Bahut se log market girne ka ilzaam tax policies par laga rahe hain, lekin asal wajah kuch aur hai. Data kehta hai ki stocks itne mehange ho gaye the ki correction aana zaruri tha.
P/E ka reality check
September 2024 mein jab market peak par tha, tab Nifty 50 ka P/E ratio 24 par chal raha tha. Kuch stocks toh 60 se lekar 200 ke P/E par trade kar rahe the. Itni mehange valuation par companies ko har quarter mein 'perfect' results dikhane padte hain. Zara sa bhi growth slowdown hua, toh stock price dharam se niche girta hai, kyunki margin for error khatam ho chuka hota hai.
High-growth stocks ka fall
Market ke purane favorites jaise Trent, Tata Consumer Products, aur Asian Paints mein 20% se 43% tak ki girawat dekhi gayi hai. Ye saaf dikhata hai ki market ne wahi stocks reset kiye hain jahan valuation growth se match nahi kar rahi thi. Ye panic tax ki wajah se nahi, balki overvaluation ki wajah se aaya natural adjustment hai.
FIIs kyun nikal rahe hain?
Foreign Institutional Investors (FIIs) ne pichle do saalo mein Indian market se kareeb ₹5.7 lakh crore nikaale hain. Log ise tax se jodte hain, par sach ye hai ki global interest rates aur stretched valuations ki wajah se FIIs ab safer options ki taraf move kar rahe hain.
Investor ki strategy kya honi chahiye?
Jab market sirf valuation ke dam par bhagta hai, toh management short-term metrics jaise dividend aur buyback par focus karti hai, na ki long-term innovation par. Nifty Smallcap 250 aur Midcap 150 jaise indices mein ye trend saaf dikhta hai. Ab waqt aa gaya hai ki tax policy ke peeche bhagne ke bajaye, sirf company ke operational efficiency aur earnings reports par nazar rakhein.