The bottom is nowhere in sight!
October 17th, 2008
The market sentiment has been so badly shattered that no news is enough to soothe frayed nerves of investors. Money is gradually moving out to safer havens like fixed deposits. The more the market falls, more nervousness creeps in. Buyers are shy to step in as they see steady erosion in their portfolio value. Redemptions are staring in the face of mutual funds. Foreign investors have pulled out large chunks of money to cut their losses. God only knows what they have lost!
Markets today touched new lows. Valuations, experts say, are compelling but a meaninful rally still proves elusive. Patience, I suppose, is what is required. But no one know what the waiting period is going to be.
