Monday, May 17, 2004

The excitement of a market crash

Today was worth being in office today, especially before lunch. It was an interesting view of the market bloodbath - the sensex fell 800 points - the biggest intra-day fall in its history. The excitement was palpable - within an hour of my reaching office, there were gasps all round the office - first 300, then 500, then 800 points - everyone was shocked. The RMs ran around attending calls from clients - everyone was pleading with their clients to not panic and to take a 'long term' view. There were teleconferences going on all round the office with headquarters in BKC debating the reasons for the crash and the strategy to be followed. With the markets being forced to shutdown at 11.30 for 2 hours, everyone was waiting with bated breath the outcome of the start of trading.

There was quite a bit of relief as the markets recovered at the start of trading once to resume the swing till the came to rest 500 points down - quite an interesting start to the congress regime...
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