What kind of bear market is this?

Are the markets overreacting? On Friday, the Indian markets were locked in the lower circuit on opening and leading to a mandatory halt in trading for 45 minutes

The Sensex on February 13 hit a high of 41,709, and was set to cruise higher on the back of a continued inflow of foreign and domestic investment. Institutional investors, market commentators, and, of course, retail investors were apparently unworried. Economic growth hitting 2.5 per cent (yes, it would be 2.5 per cent in accordance with the old series even it is 4.5 per cent in accordance with the new) seems to be a non-issue. The political leadership, (market players continue to think it is visionary), is now focused on social engineering and not economic development; but that too appears