Great Asian depression of the new millenium starts - after severe topping action for months Sensex finally crashes - 1929 style in America
Babu Ghanta
Sep. 11, 2006

Near the end of the session, buyers just disappeared and brokers refused to pick up the phone - American 1929 stock market crash - de-ja-vu.

Great Asian depression of the new millenium starts - after severe topping action for months Sensex finally crashes - 1929 style in America.

The benchmark Sensex crashed by about 413 points ahead of closing of trade on the Bombay Stock exchange on Monday on active profit selling by both foreign as well as domestic funds.

The Sensex plunged by 413.05 points at 11,505.60 at 3:15 pm, the biggest intra-day fall since July 31. Similarly, the National Stock Exchange index Nifty dropped by 118.20 points at 3353.25.

Heavy consumer debt, dependence on foreign money, lack of productivity gains, increasing inflation, severe budget deficits, high energy prices, world's worst trade balance and balance of payments are all working towards creating the seed for the great depression in India.

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