The BSE Sensex fell over 500 points on Monday and breached the psychological 29,000 levels tracking weakness across global stocks. In point terms, today's fall is the single biggest since January 6, when the Sensex had crashed 850 points.
There may be all round negativity but the stock story led by Nifty has something positive to offer at the end of six months this calendar. Nifty, the broader stock market index, has grown about 15 percent during January to June 2012 period.
The depressed sentiments and low expectations will pave way for optimism on any signs of turnaround in the economic situation. I believe that the “survival instinct” would play out among all the stakeholders of the economy, which could help bring it back on track.
Markets continued to go on a losing spree with benchmark indices in India falling further by 2.6 percent. As if the axing of the US rating was not enough, talks of a France credit rating downgrade lingered, chopping around 4 percent from global indices in a single day during the week.
Sensex on Wednesday tanked over 268 points to trade below the 17,000- points level in opening trade in line with the meltdown in overseas markets on concerns that Greece`s debt crisis could spread to other countries.