Enthralled by Liberalisation

Enthralled by Liberalisation D P Sharma AFTER beating a strategic retreat from its mid-September all-time high mark and retracing nearly one-fourth of the ground gained since the beginning of the year, the stock market is again firmly set on its journey into space. The October low has not been seen again and the lost ground has been fully recovered. Considering the amplitude and the duration of the virtual non-stop rise from the January low to the September high, the corrective phase has had a very short duration. Last year the corrective phase lasted for nearly four months beginning with October 9 and it retraced almost two-thirds of the preceding rise. The process of technical adjust ment this time was cut short by the re- emergence of good support from institutional investors