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|February 28, 2001||Feedback|
Sensex should cross 4550
Ramesh S Damani
Thank God for small mercies, there is nothing negative about this Budget. In fact, in some small ways it is a positive Budget.
The finance minister has made it very clear that the era of protectionism is over. Everyone will have to compete on the basis of his/her competitive advantage.
The markets have already bottomed out and will tend to rise in the days to follow. Let us hope that the NASDAQ does not collapse.
IT enabled services, power and some selected tech stocks look like sensible investment options.
I believe the money generated through the government's divestment drive should be invested in education, water supply and infrastructure. It must definitely not go to other PSUs.
Markets have responded positively to the Budget. The Sensex should cross 4550, which is a severe resistance level.
The only disappointment for me in the Budget is the complete absence of any big-picture reform. Many small measures, but nothing massive.
Ramesh Damani is a member of the Bombay Stock Exchange