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Breaking News: Get down on your knees and pray!
It is this advice from a well known investment expert that led to a huge crowd of men and women and couples in their twenties and thirties sitting down in prayer in front of the Bombay Stock Exchange on Dalal Street in South Mumbai today.
It was a dream come true for investors when the Nifty closed below 4700 for the first time since Oct 2009. Thankfully, RBI’s credit policy did not pull the markets up, therefore providing prices that were not available for the past 25 months for investors to buy. Experts suggested that with the global turmoil continuing and a solution to India’s domestic problems not in sight, they were optimistic that investors will continue to enjoy wonderful prices to buy stocks of great businesses for some more time.
“I think given the global scenario, the party will continue for some more time”, a reliable source was heard saying. An unexpected recovery in Europe and the US may spoil the buying party, so investors should brace against that. But the likelihood of that happening seems low, so it is an optimistic scenario for investors who have not seen such prices for a while. “I have been waiting for this since the last one year”, an experienced investor interviewed by this channel said. “Prices may continue to get better over the next few months if global turmoil, the domestic situation and our government cooperates. So I am keeping my fingers crossed.”
Investors who missed the discount sale three years back were being advised to look at what’s on offer and take advantage of these prices. A young man, who missed the last mega sale in Dec 2008, and who had joined the mass prayers with his newly wed wife, said, “Well, I guess those 2008 kind of mega sale offers don’t come often. But then, this 2011 one is not that bad. So I am praying that the good going lasts.”
Yes, in fact, prayer! Experts had advised investors that they start with a prayer. A prayer that in these unpredictable times for the markets and the world economy, stock prices remain or get lower than where they are. Therefore, leading to the unprecedented flash mob prayer in front of the Bombay Stock Exchange. “If you’re planning to work for another 20 years, then pray for a proper market crash”, a reliable source was heard saying. In fact, a well-known expert went to the extent of saying, “if you are in your twenties or thirties with a steady income saving for retirement, get down on your knees and pray for a fall! And pray that it lasts!”