New Delhi, Jan. 26 -- The cracks in the stock market are getting bigger and wider. Stocks, sectors, strategies, and themes that have had a dream run post the covid-19 pandemic are in the grips of selling pressure. The pressure has extended to initial public offerings (IPOs) as well, and is likely to travel further.

As of 24 January, all the 64 share indices of the Bombay Stock Exchange (BSE)-spanning sectors, capitalisation and themes-were trading below their highest value for the past year. The question is by how much.

The bellwether BSE Sensex was down 11.4% over its 1-year high. As many as 53 indices fell by a greater amount, including the BSE IPO, the key index to measure IPO returns. But excluded from this set was the BSE SME IPO, ...