The Indian stock market experienced a challenging year with the Nifty 50 declining 9.64% over the past year, as reported by NDTV Profit. The sell-off was broad-based, with 27 constituents of the Nifty 50 ending the period in the red. Information technology, consumer goods, banking and financial services stocks faced significant pressure, while select capital market, financial and industrial stocks delivered strong gains despite the broader market weakness. The market correction has unfolded against a challenging global backdrop, with elevated crude oil prices amid the US-Iran conflict, a weaker rupee, rising global bond yields and sustained foreign portfolio investor (FPI) selling weighing on Indian equities.
According to NDTV Profit data, ITC led the declines, falling 40.87%, followed by Infosys, which dropped 36.14%. Jio Financial Services declined 34.87%, while TCS fell 34.39%. Tata Motors Passenger Vehicles lost 31.81%, HDFC Life Insurance dropped 31%, and Maruti Suzuki declined 30%. Hindustan Unilever (HUL) and HDFC Bank also witnessed steep corrections, falling 29.6% and 28.89%, respectively. The weakness extended to several other heavyweight stocks, with Max Healthcare Institute declining 23.39%, Mahindra & Mahindra falling 21.83%, and Reliance Industries losing 16.15%. Cipla, Bajaj Finserv and HCL Technologies also recorded declines of more than 14% during the period.
Despite the broader market weakness, several stocks bucked the trend and delivered substantial gains. BSE emerged as the top performer, surging 48.6% between Navratri 2025 and Navratri 2026, as reported by NDTV Profit. Shriram Finance followed closely, rising 45.96%. Titan gained 26.91%, while Adani Ports and Special Economic Zone advanced 25.58%. Hindalco Industries rose 23.5%, making it another standout performer amid the market correction. Banking and financial stocks also offered pockets of resilience, with State Bank of India (SBI) gaining 13.51%, Axis Bank rising 13.44%, and Kotak Mahindra Bank advancing 10.63%. Nestle India and Bajaj Auto also recorded gains of more than 10%, rising 13.25% and 11.57%, respectively. Adani Enterprises gained 11.37%, while Sun Pharmaceutical Industries, Coal India and JSW Steel also ended the period higher.
The market correction has unfolded against a challenging global backdrop, with foreign portfolio investors (FPIs) selling Indian stocks worth ₹3.1 lakh crore in 2026, nearly double the ₹1.66 lakh crore sold in all of 2025, according to NDTV Profit. The selling pace has intensified since mid-year, with foreign investors being net sellers of ₹51,119 crore in July and August combined, followed by ₹35,861 crore in September and ₹45,416 crore in October so far. On Tuesday alone, foreign investors were net sellers of ₹1,305.13 crore, marking their 13th consecutive session of selling. The sustained outflows have added pressure to the market, even as domestic institutional investors (DIIs) have continued to provide support through domestic institutional buying.
Despite aggressive foreign selling, three sectors have demonstrated remarkable resilience and outperformed the broader market significantly. Nifty Pharma emerged as the top performer, gaining 18.31% over the past year, followed by Nifty India Defence which rose 15.91% and Nifty Healthcare which advanced 8.02%. In contrast, the Nifty 50 declined 9.64% during the same period. The performance gap has been consistent across shorter timeframes as well, with Nifty Pharma down only 0.43% over the past month compared to the Nifty 50's 3.27% decline. Nifty India Defence gained 1.16% monthly while Nifty Healthcare fell 2.69%. However, all three sectors have retreated from their peaks, trading 4% to 8% below their 52-week highs, though they have lost less than the broader market.
