After the big sell-off on Tuesday, the Nifty has slipped into the red for the year. The broader 50-share NSE index ended at 10,817.60 yesterday, down 186 points, or 1.69 percent.

The 30-share benchmark Sensex settled 642 points lower at 36,481. So far this year, the BSE index has surged 1.14 percent, adding 413 points.

Compared to developed markets, India is underperforming.

While the developed markets are up between 15 and 20 percent, emerging markets (EMs) like Shanghai market and the Brazilian index have, too, done quite well. India trades at a premium to other emerging markets and despite that, it is underperforming.

What has caused this pressure?

Some of the frontline indices have seen selling. Metals, autos as well as public sector undertaking (PSU) banking stocks have been hit but the real pain has been in the broader market as the midcap and smallcaps are down between 12 and 14 percent.

From the Nifty pack, Yes Bank has been a big underperformer. Indiabulls Housing Finance, Mahindra and Mahindra (M&M) have, too, taken a sharp knock this year.

Titan, however, has done quite well this year, while Bajaj Finance has been one of the biggest gainers on the Nifty.