Ashwini Agarwal, Founder and Partner at Demeter Advisors, said investors appear nervous this results season, with even in-line earnings triggering sell-offs. CIting Bajaj Finance’s recent decline, he pointed to a broader trend of market anxiety.

“There have been several stocks where earnings have either narrowly missed estimates or have been in line with estimates, and the stocks have been sold off,” Agarwal said. He added that this reaction is more visible in the mid- and small-cap space, where some stocks have fallen 15–20% despite reasonable results.

Explaining the reasons, Agarwal said, “We are not seeing any significant support from foreign investors. The amount of paper flow continues to be very high. New listings are not providing the kind of leg-up that investors are hoping for.”

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