I was into stock market for the last 2 years and doing trading on BSE and NSE through my broker HDFC Securities. Overall i was on good profits until January 2008. Suddenly i observed that in a 15 days span my profits are gone down to 40%. I came out of stock market by selling all the holdings and booked the remaining profits. Then only i realized the fact that USA’s economy is in worst phase and it it going to hit the Indian economy too.
I also receiving some news related to IT slowdown in India and companies are terminating employees to reduce their costs. The company which i was working right now has a good strength and i heard that it did not terminated any employees even in year 2000-2001. During 2000 i used to work for another company and was one of the victim for pick slip. But very recently my company has terminated around 400 employees in their Hyderabad branch. Who will be the next??
If US is not going recover soon, i believe it is going to affect India too in a worse way, especially the IT industry because most of our IT customers are from USA. I used to believe our central minister Mr. Chidambaram’s statements about Indian economy and >9% GDP growth. It seems very silly to me now. Isn’t it?