Hyderabad Riots

October 6, 1984 economic performance during 1983-84 and more particularly "loosening of some of the controls of industry, imports and prices". Reports about the progress of the monsoon during September have been quite satisfactory and they hold out the promise of a reasonably satisfactory agricultural year which will have an important bearing on the general economic tempo. The stock market has no illusions about the overall performance of the corporate sector which leaves much to be desired. But there are quite a large number of complies which are doing well and they are firmly set on the growth path. It is the shares of these companies which really set the market tone. It is common knowledge that a relatively small number of shares listed on the stock exchanges account for the bulk of market activity. Even at best, the stock market's overall performance has been rather patchy, The sharp upturns when the market has been very much depressed only serves to strengthen the view that institutional investors have emerged as a major factor influencing the course of equity prices. Speculators are no longer in a position to call the tune; not for long, anyway. Institutional investors are always there to lend support to the market when required. They are flush with funds. The growth of investible funds continues to outpace the supply of good growth shares.