look news india
In view of the huge turmoil in the stock market after the Lok Sabha election results, the dabba traders decided to remain closed from May 31 to May 10 to prevent currency erosion and avoid losses, which proved to be true. In the first trading session after the exit polls, the investors' wealth was around Rs 1,000 crore. It increased by Rs 14 lakh crore, then Rs 14 lakh crore on the day of the results. It decreased by Rs 31 lakh crore and now again Rs 31 lakh crore today. The increase of Rs 13 lakh crore is an indication of how much turmoil was seen in the market for three days, while the traders took this decision thinking that such turmoil would happen. This decision saved the speculators and operators from incurring losses.
According to sources, transactions in Bin are done from Monday to Friday and payment has to be made on Saturday after the market opens on Monday. In a single week, transactions worth thousands of crores of rupees take place in Dabba in Gujarat and about 75 to 100 crores of rupees are transacted through Angadia on weekends, the new month futures i.e. from May 31 to June 10, the operators start smelling a big reversal in the election results, due to which some speculators brought money on interest and worked in the accounts of others, causing huge losses. An operator on the condition of anonymity said that if Bin Traders were to continue, there would be a huge shortage of speculators and they would have to struggle to get compensation money. More than 50 thousand people work in Bin Traders in Gujarat including Ahmedabad. Speculators work in Dabba Traders because there is no need to pay margin while buying or selling and transactions have to be done on a weekly basis. Along with this, no government tax has to be paid, due to which speculators are preferring to work in the dustbin.
