The great market non-crash

While people fret about the fall in stock prices, the reality seems strangely disconnected when viewed at a slight distance from immediate events. In early 2011, when the quarterly economic growth rates began sliding from 9.2 per cent to eight per cent and then lower, the Sensex was at 20,500. Today, more than two-and-a-half years later, the quarterly growth rate has averaged a miserable 4.6 per cent for the last three quarters. But the Sensex is at 19,270 - barely six per cent lower than what it was at the start of 2011.

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