Sensex shed more than half its value in 2008, its worst performance ever – headed for below 2,000 by end of 2010
Sumit Kar
Jan. 1, 2009

Sensex saw the biggest bear market ever in the history of the entire world. The Bombay Stock Exchange Sensitive Index shed more than half its value in 2008, its worst performance ever.

The index fell 52.5 per cent, or 10,640 points, as foreign funds dumped emerging-market assets, including Indian equities.

FII outflows may accelerate in the first two quarters of 2009 as Indian stocks'' valuations becomes less attractive due to deflation and lack of corporate earnings. Indian economy is burdened with massive public and private debt – far worse than the US economy. The trade deficit is also severe. The global depression and debt-servicing burden can make India the worst economy in the world in 2009 in spite of crash in the oil prices.

Among the 13 sectoral indices, realty fell the most (82.13 per cent), followed by metals (73.95 per cent), consumer durables (72.49 per cent) and capital goods (65.02 per cent).

India’s massive problem lies in uncontrolled borrowing as a percentage of annual income by the Indian native citizens. The real estate cannot see bottom at this moment. People are literally bankrupt.

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