STOCK MARKET-Lost without Institutional Support

robust confidence at the beginning of the year with equity price indices touching altogether new highs or moving very close to their previous best marks. The prevailing mood is entirely different; it is one of despondency, bordering on a 'crisis of confidence'. In a matter of just six weeks the market suffered a nasty fall, retracing almost all the ground gained in as many months. Bears were in full command of the market after about the middle of January. And the fall in prices not only uncovered weak bull positions but also induced a fair amount of disinvestment selling.