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Pastimes : Ask Mohan about the Market

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To: Haim R. Branisteanu who wrote (8128)	11/16/1997 3:57:00 PM
From: Rational	Read Replies (1) of 18056

The Bombay Stock Index has fallen from 4500 to 3500 in the last 2 months or so which is about 20% decline so there is unlikely to be any more secular correction. There is still no free convertibility of rupees to dollars on capital accounts; the central bank thus has the power to check the outflow of capital and so the rupee is unlikely to come under pressure. Ihe indian market is highly insulated and driven by the locals, unlike in the other Asian countries. The Merrill Lynch (?) Chief Economist was once commenting on CNBC that Indian markets are at very deflated levels and so they cannot go down much. Will they go up? Very little, IMO, indeed. There will be a lot of volatility before it goes up appreciably. Sankar

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