After marching with intent and purpose for seven weeks in a row to notch up gains that were not just surprising but also big enough to attract the notice of most wealth managers and making them say it was the end of the bear crunch, suddenly the markets have reacted against the prevalent sentiment across the globe and gone into a tailspin.
Reflecting this situation, the Bombay Stock Exchange sensitivity index, Sensex lost 3.5 per cent on Tuesday, falling 370.10 points to 11,001.75 points.
While the index was able to retain its head above the psychologically important border of 11,000 points, yet it came perilously close to breaching it.
The seven week rally had made the Sensex jump by as much as 36 per cent, but that was mostly due to the enormous buying interest shown by the FIIs.
Analysts are saying that after the extended rally, markets were due for a correction, but this one has caught them by surprise, although most were blaming the fall on profit-booking.
Globally though, the investing community seems to have had its sentiment affected by the flu pandemic that has hit Mexico and the US and quickly spread to New Zealand. How much toll it has extracted on markets, if any, is still too early to say, but the media in the US in particular is agog about the permutations and combinations that it will throw up.