Nifty down 10% from peak, Sensex weaker by 8,000 points in less than 2 months. Bear market next?
Dalal Street as Nifty is now 10% from its 52-week high of 26,277 while Sensex has lost over 8,000 points from its peak.
While the headline indices will be treated in bear grip if they fall below 20% from the peak, retail investor portfolios are already reflecting signs of a bear market as more than 900 stocks above Rs 1,000 crore market capitalisation are down at least 20% from their 52-week high levels.
It was just less than 2 months ago on 27 September when the Sensex scaled its last 52-week-high of 85,978. By falling over 700 points during the day, Sensex fell below the 78,000-mark while Nifty fell to 23,632.
This is the first significant correction in the market in terms of both time and price since March 2023, said Santosh Meena, Head of Research, Swastika Investmart.
Despite domestic institutional investors retaining faith on the India story, foreign institutional investors (FIIs) have been incessantly pulling out money from Indian stocks as China looks relatively better amid lower valuations and stimulus measures.
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