Sensex experiences 1,040 points from the days low and closes above 18K – the 6% rally on a single day exposed the matured bubble state
Babu Ghanta
Oct. 9, 2007

Sensex took off and jumped 6% in a single day from the days low. The market looks filled with euphoria with Sensex above 18K. It is similar to what Nikkei (Japanese Stock index) saw in upper 40K in 1987-88. After that kind of euphoria, Nikkei went into a twenty-year bear market and is still struggling to recover.

The excesses in Indian economy have gone far and out. Foreign Institutional Investors have pumped mega money into the market without any regard to the fundamentals. The same companies that are fueling Indian stock market also fueled the Japanese market in eighties.

Whenever the stock market loses touch with the fundamentals, the inevitable happens.

Frenzied buying in the last hour of trade saw the index zoom to a new all-time intra-day high of 18,327. The signs of a bubble are here.

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