Samvat 2061-the year that has witnessed many records tumbling-the Sensex has scaled the highest ever level of 8800, a record FII inflows of $8.6 bn and a whooping Rs. 6 lakh cr of wealth generationhas finally come to an end. It was a year that is to be cherished at least for sometime to come.

Samvat 2062 thus began on an overall cheerful note. This positive mood was indeed vindicated by the happenings during Muhurat trading. The Sensex bounced back to 8000 on Muhurat trading but finally settled down at 7944. The session ended with an ultimate rise of 52 points in Sensex indicating profit booking immediately followed by the stronger move witnessed in the initial phase of trading.

The happenings at the Muhurat trading remind us of what has been happening during the last five years: Every year the Sensex has been rising followed by a fall, but the extent of the fall was found to be very large, and very sharp-all in a couple of weeks. This cycle has almost repeated in the last five years but with a difference: every bounce back in the Sensex has showcased a new set of stocks and a new set of sectors as the leading stars. What then is the inference that the common investors must draw?

The underlying message is simple: Samvat 2062 will be like any other previous year-the Sensex will rise, new set of stocks and new sectors will emerge pushing the Sensex forward while the rest of the stocks silently undercut these gains and suddenly pull down the mast. The investors have to therefore exercise utmost caution: Their investment must be driven by a sense of `vision', a sense of `conviction' and tons of `patience' rather than simply to be carried away by the hype created both by the markets and its pundits.

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