Nifty down for five months in a row, a first in 29 years

With just a day shy of the month close, Indian equity markets will have fallen for five months on the trot by February end, an occurrence last seen 29 years ago. A deeper correction of 26% happened over five months in 1996—from end June through November, when the index tanked 26% through 830.32, owing to tight liquidity, high interest rates and poor corporate earnings. Thursday also saw the culmination of the February series of derivatives, which has seen the Nifty futures contract fall for four straight series by 7.2%—a series ends on the last Thursday each month. The index derivative had fallen for four straight series five years ago through March 2020, which marked the outbreak of covid, and saw it tumble a whopping 30%.