Column : When Gujaratis stop playing

Mon, Oct 26 01:01 PM

Have those of you who are inveterate market watchers ever wondered why the Indian markets tend to go flat for a few days following the Festival of Lights? While most of you will come up with answers relating to market dynamics, global cues and economic fundamentals, I have evolved a homegrown theory entirely unrelated to all these. Having lived in Gujarat for well over a decade now, I believe that markets flatten out post-Diwali simply because the largest chunk of India's investors—the Gujaratis—are too busy playing hard to play the markets.

Sounds strange? Let me explain. The Diwali break is an extended week-long celebration in Gujarat just as the Navratri festivities extend over nine days making them the longest dance fest anywhere in the world. Kicking off with Dhan Teras and ending on Labh Pacham, Diwali is a time to worship the Goddess of Wealth Laxmi. Its also a time when the hardworking and enterprising Gujaratis let their hair down and splurge wealth accumulated over the year with family and friends. Small wonder then that shops and business establishments down their shutters and offices report thin attendance. Funnily enough, while Diwali is not observed as a holiday by most offices and establishments here, it's the two days after the festival which are sealed holidays. And for shopkeepers and business establishments, resumption of work sometimes commences on Labh Pacham, the fifth day after Diwali since it's considered the most auspicious day to resume or start new projects.

Most Gujjus also plan mini vacations during this time flocking to domestic and international resorts by the hordes. A close friend of mine who was unfortunate enough to have scheduled a meeting in Ahmedabad during the Diwali break learnt to his peril that if you happen to fall sick in the state, you can have a hell of a time scouting around for a doctor since most are out of town. Moral of my story? When in Gujarat, do as the Gujaratis do. Or else, just stay away while they have a cracker of a Diwali. And wait for them to enter the markets and take them to new highs.

—jyotsna.bhatnagar@expressindia.com

Inside News

Editor's picks