By Himani Gandhi
With
Sensex been busy hitting new heights, expectations of rising markets increases.
Is this true in the present scenario? Not completely! Since 16 May, when S&P
BSE All-cap index peaked, nearly three-fourths of all stocks traded on BSE have
fallen in value, and about half of all the stocks have fallen by over 5%. The
only category of stocks that has risen during this period is the one with
extremely high market capitalization. On the same note, flows from foreign
portfolio investors have amounted to more than $850 million in past two weeks
and mutual fund flows remain strong. The top category companies (leaving behind
some outlines like ITC Ltd, Tata Consultancy Services Ltd, HDFC Bank Ltd and
Hindustan Unilever Ltd) there is a decline of over 1% in the remaining. Most
other large sectors such as energy, pharmaceuticals, metals and mining have
also seen a correction.
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