Nifty Next 50 in bear grip, stocks decline upto 58%
Nifty Next 50 index, comprising 50 stocks ranking just below the Nifty's 50, became the first benchmark index this year to enter bear territory, declining more than 20% from its 52-week highs. The index dropped 4.3% on Monday and is now down 21.09% from its yearly high on September 27.
In comparison, the benchmark Nifty is 12% below its peak level on September 27, while the Nifty Smallcap 100 and Nifty Midcap 100 indices are trading 14% below their highs.
When an index declines over 20% from a 52-week, it is considered to be in a bearish phase.
The Nifty Next 50 represents 50 companies from the Nifty 100, excluding those in the Nifty 50. Over the six months ending September 2024, its constituents accounted for about 15% of the NSE's total traded value.
Seven stocks from the index, including four Adani Group stocks, IRFC, BHEL, and Union Bank, have plunged 40-58% from their yearly highs. Another 17 stocks, such as NHPC, Indian Oil, DMart, and JSW Energy, have declined 30-40% in the same period.
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