Published On:Monday 27 August 2012
Sensex fall after PM Manmohan Singh talked more than estimated 5 words
Markets took PM's speech as a serious shock
Sensex which was cautious in the early trading session, dropped sharply after India's Prime Minister Manmohan Singh completed his elongated speech, after traders took it as a shock and a negative surprise.
"We expected Manmohan to talk about coal scam in 5 words keeping it short and simple. But to our amazement he gave an entire speech with lots of unnecessary remarks and boring texts. Finally, we squared our long positions in the morning and the markets tumbled," said Sukes Patel, a trader from a reputed broking firm in Mumbai.
India's great researcher and authoritative analyst, SP Tulsian said "What I think is speaking so long is utterly a nonsense thing. I am saying this because he can't take markets for a ride. Investors are not in a position to take any negative surprise and this is a shock. How dare he say only 5 estimated words that 'I am not that guilty' in a long speech? We are totally disappointed and bored. He could have kept it short as like his twitter messages. We are not processed by God to tolerate such a long level irritation. I am issuing sell call on the government."
However, the entire process of PM's speech and market fall was so much correlated, that SEBI took a decision to investigate into matters.
"We think it is a total damn shit made by some businessmen sat in London Offices. Therefore we plan to appoint an inquiry under Agent Vinod to find out who sold the stocks on PM's speech," said a SEBI official.