Markets have seen sharp declines over the past month amid geopolitical tensions, with indices falling 9–13% and Bank Nifty down 16%. Market breadth has been extremely weak, with most stocks across Nifty, midcaps and smallcaps in the red. Despite the broad sell-off, select stocks in power and pharma have outperformed, supported by defensive demand and structural themes, with gains of up to 21% in some names.
