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| April Fool's day may ring in +ve returns |
| Press Trust of India / Mumbai Apr 01, 2009, 08:51 IST |
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If history repeats itself, the Dalal Street will gain tomorrow as in the past three continuous years the markets had ended in positive terrain in the very next day after the April Fool's Day.
An analysis of the past decade shows seven out of 10 times the benchmark Sensex had closed higher on next trading session after the Fools Day.
The seven years which saw an uptrend in the Sensex on the second trading day of new financial year are -- 2008, wherein the index ended up 124 points, 2007 (169 points), 2006 (74 points), 2004 (47 points), 2003 (36 points), 2002 (six points) and 2001 (39 points).
However, the three years when the index settled in the red on the trading session following the April Fools' are - 2000, when the index had lost 361 points, 1999 (171 points) and 2005 when it had ended almost flat.
Investors can keep their fingers crossed as with the market ending in positive today, there is a ray of hope that the market would hold up tomorrow as well, an analyst from a domestic brokerage said.
Of the 10 trading sessions reviewed, there were as many as four instances when the markets closed in the positive territory on the first two trading days of new financial year.
However, April 1 had been a trading day only in six years out of the 10 years since 1999, while in the rest, it was a weekly holiday of Saturday or Sunday. The analysis for such days has been done taking the first trading session for each financial year.
The Bombay Stock Exchange's benchmark index Sensex today settled up 193.49 points or 2 per cent at 9,901.99.
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