INDIA's equity market benchmarks, the BSE Sensex and NSE Nifty50, have dropped approximately 8% from their all-time highs in just a month, sparking panic among millions of investors unaccustomed to such a sharp correction. The downturn isn't limited to the main indices. Over the past month, small- and mid-cap indices have also plunged by more than 8% due to concerns over high valuations, with individual stocks in these segments falling by 20-30%.
Data shows that the market capitalization of all BSE-listed firms has declined from around ₹479 lakh crore to ₹438 lakh crore as of Friday's close, wiping out ₹41 lakh crore in investor wealth in one month.
Varun Kumar, a 35-year-old lawyer from Gurugram, has invested ₹30 lakh in defence, shipbuilding, and PSU stocks three months ago, because they were hitting new highs and experts were bullish. "Now my portfolio is down nearly 30%, and I'm thinking of cutting my losses and exiting the market," he said. Shruti Sharma, a 26-year-old IT professional from Bengaluru, is also concerned as she invested heavily in mid-cap and small-cap schemes. "My portfolio has been declining for weeks, and I am now considering selling and moving to lower-risk assets," she said.
Bu hikaye The Morning Standard dergisinin October 28, 2024 sayısından alınmıştır.
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Bu hikaye The Morning Standard dergisinin October 28, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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