Foreign investors in July sold more than Rs 11,000 crore worth of shares after a denial to tweak surcharge on super-rich by the government
Nifty fell from its record high of 12,103 (on June 3) to psychological 11,000-mark on July 31 plunging 9 percent in a span of two months, dragged majorly by auto, banking & financials, energy, infra and metals stocks.
Proposal to increase the surcharge on super-rich was the main reason behind such a fall. A slowing economy, a slump in demand in certain sectors and geopolitical tensions didn't help the market sentiment either.
The broader market was also hit very hard, falling more than benchmark indices in the period. In the last two months, Nifty Midcap index plunged more than 13 percent and Smallcap index corrected 16 percent.
Over 300 Nifty500 stocks fell in double digits in the period. Top losers among them were Cox & Kings, Jet Airways, Sintex Plastics, Indiabulls Integrated Services, Reliance Capital, Jain Irrigation Systems, Reliance Power, Dewan Housing Finance Corporation, Reliance Infrastructure, PC Jeweller, Reliance Home Finance, Jaiprakash Associates, Vodafone Idea, etc. that tanked between 50-90 percent.
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