The NSE Nifty 50 Index, which hit a lifetime high on Jan. 29, has since fallen more than 7 percent, led by a steep decline in small- and mid-cap stocks.
The Nifty Midcap 100 and Smallcap 100 Indices declined 11.5 percent and 14.6 percent, respectively, during the period. Most stocks were overd and were trading at a significant premium to their long-term book s, Nilesh Shah, managing director, Kotak Mahindra Asset Management Company, told BloombergQuint.
Sector-Wise Performance
Information technology stocks largely weathered the storm, declining only 2.2 percent, while utilities led the laggards with a 12.3 percent fall, according to data compiled by BloombergQuint.
Large Caps
India’s largest lender State Bank of India fell the most at 15.6 percent, followed by other private sector peers.
Mid Caps
Punjab National Bank, hit by a Rs 12,700-crore fraud, lost more than 40 percent in its market. Vakrangee lost nearly two-thirds of its .
Small Caps
Smaller banks such as Union Bank of India and Allahabad Bank declined while food processing company Venky’s India Ltd. gained more 30 percent.
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