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Friday, May 14, 2004
 

Download Cong manifesto immediately

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MUMBAI, MAY 13:
8:30 am

One of India’s wealthiest stockmarket players is worried as he heads to his spanking new top floor office that overlooks the grand sweep of Mumbai’s Marine Drive. He’s usually an expert at calling the market, someone with great gut feel and sound knowledge of technicals. But today, things are not looking good. All indicators point to a tough battle for the NDA. Damn, he had bet that the coalition led by the Bharatiya Janata Party (BJP) would emerge a clear winner.

9:48 am

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An hour-long meeting with his team is winding down. Minutes to go before the markets open. The Congress leads in 195 seats, the BJP trails with 167. ‘‘India’s tryst with the Gandhi family doesn’t look like it’s over,’’ he says half jokingly. But he knows the markets are jittery and any sign of instability could trigger a rapid slide.

10:00 am

It’s worse than he expected. The Congress crosses 200, Salman Khursheed is telling someone on television that they want Sonia Gandhi as prime minister and the Sensex has just plummeted by over 200 points. He reacts swiftly, decides to cut his losses—and sells.

10:15 am

Prannoy Roy is announcing on TV that the BJP will not form the next government. ‘‘This is not good for the market,’’ he sighs. ‘‘I have never made such a misjudgment in my life.’’

11:13 am

It looks like the Left will get its highest tally ever. The market recovers. Investors start buying again. ‘‘I would have been very okay,’’ he grimaces, cancelling all television appearances for the day.

12:30 pm

‘‘Software’s looking good,’’ he speaks into the cellphone, ‘‘Sonia will definitely be PM... Has anyone read the Congress manifesto?’’ he queries. ‘‘Download it immediately.’’ One quick perusal later, he’s satisfied that it sounds exactly like the NDA’s.

2:00 pm

‘‘Losses are all part of the game,’’ he says later, revealing how much he earned last year. Besides, when your net worth is easily the size of the profit of a mid-sized Indian company, losing a couple of big ones once in a while is no big deal. ‘‘Will Mani Shankar Aiyar be finance minister?’’ someone asks worriedly.

2:30 pm

Ruchir Sharma from Morgan Stanley is saying that Indian markets move in line with other emerging markets. In South Mumbai, 27-year-old Milind Deora has defeated veteran Jayawantiben Mehta. ‘‘I voted BJP,’’ he says. Then he asks me to check out the gym installed in his office.

3.00 pm

The market’s still fluctuating, the benchmark index is barely 18 points over yesterday’s close of 5358. He plays the waiting game. ‘‘I started with just Rs 4,000, some 18 years ago.’’ By now he’s almost certain the markets will close higher. He places an order to buy.

3:15 pm

“We’re entering the last lap,’’ he says. O meri zohre zabein plays in the background. ‘‘Don’t you think this is one of the best songs ever?’’

3:30 pm

The index has closed a comfortable 41 points higher at 5399.

8:00 pm

Geoffrey’s. Whisky on the rocks.

 
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