Indian Sensex resumes massive decline- outsourcing and financials hit badly
Babu Ghanta
Jan. 28, 2008

The stock market in India is down more than 3%. Intra-day rallies are typical of long term bear markets. The Sensex has recovered partially from the day's low of 17,443, and is down 600 points at 17,760. The broad market is weak. The capital outflow from the market is evident. The Foreign Financial Institutions are dumping Indian stocks and locals are trying to come up with cash to hold the market.

The next set of decline will be related to the margin calls as locals finally capitulate as the biggest bubble in the stock market burst.

The market breadth is decisively negative confirming Elliot Wave third wave on the down side. It can be a catastrophe. Out of 2,700 stocks traded so far, 2,250 have declined, 400 have advanced and 50 are unchanged.

Some financial analysts are calling for 5000 in Sensex by 2011– that is a 75% decline from the top.

As predicted in India Daily in the last several years, Indian outsourcing sector is taking the biggest hit. Massive unemployment looms for the IT and call center markets as US and European companies close down shops in India. Contract cancellation is accelerating leaving native Indian companies helpless.

Indian Sensex resumes massive decline- outsourcing and financials hit badly
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The market breadth is decisively negative confirming Elliot Wave third wave on the down side. It can be a catastrophe. Out of 2,700 stocks traded so far, 2,250 have declined, 400 have advanced and 50 are unchanged.
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