Whalesbook
Toh yaar, April mein kya hua ki Indian markets mein ek alag hi trend dikha. Jab Nifty 7.5% aur Sensex 6.9% toofani tezi se bhage, tab midcap index 13.6% aur smallcap index toh 18.4% tak upar gaye! Is rally ne seedha cash market mein paisa lagaane wale investors ko apni taraf kheench liya, jisse daily average trading volume 7% badh kar ₹1.44 trillion pahunch gaya, jo almost 2 saal ka sabse bada number hai.
Lekin doosri taraf, jo log futures aur options mein khelte hain unka scene theek nahi raha. Derivatives trading ka volume 6% gir gaya. Iska sabse bada reason hai Securities Transaction Tax (STT) ka badhna. Futures par ye tax 0.02% se badha kar 0.05% ho gaya, aur options par 0.1% se 0.15% ho gaya. Ye changes 1st April se hi लागू ho gaye the, matlab trading ka kharcha seedha badh gaya.
Sirf tax hi nahi, SEBI aur RBI ne bhi kuch naye rules laaye hain. RBI ne leverage limits tight kar di hain, jisse brokers ke liye paisa lagana mushkil ho gaya hai aur traders ko kam leverage mil raha hai. SEBI ne bhi index derivatives ke contract size badha diye hain aur weekly expiry ke din bhi kam kar diye hain. Ye sab changes market ko control karne aur speculation kam karne ke liye hain, lekin isse chhote traders ke liye trading karna aur mehnga aur mushkil ho gaya hai. Yahi wajah hai ki NSE par active clients ki sankhya bhi 3.5 million kam hui hai.
Is saare khel mein, BSE ne derivatives market mein apna share 50% se bhi zyada kar liya hai.
Ab overall market ki baat karein toh outlook mili-juli hai. Ek taraf kuch experts banks aur pharma sectors ko lekar optimistic hain, toh doosri taraf crude oil ke price $120 ke paar jaane aur geopolitical tensions ki wajah se thoda cautious hain. Kamzor rupee bhi ek concern hai. Government ki growth focus aur potential tax relief consumer spending ko support kar sakte hain, lekin market ka rally in global uncertainties ko kaise handle karta hai, ye dekhna hoga.