NEW DELHI: As the Indian stock market marked its worst week in over two years, the mood turned somber on Twitter too.
The BSE Sensex shed 5.1 per cent during the week gone by while its NSE counterpart, Nifty, ended 5.6 per cent lower. Midcaps and smallcaps were among the worst hit.
The fear was there all over Twitter. The question that haunted most investors was, for how long will this market crash play out.
Investors were counting on the Reserve Bank of India to provide a balm to the sliding rupee. Alas! The central bank surprised one and all with its indifference to the plight of the rupee, which became a source of huge disappointment for most investors, leading to intensified selling on Dalal Street.
Dalal Street mavens mostly stayed on the sidelines and had only one advice to offer – stay put. Let's jump straight into whats buzzing in D-Street biggies Twitter posts:
Vijay Kedia
The highly acclaimed and renowned Dalal Street name has one simple tip to offer: “Nothing stays forever.” Replying to a fellow Twitter user, he asked him to switch off the TV and not look at stock prices for now.
Dost apne dono ek hi gaadi mein hai…TV band kar, bhav mat dekh aur soch… wo bhi nahi raha, ye bhi nahi rahega. https://t.co/PaSziaVftn
— Vijay Kedia (@VijayKedia1) 1538630135000
Shyam Sekhar of iThought, too, had something similar to say, “The pain will go away via an Instagram-inspired stock image.”
To those who ask when the pain will go away. https://t.co/C580uwIt2c
— Shyam Sekhar (@shyamsek) 1538543493000
Basant Maheshwari, whose favourite hashtag is #TheThoughtfulInvestor, also tells you to hold tight.
Its easy to panic and fold up on the pretext of having a good nights sleep but being awake for a some nights in a… https://t.co/oEnPxDflc8
— Basant Maheshwari (@BMTheEquityDesk) 1538532600000
Besides the market crash, the other highlight of the week was definitely the Rs 2.50 per litre cut in petrol prices. Although it came as a relief for the common man, it did not bode well for the oil marketing companies as they were asked to bear the burden of Re 1 price cut.
Guess who took a dig at the OMCs? Yes, Samir Arora. Check out what he had to say:
Chalo- they have made sure that yesterday's oil price cut is largely neutralized due to weak currency.
— Samir Arora (@Iamsamirarora) 1538733057000
Sandip Sabharwal, an independent advisor at asksandipsabarwal.com, reiterated his stance to hold the OMCs and also condemned the government decision. In a series of tweets, Sabharwal expressed both disappointment and anger over this move.
I have been warning against investing in Oil OMC PSUs with the view that at some stage Govt will blink & make them… https://t.co/LQUPjEdNLE
— sandip sabharwal (@sandipsabharwal) 1538646975000
The Bureaucrats never learn, they just don't. They think they are over-smart @arunjaitley @FinMinIndia @PMOIndia… https://t.co/Q28hr7UssS
— sandip sabharwal (@sandipsabharwal) 1538647700000
PSU Oil Companies Market Cap down another Rs 75000 Cr today. Congratulations @FinMinIndia your brilliant decision t… https://t.co/93tzJTCffV
— sandip sabharwal (@sandipsabharwal) 1538712829000
Like we always do, let me wrap up this week's piece with some contra-investing tips and advice from Shyam Sekhar. Happy Reading!
Went through all of yesterday's WA posts in a hyperactive group. People were avoiding politics even as we head into… https://t.co/6lGDbZT1rP
— Shyam Sekhar (@shyamsek) 1538698765000
When a stock cracks after holding very firm for very long, we jump to buy. Window of opportunity appears short. La… https://t.co/Z9tyCYv9dB
— Shyam Sekhar (@shyamsek) 1538535957000
Look at niche export centric businesses. And mass producing import substitute industries. If they are well poised… https://t.co/mtK0qEpLua
— Shyam Sekhar (@shyamsek) 1538453034000
Without same pattern of aggressive fee recognition, faced with end of easy mobilization of bulk monies from banks &… https://t.co/qIqpDnksf9
— Shyam Sekhar (@shyamsek) 1538450390000
The 52 week high is now history. It has no real meaning if a stock soared earlier due to rigging, float mop, side c… https://t.co/9JDroSEYCI
— Shyam Sekhar (@shyamsek) 1538373471000
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