Tweet Buster: Ravi Dharamshi’s dig at govt, Maheshwari rings alarm bell

NEW DELHI: The domestic equity market rallied during the truncated week gone by, with both Sensex and Nifty surging nearly 8 per cent. Signs of positive development on the coronavirus vaccine front and hopes of stimulus back home gave a boost to investor sentiment.

But on Dalal Street, top market mavens are worried that the economic package is taking a long time coming, and an extension of the lockdown is only going to add to the current economic pain.

Many of them took to Twitter to share their concerns.

PMS manager Ravi Dharamshi called Covid-19 a ‘known-unknown’, adding that the response from RBI and the government to the economic crisis is the real unknown.

Basant Maheshwari said the two-month lockdown will knock 83% profits earned by the SMEs and with cash flow and debt obligations, demand collapse, job losses, India sits on the brink. What does he demand? An end to lockdown.

In another tweet, Maheshwari said we cannot allow this lockdown to be the economic knockdown from where we play to ever rebound.

Independent market expert Sandip Sabharwal said all the heavy-lifting right now is being done by RBI. He called for more proactive measures. “Corporate downgrades will continue till the government announces measures and economy opens up,” he said.

Sabharwal said it would be naive to believe that the market will keep rallying once the economy opens up as there is real economic pain that the market needs to adjust to.