Investors wary of taking long-term positions to avoid large losses
Median P/E multiple of top 100 companies by market value is nearly 30 times their trailing 12-month earnings
Of the 19 sectoral indices of the BSE, 16 ended with losses, with metal and realty indices declining the most
The total disclosed value of five key investors' portfolios was Rs 12,694 crore
The Sensex ended 504 points, or 1.3 per cent, lower at 38,594, while the Nifty declined 148 points, or 1.3 per cent, to close at 11,440
Market observers also attribute the underperformance of value and contra funds to the polarised market conditions
Most global markets, too, were down as investors digested the likelihood of more Federal Reserve interest-rate increases stretching into next year
Stock prices have been under pressure due to a global rout and the Rs 114 billion fraud in the Indian banking sector
Sensex, Nifty about 5% shy of all-time highs
The S&P Indices Versus Active Funds scorecard, which tracks performance of actively managed mutual funds against their benchmarks, showed majority of large-cap equity funds lagged BSE 100 Index over the same period