Sensex ends at 12904 – down more than 10% in three days headed for 3,000
Sushma Goshwamy
Jul. 1, 2008

Indian stock market is in its worst bear market ever. The hyperinflation in oil and food is taking its toll. Political uncertainty and an exodus of American and European money through large financial institutions is the main contributor to the whole bear game.

The Mumbai index plunged below the 13,000-mark to a low of 12,904. The Sensex finally ended with a loss of 558 points at 12,904.

The index has lost more than 10% in the last three days. The selling is accelerating every day. According to analytic models, the fair value of Sensex at this stage with inflation expectation, lower productivity, fiscal mismanagement of Ministry of Finance, is below 3,000 levels.

The market breadth was extremely negative - out of 2,724 stocks traded, 2,268 declined and 409 advanced today.

The NSE Nifty dropped 144 points to end below the 4,000-mark at 3,897.

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