Nifty stocks lose ₹31 trillion as 18 of 50 trade 20% below highs

Eighteen of the 50 Nifty stocks are trading over 20% below their 52-week highs, erasing ₹31.35 trillion in market capitalisation. The Nifty 50 index itself stands at 23,140.5, down from its high of 26,373.2. Infosys fell the most at 42.1%, followed by Wipro (39.9%), TCS (37.9%), and ITC (36.9%). Heavyweights like Reliance Industries lost ₹4.76 lakh crore in market value, while HDFC Bank and SBI also saw significant declines. Analysts attribute the correction to profit-booking, high global yields, elevated crude prices, and sector-specific issues. Experts note that IT stocks face AI disruption concerns, while banking stocks grapple with regulatory overhang and FII outflows. However, analysts say these firms retain strong fundamentals, with recovery likely once global yields stabilise, crude cools, and foreign inflows turn positive.