Markets are bi-polar in the short term. Manic one moment and depressive the other
Ahead of an event, we were gathered in the 25th floor office of the chairman, in the iconic Bombay Stock Exchange building. A building you enter after paying obeisance to the five foot high, eight foot long, one tonne raging bull stationed at the entrance to the building. A group of fund managers, mutual fund CEOs, intermediaries and I, the outsider from Delhi, are hanging around waiting for the event to begin. The talk, four days before the exit poll, was of course on the results. A straw poll around the room yields a base line 230 seats to the BJP and the possibility of a stand-alone majority government again. And what happens to the market? A 10% jump is not unexpected if the BJP gets a clear majority—markets like stability and continuity—say some of the fund managers present.