Markets have stood up to terror attacks

Nowhere is this better exemplified than in corporate corridors and the stock markets. Attendance has never been thin even during the most trying circumstances. Businessmen and investors,including foreigners,have moved on and the markets almost always rallying on the day after. The Sensex has always shrugged off the assault and saluted the citys spirit.

In short,Mumbai has been quick to get back to business. The Nifty futures on the Chicago Mercantile Exchange may have slipped 0.72 to 5,545 levels on Wednesday after a series of bomb blasts rocked the city but recovered quickly to 5,575 lower by just 0.2 compared with the previous close,leaving no one in doubt that it would be business as usual when the stock markets open on Thursday. The SGX Nifty futures,traded on Singapore Exchange too,recovered its early losses.

Indeed,way back in 1993,a time when there were no mobile phones or 24/7 news channels,it was Jeejeebhoy Towers,which houses the Bombay Stock Exchange in Mumbais Fort area,that was among the first targets of the terrorists.

While trading was halted for the day,punters were back in full force on Monday and despite the shock at the magnitude of the attack, the market returned to normalcy with the Sensex closing up 2.5.

The serial blasts on the local trains that ferry most of Mumbais commuters,too failed to keep people away from work. As such,the three near-simultaneous bomb explosions are unlikely to impact business in the city. Ravi Narain,MD and CEO National Stock Exchange confirmed that the bourses would open on Thursday morning.

Indeed,serial blasts may have thrown city life out of gear but they have seldom triggered panic within Mumbais business community. You could call it necessity,fighting spirit or business acumen,brokers and investors have always chosen to ignore the noise outside and focus on whats ahead.