New Delhi, Feb. 27 -- With just a day shy of the month close, Indian equity markets will have fallen for five months on the trot by February end, an occurrence last seen 29 years ago. The current fall has been fuelled by relentless foreign portfolio outflows of Rs.2.8 trillion from the cash market and their negative stance on the index derivatives segment.

From September-end to 27 February, the Nifty fell 12.65% to 22,545.05. A deeper correction of 26% happened over five months in 1996-from end June through November, when the index tanked 26% through 830.32, owing to tight liquidity, high interest rates and poor corporate earnings.

The current period, too, has been marred by falling market volumes and tepid corporate earnings though int...