The Indian equity market has been highly volatile since November 2021 due to selling pressure from foreign portfolio investors. After a sharp rally, the markets across the globe started tumbling when the US central bank, the Federal Reserve, indicated in December 2021 that it would start withdrawing measures it had extended during the pandemic. The volatility intensified after the Fed announced the first hike in the benchmark interest rate by 0.25 per cent in March 2022. Russia’s invasion of Ukraine around the same time added fuel to the fire and the global markets reacted sharply, leading to an unprecedented price volatility. The Indian markets followed suit. With such vulnerability witnessed in the past one year, we dissected the two major indices in the Indian market—NSE Nifty 50 and S&P BSE Sensex—to see which sectors and stocks are pulling them up or down. The Index Before we delve deeper into the numbers, let us understand the composition of the Nifty and Sensex. The Nifty index represents about 66.8 per cent of the free float market capitalisation of the...