Amid concerns of weakening global growth, mixed enthusiasm from foreign investors, sector specific issues, and unsettled global events and trade
talks, 2018 turned out to be a roller-coaster ride. The Nifty attempted an ambitious run of almost 13% gain in the first five months of FY 2018,
and reached its all-time high in August 2018. But after that, the NBFC crisis and liquidity concerns in September 2018 took the rally south. The
sharp correction in the next two months was more than the gains accumulated over the previous five, leaving the market jammed for the rest of the
year. FIIs/FPIs liquidated a record amount from equity markets during that period. Midcap and Smallcap stocks were the most severely hit. But the
liquidity crisis was not the only culprit behind the sell-off. Rising crude oil prices and import burden, sharp weakening of the Rupee, and high valu-
ations also contributed to the heavy correction. As a result, top stocks in FY 2019 clocked significantly less gains on average than previous years.
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