It’s all about politicians on Dalal Street

July 22nd, 2008 - 4:30 pm ICT by IANS  

Mumbai, July 22 (IANS) Dalal Street in downtown Mumbai, home to India’s main stock exchange, was as captivated by the drama unfolding in parliament over the trust motion debate as the rest of the nation Tuesday. As the big television screen outside the 28-storyed Bombay Stock Exchange (BSE) flashed the permutations and combinations of the trust vote to determine the fate of the coalition government, traders - who are otherwise busy discussing the fundamentals of stocks - were busy discussing the conduct of parliamentarians in the Lok Sabha.

Said stock broker Harsh Bhai: “The noisy scenes in parliament reminded me of the day when traders used to trade manually before the electronic system was put in place.”

Jignesh Shah, another trader, echoed the sentiment. “At least, we had a reason. We bought and sold stocks, but these MPs (members of parliament) are shouting for reasons unknown to them.”

But traders were relieved the result of the trust vote would be known only after the market closed.

“The immediate fallout of the trust vote result will not be factored in the market, there won’t be any knee jerk reaction,” Ashok Jainani, research head, Khandwal Securities Limited, told IANS.

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