ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Paper Industry- Unutilised Capacity

plausible explanation for the rise or fall in equity prices and draw a balance-sheet of bull and bear factors to support one's viewpoint. But there is no dearth of instances to prove that most explanations sound rather hollow in retrospect. There are really no well- defined norms for rationalising the behaviour of equity prices. Minor and secondary corrections in a firmly established trend are guided more by technical considerations than by fundamental factors. Short-term trends are influenced largely by sentiment which knows no logic. To seek a rational explanation for every movement in equity prices is to underrate the strong influence of speculative elements which dominate the Indian stock markets.

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