Real estate and stocks in India making serious bear moves – Sensex down another 434 points
Babu Ghanta
Aug. 21, 2008

The stock market is down again. But the real bear punch is coming from extremely overvalued Indian real estate market.

After opening 31 points lower at 14,647, the Sensex drifted lower as the day progressed. Financial and realty stocks bore the brunt of the selling today. The index tumbled to a low of 14,202 at the fag end of the day.

The Sensex finally ended with a significant loss of 434 points at 14,244.

The BSE Bankex and the relay index plunged over 5% each to 6,578 (down 358 points) and 4,945 (down 263 points), respectively.

The market breadth was fairly negative with nearly five declining stocks for every two advancing shares - out of 2,713 stocks traded, 1,915 declined and 733 advanced today.

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