Text Message Sends Indian Stock Market Reeling
We recently reported on a text message hoax in Indonesia that warned of a tsunami and that was taken so seriously by people, they fled their homes en masse for higher ground. Now, India has been the victim of a text gag, with this one aimed at the country's financial market.
Yesterday at exactly 12:45 PM local time in Mumbai, thousands of traders were hit with a text message that claimed the political left had pulled out of the government and that it would hit the news in 45 minutes. The Senex (a selection of 30 highly-traded stocks from the Bombay Stock Exchange) then immediately dropped 160 points in seven minutes. The plunge into the red didn't last long though, as buyers saw an opportunity and boosted the Senex 170 points in the following four minutes. Of course, in the end the left never exited and the Indian government didn't collapse.
We don't have any money tied up in the Senex, but we like this story because it shows how our new, rapid means of communication and information dissemination are having an effect on our world -- especially our financial markets. Just a few months ago, you may remember that Engadget -- the most linked to blog on the Web -- posted a story about Apple delaying the release of the iPhone and the next update to the OSX operating system. Though the story was incorrect and based on a forged internal e-mail, investors saw the news and Apple's stock immediately tanked, going from $107.89 to $103.42 in six minutes -- though it later made a full recovery.
The takeaway from all of this? Rumors fly around a lot faster and easier than they used to, which means we all need to be a lot more responsible about what we choose to believe, and why we choose to believe it.
From Textually.org
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Reader Comments (Page 1 of 1)
indiaequityinvestor @ Nov 5th 2007 12:59AM
Dear visitors,
We hope our post will be quite useful for your information. Recently we have witnessed that IT SECTOR is not performing good due to dollar and Rupees issue as in Indian Stock Market . But our IT companies are doing very well right, they are getting lot of projects, so day is not far when they will come up with good profits even with weak dollar rate.
We are even worried with increasing price of crude oil. But we can see opportunity in this also. Just grab OIL and GAS sector. They will fly like anything.
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sharetipsinfo @ Nov 15th 2007 12:15PM
Hi everyone.
Your blog is nice and informative. We think your visitors will like
this posting.
We have seen Nifty and Sensex has fallen like match sticks. Though we
rate this correction as good for Indian stock market , Now we can see
lot of fresh buying in stock market. Which is good signal.
We request all don't panic in your long positions just hold them for
super gain.
Best Buy - Buy SESAGOA now for the target of 4000in 20 days .
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sharetipsinfo @ Nov 17th 2007 12:36PM
Hi everyone.
Your blog is nice and informative. We think your visitors will like
this posting.
Now we have seen Indian stock market has recovered quite good.
Past correction was quite good for stock market as many fresh buying levels were created in Nifty and Sensex
We suggest yo9u to buy few scipts
1. Buy n Hold IFCI tgt 110 in short term.
2. Buy IDEA for the target of 150 in short term.
Don't miss these Gems.
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ShareTipsInfo.com @ Apr 23rd 2008 10:39AM
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As we all know
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sharetipsinfo @ May 13th 2008 12:14AM
Dear Visitors,
This Blog is really nice and informative. We are pleased to know this
blog is really helping people. Its our pleasure to post
Informative content on this useful blog created by webmaster.
Again after one week of good gains in Indian stock market we have seen Nifty and Sensex closing very near to there major Support.
If Nifty breaches 4850 then it can again see a fall till 4600. But chances of breaching 4850 is very less. Now world markets are recovering at faster pace
dollar is becoming strong as against Rs. it will give good gains to exporters and IT sector.
Right now Nifty is in consolidation state it can go to any direction. We suggest you not to take too long positions right now.
Please feel free to contact us for any query.
Have a Nice trading days ahead.
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sharetipsinfo @ Jul 11th 2008 7:05AM
Dear Visitors,
This blog is really nice and informative. We are pleased to know this blog is really helping people. It’s our pleasure to post informative content on this useful blog created by webmaster.
We require 2-3 days positive closing else nifty can crash. Political issues are also hampering market along with inflation and crude oil price. Major support for Nifty is 3650 and Resistance is 4300. Nifty will remain range bound overall trend will be bit bearish in coming days.
For any query feel free to contact us.
Regards
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knowyourprofit @ Aug 2nd 2008 8:01AM
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Tomorrow i.e. 31st July'08 the day when the Inflation data will come.Inflation from the past successive weeks is keep on increasing,this has now become a major factor deciding the following days movement of Indian Stock Market.RBI and the government is taking steps to control it.Inflation has to be kept under control for the interest of the economy, Indian Stock Market is governed by lots of factors one including them is Inflation that has also to be kept in mind always
Sectors giving good return over period of time includes:
1.INFRASTRUCTURE
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Have a Query ?
Feel free to contact us
Happy Trading
Regards
Team
KnowYourProfit
+91-9871142419
knowyourprofit @ Aug 4th 2008 6:01AM
This blog is quite nice and informative , we had a pleasure to post a comment on this usefull blog created by the webmaster
Tomorrow i.e. 31st July'08 the day when the Inflation data will come.Inflation from the past successive weeks is keep on increasing,this has now become a major factor deciding the following days movement of Indian Stock Market.RBI and the government is taking steps to control it.Inflation has to be kept under control for the interest of the economy, Indian Stock Market is governed by lots of factors one including them is Inflation that has also to be kept in mind always
Sectors giving good return over period of time includes:
1.INFRASTRUCTURE
2.PHARMA
Have a Query ?
Feel free to contact us
Happy Trading
Regards
Team
KnowYourProfit
+91-9871142419