The benchmark Nifty ended August with negative returns of 0.9 per cent, taking the three-month market correction (between June and August) to 7.5 per cent.
Selling by FIIs after the announcement of the tax surcharge, combined with global headwinds, triggered a heavy sell-off, causing the broader indices to be the worst-hit. Between June and August, the Nifty Midcap ended 13 per cent lower while the Smallcap was down 18 per cent.
However, on Friday, the Nifty ended 0.7 per cent higher in anticipation of additional policy measures by Finance Minister Nirmala Sitharaman to give fillip to the economy. Market experts