The Nifty index fell 11 per cent during the period, with a majority of its constituents ending in negative territory despite continued support from domestic institutional investors (DIIs) and resilient economic growth.

Market participants attributed the weakness primarily to external factors, including heightened geopolitical tensions, elevated oil prices driven by the US-Iran conflict, a weakening rupee, rising global bond yields and persistent foreign portfolio investor (FPI) selling.

Foreign investors have sold Indian equities worth Rs 3.04 lakh crore so far in 2026, following net outflows of Rs 1.66 lakh crore in 2025, adding pressure on market sentiment.

Data showed that 31 stocks in the Nifty index delivered negative returns during the period. ITC, Tata Motors PV, Infosys, Jio Financial Services and Tata Consultancy Services were among the worst performers, with each declining more than 30 per cent.

Other major laggards included HDFC Life Insurance, Maruti Suzuki, HDFC Bank, Hindustan Unilever, Max Healthcare and Mahindra & Mahindra, which fell between 22 per cent and 29 per cent. Overall, around 20 Nifty constituents declined by more than 12 per cent during the year.

However, a handful of stocks bucked the broader market trend. Shriram Finance emerged as the top performer, surging nearly 49 per cent between the two Navratri periods. 

Titan Company, Adani Ports and Hindalco Industries gained between 21 per cent and 27 per cent, while Nestle India, State Bank of India and Axis Bank advanced more than 10 per cent.

Analysts expect the market to remain range-bound in the near term as investors continue to monitor crude oil prices and global bond yields. While second-quarter corporate earnings are expected to remain healthy, experts believe macroeconomic concerns could limit any sustained market rally.