Mumbai: When bears take over the markets, nothing escapes their radar.
The current market meltdown has hit all stocks alike, regardless of valuations or how little or how greatly they have risen in recent months. The worst hit sectors have been real estate, metals, oil and gas, and power. BSE Realty and Metal indices have lost more than 38% since 10 January, when the benchmark index hit its all-time high. In the six preceding months, they had risen 87.54% and 80.47%. The metal sector is under duress because it has been one of the better performing sectors in recent months and there is an expectation that prices may fall in 2008 as demand goes down due to a fears of a global economic slowdown. “Steep fall in sectors such as real estate, metals and power has to be viewed in the context of the sell-off in the overall market,” said Nitin Khandkar, vice-president (research), Keynote Capital Ltd. “Some of these sectors had seen a phenomenal run-up in the last few weeks, and are now seeing a steep correction too.”
Among the indices that have been hurt, BSE Health Care and FMCG are at the bottom of the list, having fallen the least. Health Care has lost 24.51% and FMCG is down 24.08%