Was this the Budget effect or Attack on India, again!

 Oh Finance Minister , what have you done?

As I said earlier , I don't watch TV now .. so I missed the television coverage of Budget .. As it is, they have to say its Masterstroke or lose their jobs.

I was calmly waiting for Budget Pdf to be downloaded, when 1 of 76 browser tabs open started giving noise . 

I glanced and it looked peculiar and so I switched to alphabetically ordered view. Now stock index is still in the green but All Adani shares are massively in red.

Last time this happened, Adani group called it "Attack on India " .. was next year's budget an attack on India too? 🔔 Must be ..

Because Hindenburgresearch people are sleeping nicely in New York, it must be budget right? ROFL

Whatever be the reason, I shall control my temptation and resist viewing any corrupt media tycoon owned coverage which will invariably be full of useless platitudes and praise for ruling dispensation. 

But in other news, Mukesh Ambani must be the richest Asian and Indian now. Let's hope they are still Indian and not Australian like Adani CFO!😛😜

Updated on 14:17 IST 

The screen looks even worse now..

Where are "Chomu" people who bought Adani FPO yesterday? Send them to Abu Dhabi , of course after the checking if they are defaulting on any Bank loan or paid income taxes properly for last 10 years, in those cases confiscate their passports.  But seriously, India will be better off without them.

Looks like this thing.. Lower Circuit, has been hit for most Adani stocks and no one trade them now, for today.

Side-effect: Contagion will now spread to other Banking and Insurance stocks. LIC and PNB took the hit real bad already.

Strong Rupee

For years now, I had a strong belief had economic growth data brought out by govts are short-sighted , politically motivated and outright biased.

Take the example of projecting double digit growth for India & China, where majority still lives in villages ; the people in rural services- well ,lets say for all of their services is no yardstick for value determination. So we depend on city based consumption data or industrial production data.

Only in last week, people went overboard the strong rupee bandwagon. Little did the analysts knew in the integrated global money market, one currency getting strong against only one major currency is of no use.

My estimate will be US$ will be appreciated by 4 to 5 % in next one month. Why? The reason is the funds in western world will have a torrid time, with a poor third quarter going on in the US.
Sept-end reports will definitely show poor condition of Job Markets, therefore poor consumer confidence and loss of consumption power; All due to bad performance by local manufacturing and little bit by uncertain weather patterns.

So for third quarter stability of funds they would take out money from IT, Telecom & Infrastructure sector. We have enough foreign exchange to handle the scenario. But these sectors need to show real resilience in third quarter results to attract FDI attention.

Henceforth the depreciation in the rupee and sensex at 13,000 (around).