2006年VOA标准英语-Happy New Year for Investors in India's St

By Anjana Pasricha
New Delhi
01 January 2006

Bombay stock exchange index sensex graph is seen on the terminal of a stock broker's terminal, in Bombay
(File photo - Aug. 2, 2005)    
  
Across India, tens of thousands of retail¹ investors² have benefited from a stock market boom in the past year. Foreign investors are also attracted by the country's growing economy.

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When 58-year-old Rakesh Mehta popped the champagne³ on December 31, it was not just to greet the New Year. Mr. Mehta was also celebrating the massive returns on his investments in the Indian capital markets in the past year.

For Mr. Mehta, India's stock market rally has been a bonanza⁴. When he retired⁵ a year and half ago, the former army colonel worried about managing on his shrinking income because interest rates in banks were falling steadily⁶. Then he decided⁷ to take a risk, and diverted most of his savings⁸ and pension funds from government bonds and bank deposits into a range of mutual⁹ funds.

The decision paid off. Mr. Mehta says he got a return of close to 50 percent on his investments in 2005. He is now planning a trip to East Asia to escape the cold Delhi weather.

"It is amazing. I never expected my savings to multiply like this. I can do things I never thought would be easy after retiring - afford overseas vacations, upgrade my car," he said.

Like Mr. Mehta, tens of thousands of middle class investors are pumping their savings into the capital markets, which have risen for the third year in a row.

The stock market has not disappointed them so far. In 2005, it beat even the most optimistic predictions to rise by 40 percent.

Retail investors were not the only ones benefiting from the boom. The buoyant stock markets and expectations that India's strong economic growth would continue prompted foreign investors to buy a record $10.6 billion in shares in the last year.

As India simplified investment rules, several global funds entered the market, including the world's biggest mutual fund company, Fidelity¹⁰.

Prithvi Haldea, head of the research house Prime Database in New Delhi, says many investors, including foreign institutional investors, or FIIs, are hungry for Indian stocks.

"We have had not only domestic investors, domestic institutions, mutual funds, retail investors who have used surpluses waiting to invest in the market, but more importantly, we have seen astounding¹¹ FII inflows, and the horizon has expanded beyond the traditional FIIs [from] U.S. and U.K. We saw a lot of Japanese money coming into the market this year," said Mr. Haldea.

Many new investors are attracted by predictions that India will continue to generate annual economic growth of around seven percent.

But some investment bankers are warning that the dream run may soon come to an end. They say the huge demand in the past year has pushed up prices and Indian stocks are no longer cheap. As a result, they expect the stock market to moderate in the coming months.

1 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

2 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

3 champagne   

n.香槟酒；微黄色

参考例句：

• There were two glasses of champagne on the tray.托盘里有两杯香槟酒。
• They sat there swilling champagne.他们坐在那里大喝香槟酒。

4 bonanza   

n.富矿带，幸运，带来好运的事

参考例句：

• Bargain hunters enjoyed a real bonanza today.到处买便宜货的人今天真是交了好运。
• What a bonanza for the winning ticket holders!对于手持胜券的人来说，这是多好的运气啊。

5 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

6 steadily   

adv.稳定地；不变地；持续地

参考例句：

• The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
• Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。

7 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

8 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

9 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

10 fidelity   

n.忠诚，忠实；精确

参考例句：

• There is nothing like a dog's fidelity.没有什么能比得上狗的忠诚。
• His fidelity and industry brought him speedy promotion.他的尽职及勤奋使他很快地得到晋升。

11 astounding   

adj.使人震惊的vt.使震惊，使大吃一惊astound的现在分词)

参考例句：

• There was an astounding 20% increase in sales. 销售量惊人地增加了20%。
• The Chairman's remarks were so astounding that the audience listened to him with bated breath. 主席说的话令人吃惊，所以听众都屏息听他说。 来自《简明英汉词典》