Mood is pensive as hope takes wing on Samvat 2059

Despite the contemplative calm, though, the dawn of the new year seemed to herald fresh hope. The 37-point rally on the sensex was a precursor to good news, brokers feel. The Kelkar Committee report cutting corporate tax, the Reserve Bank of India’s (RBI) credit policy reducing interest rates and the Reliance Gas find in the Krishna Godavari basin have helped the market post good gains.

There’s more. Hopes of a market-friendly Union Budget for 2003-04 expected from Finance Minister Jaswant Singh, and receding Indo-Pak tensions give reason to start the new year on a positive note. ‘‘We hope the good news will continue to filter in the rest of the year so that market can bounce back to its heyday,’’ muses Pawan Dharnidharka, a BSE dealer.

Though many broking firms shut shop within minutes of the mahurat beginning at 5 pm, excitement was palpable at the offices of K R Choksey Shares and Securities Pvt Ltd. Riding the optimism, jobbers yelled out fluctuating rates of favourite stocks to friends and relatives and there was a definite ripple of laughter when Reliance hit Rs 263.

Alka Chokshey, manning the BSE terminal, yelled out to her mother, ‘‘Jo, paachu aache bhau aawi gayo. Me tani keedu tu ne (See, didn’t I tell you… prices have returned to the level at which you had purchased).’’

The pros and cons of the market were hotly debated and broker Ashok Choksey was advising someone ‘‘not to go by the advice of Bharat Bhai’’. ‘‘SBI is a good bet… you should buy it. The rates are bound to increase. Kelkar Committee no report vachyo. Aajunu market nu aa report nu reaction che (did you read the Kelkar Committee report. The market Hope takes wing on Samvat 2059 has reacted in anticipation to its approval),’’ said Choksey.

The mood was upbeat at Harjivandas Nemidas and Sons too, a 125-year-old broking firm. Here, the interest from public institutions was the point of discussion for patriach Prasann Broker and his sons Kartik and Udhayan. Even as the telephone pierced the animated discussion, fifth generation son, Tanash, tinkered with the computer keyboard.

At the convention hall on the first floor, the festivities were in full throttle as brokers mingled with the managing committee, an annual tradition. Women dressed in silk zari and heavy gold jewellery offset the elaborate rangoli decorated with flowers and lamps.

Not everyone was buoyant, though. Venkatesh Iyer, director of K R Chari Stock Broking Pvt Ltd, was especially pensive. ‘‘This is a time for long-term investors,’’ he mused. But what about the outlook for the new year? ‘‘Mmm… it’s good,’’ he conceded, allowing hope to take wing even if only for a while.