Indian Real estate and stock market face stubborn bears – Sensex down 406 points, BSE Realty index slumped 8% (447 points)
Babu Ghanta
Aug. 14, 2008

Indian stock market and the real estate market are showing signs of tiredness. Both face stubborn bear markets never seen before since the Chinese war in 1962.

The Sensex opened 75 points lower at 15,018. The index could barely touch a high of 15,033, before slipping deeper into red.

Unabated selling in realty, financial and capital goods stocks saw the index slide to a low of 14,687 - down 406 points from the previous close. The Sensex finally ended with a loss of 369 points at 14,724.

The BSE Realty index slumped 8% (447 points) to 5,164. The Bankex tanked 5% (368 points) to 6,903, and the Capital Goods index shed 3.7% (468 points) at 12,139.

The market breadth was significantly negative - out of 2,730 stocks traded, 1,849 declined, 812 advanced and 69 were unchanged today.

The NSE Nifty dropped 98 points to 4,431.

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