By our special commercial correspondent.
Mumbai, June 08 (IVC) The volatility and ups and downs of the share market in the country was determined by a section of senior share brokers here and Government’s policies had nothing to do with it.
It would be clear if one observed the volatility and ups and downs of share market this week beginning from June 04. Even the Securities and Exchange Board of India (SEBI) had no important role in the movements of the share market.
The movements of share markets of other countries of the world entirely depended upon the economic indicators and the concerned Government’s policies.
The share market in the country on May 31 closed at 73,961.31 points (BSE Sensex) with an increase of 75.71 points and the NIFTY closed at 22,530.70 points with a plus of42.05 points, without any indication of upheaval in the market. Surprisingly, the share market closed on June 2024 Monday, at 76,468.78 points (Sensex) with an unprecedented hike of 2507.42 points and Nifty at 23,263.90 points with a hike of 733.20 points.
According to media reports, the hike in the prices of shares of the listed companies went up to Rs 13.78 trillion and the total market capitalization was Rs 425.91 lakh crore as against Rs 412.13 lakh crore on May 31. The hike reflected in the market was following the exit polls results showing that would get an absolute majority 350sseats in 543 eats of the 18th Lok Sabha and hence BJP could govern the country with its whims and fancies.
It was proved that the exit poll rebuts were the gloom of Cassandra when actual results of the Lok Sabha elections were announced on June 04 and the share market stumbled to 72,079.05 points (SENSEX) with a record decline of 4389.73 points and Nifty to 21,884 points with a decline of 1379.40 points.
On June 05, the BSE Sensex went up to 74,382 points with a hike of 2,303.19 points and Nifty 2,620.35 points marking an increase of 735.85 points, without any changes In the Economic policies of the Governments.
On June 06 also the share market went up to 75,074.51 points (BSE Sensex) with an increase of 692.27 points and Nifty to 22,821 points with a hike of 201 points.
On Friday June 07, the share market closed at 76,693.36 points with an increase of 1618.points and Nifty 23,290.15 points with a hike of 468.75 points. It would be observed from the above that Government policies, economic indicators or the intervention of SEBI had nothing to do with the volatility and ups and downs of the stock market in the country. It depended upon the mood of a section of senior share brokers in Mumbai.
Meanwhile, the Opposition Leader, Mr Rahul Gandhi alleged that it was the direct involvement of the Prime Minister Narendra Modi and Home minster Ami Shah for the crash in the stock market which wiped out Rs 30 lakh crore of investors’ wealth. “The top BJP leadership was aware that the exit polls were fake”, Rahul Gandhi added.
