Once, we were decoupled. Now, we are clearly not.
Once, we had the India growth story to fall back on. Now, that is showing signs of wear and tear.
Once, we were searching for the Budget, or anything, to stem the market's fall. Now, fresh limits are being tested on a daily basis.
So here it is: all bets are off. Two months after the Indian stockmarket began its dramatic downward slide, it continues to remain volatile and vulnerable. In the past couple of weeks, the Sensex has shed 7.92 per cent, making it a staggering 27.58 per cent fall since the peak of 21206 on January 10. The scene in the mid-cap and small-cap space is far worse. With no light at the end of the tunnel, the mood has become sombre. Call it the election year effect or the glimmer of a slowdown, but it must now be asked: Are we entering a prolonged bear market?