Sensex, Nifty Post Second-Worst Half-Yearly Performance Since 2008
The Sensex and the Nifty 50 have dropped close to 9% between Jan. 1 and June 30, 2022.
India’s equity benchmarks have reported their second-worst drop in 14 years in the first six months of 2022 as volatility spiked on account of the ongoing geopolitical unrest, interest rate hikes to quell inflation, crude surge and foreign selloff.
The Sensex and the Nifty 50 have dropped close to 9% each between Jan. 1 and June 30, 2022, according to Bloomberg data. That’s the worst after a 15% slump seen in the corresponding period in 2020 when the Covid-19 pandemic roiled the global equity market.
The period between March 31 and June 30, 2022 was the worst for the indices in nine quarters since 2020, and second-worst in more than a decade.
The IT sector saw the biggest decline in the first half of this year. Only Auto and FMCG gained during the period.
Of the Nifty 50 constituents, only 13 gained in the first six months of 2022. Mahindra & Mahindra Ltd. rose the most during the period, followed by Coal India Ltd. and ITC Ltd.
Tech Mahindra Ltd. and Wipro Ltd. dropped the most, losing over 40% in 2022 so far.