Readings: IPO grey market, Demat accounts, Desi stock market Nostradamus
- Business Standard: Day trading sneaks into primary market
Day trading, which is predominantly a secondary market phenomenon, has made a back door entry into the primary market as well through the grey market route.
Take for instance, Power Grid Corporation, which will be listed next week is already being traded in the grey markets in Ahmedabad and Rajkot at a premium of Rs 24-25 a share. In day trading, transactions are squared off on a daily basis . . . The share was considered ideal for day trading as it is a public sector company and hence the promoters are not active in the grey market.
- Hindu Business Line: Sensex zooms, but no spurt seen in new demat accounts
The rise of the benchmark Sensex from the 14000 range in January this year to the 17000 range currently, does not appear to have roped in any more retail investors than normal, if the number of new demat accounts are anything to go by.
Monthly gross additions to demat accounts at National Securities Depository Ltd have been averaging 1.25 lakh for some time now . . . at Central Depository Services Ltd (CDSL), monthly additions have been averaging 1 lakh.
“It must be noted that the current market rally has been entirely led by FIIs. Domestic financial institutions, as well as the retail segment, have been net sellers”.
- Sucheta Dalal: Giddy journalism without any check posts
In the last couple of months, several newspapers have chosen to rediscover Mr.Madhukar, a former Whole Time Member (WTM) of the Securities and Exchange Board of India whose sole claim to fame was an embarrassing foot-in-the mouth prediction. On 19 August 2005, when the Sensex was 7780, Madhukar got so carried away while making a speech at the Bombay Stock Exchange (BSE) that he loftily predicted that the Sensex would touch 16000 in the next few months – in fact within the calendar year.
Exactly two years later, in a dramatically altered economic scenario, when the Sensex finally crossed 16000, we have breathless young reporters, dubbing Madhukar the ‘desi Nostradamus’ and hailing his ridiculous hyperbole and colossal indiscretion as a prescient prediction.
Related Posts: