On the day (October 17) Stock Index lost 606.14 points or 5.73 per cent and closed at 9975.35, I met one of my friends in a birthday party. He loves giving advice on stocks.
He has been investing in stocks for the last seven years and believes that he understands the pulse of the market to perfection.
Unlike other days, he looked quite upset that day. He drank a lot in that party. When I asked him why was he looking so upset, he said that he had lost everything in the latest meltdown on the Dalal Street. As he is quite a fun-loving person, he related his saga of woes in a rather comic manner.
"I don't know what to do now. Shall I consume poison or beg for food?
After investing in stocks, today I am neither a bull nor a bear. In fact, I think I am a dog, who has no role to play in the market. Every day, my wife bursts out on me. I lost all her money and jewellery in the market, too. Leave alone the economy, I think my recession has already begun," he said.
He said he had invested in many blue chip stocks, such as Pantaloon, Powergrid, Orbit, ITC, LIC Housing, Maruti, Reliance Communications, Ranbaxy, Reliance and Jet Airways, hoping that he might gain something somewhere in this volatile market. But everything went haywire.
True to his nature, he continued his sad tale in a comic vein. "I bought into Pantaloon, I lost my pants. I bought LIC Housing, I don't have money to pay the EMI of my house. I invested in Maruti, I had to forego my car. I bought Jet Airways, now flying has become a dream for me, I bought ITC, I don't have money to buy cigarettes." Finally, he said, "I am still living, because I bought Ranbaxy, and am left with no money to buy poison."
"I like work. It fascinates me. I sit and look at it for hours.."
This message has been posted on HMGoogleGroup by: Kapil Menon