Nearly 60% of Nifty 50 stocks are down this month; 8 stocks dipped more than 10%

livemint.com:

₹28,000 crore from Indian markets in the last five sessions. The catalysts for this selling spree include the surge in US bond yields, concerns over geopolitical tensions in the Red Sea, and the prevailing trend of weak corporate earnings in Q3 so far, prompting FPIs to book profits. Also Read: How does Indian market stack up against Asian peers when it comes to recent correction? Against this backdrop, the Nifty 50 has seen a 2.27% erosion in value so far this month.

From its all-time high of ₹22,115 points, the index has witnessed a 4% decline. Notably, the index experienced a drop exceeding 1% on two occasions in January. In the most recent trading session (Tuesday), it slipped below the 21,200 level in intraday trade, hitting the calendar year 2024 low of 21,192 points.

It is worth noting that the Nifty 50 witnessed a remarkable surge of 7.94% in December 2023, marking its most significant December gain since 2003. Before this, in November, the index recorded a gain of 5.52%. This robust rally propelled the index to conclude the calendar year 2023 with an overall gain of 20%, positioning Indian stocks as relatively more expensive on a global scale.

Also Read: Stretched valuations could weigh on Indian stock market returns in 2024, cautions CLSA In the second week of the current month, foreign brokerage firm CLSA stated that India has now become the most expensive large market in the world, which may weigh on returns this year (2024). Currently, 28 out of the 50 stocks in the Nifty 50, accounting for 56%, have yielded negative returns in the current month so far. Among these eight stocks lost more than 10% of their value.