Will the market rally resume?

The fall yesterday was essentially on account of mutual fund redemption, I think the numbers are clear and I think yesterday also told you one more thing of this nonsense of trading on January 1st. Because I don’t say it because I want a holiday, I say it because the market equilibrium gets disturbed on days when you have trading like this when the whole world is not trading.

There was zero foreign institutional investor (FII) volume yesterday, near zero FII volume yesterday and in that this sensed only Rs 800-900 crore of selling led the market down about 100 points. So, that is a bit of a dangerous trend where you have so much skew to watch one particular participant that, that can really drive the market crazy.

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