The benchmark index Nifty 50 touched its 52-week high levels of around 18,604 on the 19th of October 2021 and is currently down by around 13%-14% to the levels of 16,420. The foreign markets are currently in the bear grip, while Indian markets are slightly away from entering the bear phase. So, in this article, we will be discussing what are the learnings an investor should learn from the Bear Markets that the Indian Stock market has witnessed in the past.
What is Bear Market?
A bear market is a situation when the stock market experiences price declines over some time, when an index is down by more than 20% then it is called a bear phase.
4 Bear Market Cases:
- May 2006 to June 2006- In this Nifty was down by almost 30%. FII has made disinvestment of Rs. 6, 828 crore rupees and the domestic investor has invested Rs. 5,917 crore which means DIIs almost cover the gap.
- January 2008 to October 2008- Here, Nifty was down by the highest percent, the difference between investment and disinvestment was Rs. 37,610 crores this was the reason that market was down by 60%. The gap wasn’t able to maintain by mutual fund investors.
- March 2015 to February 2016- The market was down by 23%, and FPIs has done the selling Rs. 27,979 crores whereas the investment made by mutual funds investors was Rs. 80,284 crores. It was a golden time for the mutual fund as SIP as an investment option started becoming popular from that phase.
- January 2020 to March 2020- We can also say Jan 2020 as within one month the market was down by 38%. The gap between buying and selling was not huge but in the month of march both FPIs and mutual funds have done the selling, this is the reason a crash has been seen in the market.
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)
- The current phase is not a bear phase the nifty is not down by more than 20%. Nifty is only down by 13-15% till now from Oct 2021. The total outflow by FPIs close to Rs. 2,04,256 crores and inflows by mutual funds till April 2022 is about Rs. 1,40,762. The outflow made by FPIs is huge but the markets are still looking rocksteady. The favorite index NASDAQ is also down by almost 30%.
Learnings:
- Even though the huge disinvestment made by the FPIs, the market is not in the bear phase which means, the market is still strong.
- All four phases were the glorious phase of investment, that is why systematic investment shouldn’t be stooped.
What should the investor do?
Discipline in investing is very important, an investor should follow their investment plans and not get distracted by the ups and downs of the market. Before investing always do a deep analysis of the stock and make a strategic investment.
Disclaimer: The information here is provided for reference purposes only and should not be misconstrued as investment advice. Under no circumstances does this information represent are commendation to buy or sell stocks or MF.
Originally Published On:https://blog.investyadnya.in/what-are-the-lessons-investors-should-learn-from-bear-markets%ef%bf%bc/