#BandKaroBazaar: Better to close stock markets till March 31, says Ashu Madan

Amid negative impacts of coronavirus spread on stock markets, JM Financial Services’ Ashu Madan believes that a cooling period should be announced and both Sensex and Nifty should be closed for the next few days. Speaking to Zee Business, Madan said that it is not practical to declare stock markets as an essential service as you will have to aware a lot of people about it.

Zee Business is aggressively running a campaign #BandKaroBazaar to arrest the further negative impacts of corona on stock markets.

“Even if you declare stock markets as an essential service, you will have to educate a lot of people about it. You will have to manually go to each police man to tell them about it. No matter how much we talk about, a lot of things are dependent on physical movement. We have to complete payments by signing cheques or through depositor slips. The situation is so bad that cheques are not clearing even with banks being opened,” Madan said.

He said that the best solution is to close the markets. 

#BazaarKiBaat | बाजार को आवश्यक सर्विस घोषित करना प्रैक्टिकल नहीं है, मार्केट को कुछ दिन के लिए बंद करने में ही भलाई: आशु मदान#BandKaroBazaar #ZBizBazaar #NSE #BSE #Sensex #Nifty @AnilSinghvi_ @ashumadan4 pic.twitter.com/5oA5YAmCqD

— Zee Business (@ZeeBusiness) March 24, 2020

“We should give a cooling period of 10 days till March 31. I want to ask that two months from now what you will be more happy about – 1. You bought something for Rs 8000 and price went up to Rs 10,000. 2. You didn’t buy something and price went up to Rs 10,000. Now you are complaining. 3. Even if the price went up to Rs 12,000 from Rs 8,000, you didn’t buy anything and are happy that humanity has been saved,” Madan said.

“I don’t think closing the markets for 10 days would make much difference,” he added.

On Monday, Sensex witnessed the biggest ever single day fall as it ended over 3,900 points lower than its previous close on the coronavirus crisis.