At one point of time, the Sensex was down around 14%. There was news of some morons shouting slogans against the Finance Minister outside the Bombay Stock Exchange office. Not surprising, these must be the traders who lost the most and were just looking for scapegoats. These are the same ones who would have had the biggest smile on their faces as the market raced to 22,000. But never had time to thank the same government they are shouting slogans against now.
Anyway, it was a great time to do some cherry picking. I ended up adding to my Reliance Petroleum, Punj Lloyd portfolio. Also bought Reliance Communications and Suzlon Energy for the first time. Hope to see some upside pretty soon.
Another few months and all these blood bath will be forgotten and i believe the market will touch 25,000 by the end of the year. Or maybe even earlier. Ignore the naysayers, the India growth story is much on track. As i mentioned in the previous post, nothing has changed in a week’s time. There is more than $100 billion of infrastructure projects going on in India. The government is inviting foreign investors to invest another $450 billion in various infrastructure projects in the country. In the next 2-3 years time, we will start to see visible signs of an India with better infrastructure.
The Finance Minister has again insisted that we would be seeing a growth of 8.9% this fiscal year and 8.5% growth the next year. So, just keep investing. There has never been a better time to invest in India.