A deep, across-the-board selloff, which the Indian stock market has been witnessing since October last year, has sent over 450 stocks in the Nifty 500 index into negative territory. However, 10 stocks of the index have defied this excruciating pressure and risen valiantly by over 10 per cent during this period.
According to Capitalmarket data, shares of Redington jumped 21 per cent since October to February period, followed by those of Amber Enterprises India (up nearly 17 per cent) and Narayana Hrudayalaya (up nearly 15 per cent).
Additionally, shares of Laurus Labs (up nearly 14 per cent), SRF (12 per cent), Global Health (12 per cent), Bajaj Finance (11 per cent), and Firstsource Solutions (11 per cent) have posted solid gains. Bajaj Holdings and Avanti Feeds also rose slightly over 10 per cent, defying the market turmoil.
Indian stock market: A steep fall
Heavy foreign capital outflows, weak earnings, signs of an economic slowdown, and elevated US dollar and bond yields have been the primary drivers of the sharp selloff in the Indian market over the past five months. Experts point out that in the cash segment, FPIs have sold off Indian equities worth nearly ₹3.24 lakh crore since October.
Concerns over a potential major trade war due to US President Donald Trump’s tariff policies have also weighed on market sentiment.
Nifty 50 has suffered the fifth straight monthly loss in February, which is its longest monthly losing streak since 1996. This downturn has pushed the Nifty 500 index down by 18 per cent and the benchmark Nifty 50 by over 14 per cent.
Over 400 stocks in the Nifty 500 index have plunged more than 10 per cent since October. Stocks such as Whirlpool India, Adani Green, Sterling and Wilson, Kirloskar Oil, Honasa Consumer, Chennai Petroleum Corporation and Tanla Platforms have plunged over 50 per cent in that period.
Experts expect the market to stabilise after the March quarter earnings show signs of recovery.
Meanwhile, the Indian economy has started showing signs of improvement. Indian economy grew by 6.2 per cent in December quarter (Q3) against 5.6 per cent in Q2.
Experts say that with valuation comfort, earnings recovery, and economic growth picking momentum, foreign institutional investors (FIIs) will also start buying fresh in the Indian stock market.
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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
