Heavy foreign institutional selling in IT, banking, consumer durables and realty stocks takes Sensex down below 15,000
Babu Ghanta
Jun. 10, 2008

The bear market in Indian stocks is accelerating its downward pressures. The index touched a day's low of 14,645 - down 443 points from today's high.

The index recovered smartly in late noon deals and finally ended with a loss of 177 points at 14,889.

The market breadth was negative - out of 2,699 stocks traded, 1,667 declined, 964 advanced and 68 were unchanged.

The hyperinflation in food, energy and consumables is taking its toll. The Reserve bank of India is giving clear signals of higher rates in coming months.

Indian high-end export in IT is going down rapidly. The credit card debt defaults are skyrocketing. The biggest trouble is in real estate. People have bought enormous amount of real estate on borrowed money (mortgage) in the last ten years. Indian real estate can drop by more than 40% over the next five years.

Heavy foreign institutional selling in IT, banking, consumer durables and realty stocks takes Sensex down below 15,000
Babu Ghanta
Indian high-end export in IT is going down rapidly. The credit card debt defaults are skyrocketing. The biggest trouble is in real estate. People have bought enormous amount of real estate on borrowed money (mortgage) in the last ten years.
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