11 of 17 Nifty sector indices in correction mode

As many as 11 of 17 frontline Nifty sector indices are in 'correction' mode with energy, auto and central public sector enterprises (CPSE), consumption, and fast-moving consumer goods (FMCG) suffering the most in the recent market fall, according to data.

- PUNEET WADHWA

An index or a stock is said to be in the 'correction' phase when it dips more than 10 per cent and up to 20 per cent from its peak. A fall of 20 per cent or more is termed as a 'bear' phase.

The Nifty Media (down over 47 per cent) is the only sectoral index to slip into 'bear' phase with a fall of more than 20 per cent from the all-time high it hit in January 2018. The Nifty Realty index is also veering close to the bear territory with a fall of nearly 17 per cent from its peak levels hit in May 2008.

Nifty Pharma, Services Sector, Financial Services, Bank and IT indices have lost between 2 per cent and 7 per cent from their recent all-time highs.

Nifty 50, Nifty 500, Nifty Midcap 100 and Nifty Smallcap 100 are on the verge of slipping into correction mode, losing more than 8 per cent from their peak levels in September 2024.