Share Market Today: Major stock indices BSE Sensex and NSC Nifty are undergoing a massive decline after reaching record highs this year. Nifty has fallen more than 10 percent from its record high in September amid the withdrawal of foreign investors, weak second-quarter results,, and increased valuation. BSE Sensex reached its record high of 85,978.25 on September 27 this year. Nifty also touched an all-time high of 26,277.35 on the same day.

Where did the Sensex reach?

However, since October, the markets have been in a downtrend. The Sensex is down 8,397.94 points or 9.76 percent from its all-time high. The Nifty is also down 2,744.65 points or 10.44 percent from its record high. Santosh Meena, Head of Research, at Swastika Investment Ltd, said, "High valuations had already raised concerns, but the stimulus package in China diverted the flow of foreign institutional investors (FIIs) from India to China. The weak results of the second quarter further fuelled this exodus.

Expectations not fulfilled

Besides, rise in US bond yields and dollar index further added to the pressure, leading to FII outflows.'' The foreign investors withdrew Rthe s 94,000 crores from Indian stock markets in October.

Meena said the biggest disappointment in the quarter came from FMCG stocks, where expectations of strong earnings were not met.