Animal spirits flagging: Bears start Dalal Street march
With a 17.5 per cent fall from their March 2015 highs, markets have been closing in on the bear market territory lately.
MUMBAI: India's benchmark indices - Sensex and Nifty - have, at Thursday's closing levels, corrected about 17.5% from their March 2015 highs, putting them precipitously close to entering what in market parlance is called a "bear market territory". The general definition for bear market is coined around benchmark indices dropping 20% from its highs.
The Nifty closed 25.60 points down at 7,536.80 on Thursday, while the Sensex was 0.33% lower at 24,772.97. Analysts say 7,200 is a crucial support level for the Nifty and any decisive breach is unlikely in the near-term. But global headwinds, notably the steadily worsening slowdown in China's economy, which has got people talking of a hard landing for the second-largest economy, and the failure of the US economy to pick up steam, could bring it to 7,000 levels.
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GIFT Nifty signals muted start for Dalal Street amid cautious trade
