Stock market today, April 2 -- Indian retail investors, the key force behind the unprecedented surge in the Indian stock market over the last five years, appear to be losing their enthusiasm as conditions in the world's fifth-largest stock market took a turn for the worse.

The confidence that once fueled investments in the Indian stock market as a gateway to India's growth story is now beginning to waver, with analysts suggesting that investors are turning into sellers after being persistent buyers for an extended period.

According to the domestic brokerage firm Kotak Institutional Equities, retail investors have started turning sellers on a direct basis in recent weeks, while still buying through the mutual fund route.

"Our analysis o...