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How the Bulls and Bears Strike

Posted By On 2/08/2008 10:44:00 PM Under
1. One typical investor, Mr Nuksanwala, thought for a long time that ACC shares were stagnant, suddenly in mid 1990, he found that ACC shares were moving. He thought that insiders were pushing up the price because the company would announce a right issue. Between April and July 1990, he watched the market while ACC shot up from Rs 400 to Rs 600. In August, he started wondering whether he had missed the bus because every one was talking about Darbani Seth’s Magic touch, in divesting the company of its has making units and yielding dividends. By the end of August, ACC had climbed upto Rs 1,300/-. Nuksanwala sagely waited until the half yearly results were announced. Fantastic results emerged – huge profits, excellent reserves, massive growth. In Oct 1990, ACC torched Rs 2,300/-. Nuksanwala could wait no further. The financial wizards were talking about ACC crossing the Rs 4000/- mark in the next few weeks. He showing into action with an impressive investment of 100 ACC shares at Rs 2,300/-. In November 1990, he again bought another 100 ACC shares at Rs 2,400/-.

The Counter – Attack of the Bears

2. Then all of a sudden every one started talking about the Gulf crisis, the uncertain political environment, Merrill Lynch’s Pessimistic short – team predictions about Indian stock markets, foreign exchange crisis, commercial riots, etc. The market took a deep plunge ACC fell from Rs 2,400/- to Rs 1,500/-. In a state of complete panic, Nuksanwala decided to cut his losses and exit from the market at Rs 1,500/-. He leaved a sigh of relief. He seriously doubted the financial experts who were still predicting that ACC would shortly touch Rs 5,000/-. He had learnt his lesson for 1990. The fee a modest Rs 1,7 lakh. If you do not know the rules of the game the stock market is an expensive place to find out.

3. Similarly rumours ran life before the boom of 1991 – 92 engineered by Harshad Mehta with geneous help from State Bank of India and ANZ Grindlays Bank. The surfaced again after the revelation of the great scam by Sucheta Dalal, a detrained journalist. When Harshad Mehta was pushing it up ACC went upto Rs 11,000/0 (face value Rs 100/-) in April 1992. ACC in Feb 1994 lay neglected at approximately Rs 3,250.

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