As I speak, the markets are shut on the lower circuit. Last night, SEBI threw out a request for comment for banning p-notes on derivatives, and it seems this has spooked investors. With the Nifty and the Sensex down 10% in less than 10 mins, the market wide circuit breakers kicked in and halted trading for one hour.
Don’t panic. This is not as big a deal as the media, the TV channels and everyone around you is making it out to be. Let it ride – big falls are accompanied by big rises, almost instantly after some “clarifications”. As I’ve said before, this market is looking for a reason to fall, so some overreaction is expected.
Secondly, let’s analyse the paper, shall we? I’ll put that in a different post, as life begins to unwind in the markets again.
