Major benchmark indices seem ambivalent about the impact of the new Coronavirus variant Omicron on the economic growth, evident from the sell-offs and buying bouts alternating over the past few days. Meanwhile, individual stocks seem to be humming a bearish tone. Close to 44 percent constituents of the key benchmark index NSE 500 are already trading 20 percent lower than their respective 52-week high, a study by Moneycontrol showed.
A 20 percent correction in stock prices is considered the threshold for a bear market, according to the conventional definition. Baring two companies – Trident and Tata Teleservices (Maharashtra) that were trading at the 52-week high level - all stocks in the NSE500 index were trading lower than their annual peaks at the close of market on November 29.
The interactive chart below will help you deep dive into how bears have gripped stocks, sector-by-sector and company-by-company.
“Markets are a bit jittery in the face of high valuations and flow of negative newsflow”, suggested Deepak Jasani, Head of Retail Research, HDFC Securities.