The Nifty has erased all the gains made in 2018 and is currently trading 2 per cent down on a year-to-date basis. At one point, the index of 50 bluechip stocks had gained nearly 12 per cent.
In the past three sessions, Nifty 50 has declined 6.3 per cent. Slide in the rupee, surging oil prices, and rising bond yields have triggered the latest fall in the market. A sharp fall in index heavyweights such as Reliance Industries, Tata Consultancy Services, HDFC Bank and ITC have been a drag on the index. Despite the sharp correction, experts say, valuations have not reached attractive territory.