11 of 17 Nifty sector indices in correction mode
Business Standard|November 13, 2024
As many as 11 of 17 frontline Nifty sector indices are in 'correction' mode with energy, auto and central public sector enterprises (CPSE), consumption, and fast-moving consumer goods (FMCG) suffering the most in the recent market fall, according to data.
PUNEET WADHWA
11 of 17 Nifty sector indices in correction mode

An index or a stock is said to be in the 'correction' phase when it dips more than 10 per cent and up to 20 per cent from its peak. A fall of 20 per cent or more is termed as a 'bear' phase.

The Nifty Media (down over 47 per cent) is the only sectoral index to slip into 'bear' phase with a fall of more than 20 per cent from the all-time high it hit in January 2018. The Nifty Realty index is also veering close to the bear territory with a fall of nearly 17 per cent from its peak levels hit in May 2008.

Nifty Pharma, Services Sector, Financial Services, Bank and IT indices have lost between 2 per cent and 7 per cent from their recent all-time highs.

Nifty 50, Nifty 500, Nifty Midcap 100 and Nifty Smallcap 100 are on the verge of slipping into correction mode, losing more than 8 per cent from their peak levels in September 2024.

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