Sensex on track to fall below 3,000 this year
Babu Ghanta
Jan. 23, 2009

Sensex fell again. It finally ended with a loss of 139 points at 8,674. In the process, the index ended the week with a significant loss of 650 points.

Most of the major industries confirm major long term bear market. The Bankex dropped over 4% to 4,485, and the Metal index shed 3.3% at 4.427.The market breadth was fairly negative - out of 2,503 stocks traded, 1,609 declined, 795 advanced, and 99 were unchanged today.

Sensex is expected to fall below 3,00 by end of this year and below 2,000 by end of 2012. Foreign Institutional Investors have started liquidating their residual equities in Indian markets. American and European investors are running for cover as their own financial meltdowns force them to liquidate all of their assets and become bankrupt.

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