Monday, October 29, 2007

India stock market crossed 20,000 mark for first time

Presently, India stock market looks to be on the flying mode with market breaking one record after the other. Today, Indian stock market touched the 20,000 mark for the first time during the daily trade and finally closed at 19,977 with 734 pinots jump. This is really a great achievement by the Indian stock market in small time. The main reason behind this push in the stock market is believed to the good support from the foreign investors, as during the period of10000 marks to 20,000 marks jump FIIs have invested whooping $ 26 billion in Indian stock market. Therefore stock market which was at 10,000 points on 6 Feb, 2006 crossed 20,000 points, a jump of 10000 points, in just one year and six months.

Moreover, further today’s increase in the stock market has also shown that most of the foreign investors have taken positively the recent moves by the Sebi on the regulation of FII money follow in India. Indian mutual funds have also remained second major supporter behind these fast jumps taken by the stock market from 10,000 points to 20,000 points. In simple words, we can say that FIIs and MFs are major contributors behind this huge success of the stock market. Indian stock market crossed 1000 points for the first time in 23, July 1990 and now after 17 years stock market has grown by 20 times.

After the Sebi’s announcement on P-notes and foreign direct investment, there were certain apprehensions that fast growth in market will stop for some time, however, today market reacted very positively to these announcements which indicates that foreign investors have lot of trust on the growth story of India. After the today’s unexpected growth, mostly of the experts are forced to change their predictions about the market. Earlier, it was believed that market will remain between 19000 to 21000 points during this year.

However, fresh analyses points towards market crossing 23000 points during this year. Indian stock market looks eager to take more jumps and we can hope to see new records being made by the market in near future. However, the worrying sign is high share of the foreign investors in the stock market and therefore, any major profit booking be the FIIs can create panic in the India market. In future, there are not many chances of FIIs taking their money off from the India stock market because the growth story of India is still on.

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