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Indian auto sector slumps into depression – there is no credit based buying power left – Sensex now heads towards 5,000
Babu Ghanta
Dec. 24, 2008
Maruti Suzuki, the country's largest carmaker, today said it is opting for a production cut since the market is in deep slump.
Tata Motors plunged 8.7% to Rs 160. TCS slumped 4.8% to Rs 478. Wipro declined 4.3% to Rs 232.
Mahindra & Mahindra slipped over 4% at Rs 278.
The Sensex finally ended with a loss of 118 points at 9,569.
The market breadth was fairly negative - out of 2,509 stocks traded, 1,505 declined, 911 advanced and the 93 were unchanged today.
The NSE Nifty settled with a loss of 52 points at 2,917.
Indian economy is in trouble from excessive debt burden of the government and the common people. There is not much buying power left. The credit limits do not allow further expansion of the economy. Indian bubble has finally exploded. The implosion can cause a severe depression the next several years and perhaps decades.
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