Sensex & Nifty’s resilience masks steeper selloff in broader market

The 7% decline in Sensex and Nifty since September-end 2024—the start of the bull market reversal in Indian equities—masks a far sharper selloff beneath the surface.

According to an ETIG study, 735 of the top 1,000 NSE-listed stocks have fallen during this period, while only 265 have remained in the green.

Among the stocks that declined, nearly 70% or 517 companies, have dropped more than 20%, with about 55%, or 408 stocks, falling between 20% and 50%. Nifty Smallcap index has fallen 18%, while Nifty Microcap 250 has dropped nearly 23% since September 30, 2024, underscoring deeper risk aversion in the lower tiers of the market.