Major blue chip indices in India rose more than 1% today as huge losses piled up in some minister's portfolio, which led to announcement of minimum support prices (MSP) to Sensex and Nifty. The government declared MSP of 7200 to Nifty and 24000 to Sensex and asked every IAS officer to buy at whatever levels rather than sleeping in the office.
"The government yesterday announced Rs 5000cr price management fund just in line with the price management fund for food. Minister Sir sent us a clear instruction that follow SP Tulsian and Sudarshan Sukhani since morning and whatever stocks they tell the audience just buy them. Just punch the orders and buy at whatever prices, kill the bears, kill the valuation and kill the fundamentals insanely till he comes from Davos," said an IAS officer, requesting anonymity.
Sensex and Nifty couldn't perform well since Prime Minister Narendra Modi took charge of the office. However, riding on Modi wave, the sources said that all the ministers invested huge money in the markets. The sources said that all the IAS officers would be provided with trading terminals and asked them to punch orders immediately if any stock falls.
Note: If you can't see SP Tulsian on CNBC TV18 just visit his website sptulsian.com to take inspiration of buying something and selling something.
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