though it recovered fairly by close.
Traders and investors alike have been praying for relief from the see-sawing market trends.
Its Diwali eve and investors are nursing frayed nerves. They find not much reason to celebrate.
The Sensex suffered a freefall and tipped to under 8000, a level last seen in October 2005.
A recovery towards close wasn't enough to cheer. Investors can only hope that the change in calendar will bring a change in fortunes and trends too.
“We are dealing with a rather prolonged recovery one which will take several months both for the world as well as for India, “ said Ridham Desai, the MD & Co-Head of Equities at Morgan Stanley.
2008 has been a rollercoaster ride for the markets. On Friday last, the Sensex plunged by almost 11 per cent losing over a 1000 points, the second highest fall in history.
On October 24 the markets opened at 9771 but had slipped to a gloomy 8701 by closing time. That was a straight loss of 1070 points.
On March 17, it opened at 16,760 and crashed to below 15,000. After a loss of 951 points, it closed at 14,809.
But the worst fall ever was recorded at the start of this year, and was a precursor of things to come.
The Sensex lost 1,400 points amid fears of a US recession on January 21. Opening at 19013, it closed at 17605 with a loss of 1408 points.
Analysts fear the current turmoil could hold retail investors from coming back to the market.
“The average investor in the market is worried. There is no great rush for retail investors to go back to the market right now,” said Manish Chokhani of ENAM Securities.
Traditionally, markets have surged after Diwali, but with the global financial turmoil far from over, it may mark the beginning of further pain for investors on Dalal Street.
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