The gray market activity points to a much lower Sensex in coming months
Nitish Patel
Oct. 21, 2007

Indian stock market is complex. There are official stock exchanges regulated by SEBI – the Security Exchange Board of India. But in Ahmedabad a more vibrant under the rug gray market exists. Many domestic big players hover in that market to scoop up shares at a discount to sell to foreigners especially the Europeans and American financial institutions.

Believe it or not, the gray market in India predicts the outcome of the Sensex. The gray market activity is sending chilling signals for the Sensex in the weeks and months ahead.

For the first time, the gray market activity halted completely. It signals a complete collapse of Sensex in the next several months.

The gray market deals with IPOs before they come to the official markets. Locals buy them ahead of time in the secret market under the rug to sell them at super premium price to the Americans and Europeans eager to snoop up anything available in Indian stock market.

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