The Nifty made a two year low recently as it hit 4706, and closed the week at 4710. The Nifty has lost over 11% in November till date.
(click for a larger picture)
The market has retreated over 25% from the highs, and we’re in a definitive bear zone. P/E too is at 17+, which is not expensive, but not so cheap you should rush to buy. Technically, with another tiny break at 4,400 the market seems headed towards the 4000 zone.
Sector moves:
The 2011 moves till date look horrendous, with only FMCG holding fort:
