Much of the brunt of the recent selloffs was borne by index stocks. CNBC-TV18 reports on where this leaves them from their recent highs and whether this is the time to do some bottom fishing.

The market has corrected 10% since the recent selloff, from July 26, and a lot of people are wondering whether the bottom has been reached or whether there are further highs to be reached. While the debate rages on, there are a lot of stocks which could be in the running for bottom fishing and people have been talking about buying in dips.

Analysts said that the Sensex has corrected about 10%, since July 26, and the midcap index corrected about 8%. The smallcap index, which was a relative underperformer in the year, has corrected only about 5.5%, while the realty space has taken a beating and corrected about 15%, in the recent 15-16 trading sessions. The auto, capital goods and oil and gas space corrected in line with the Sensex.

With regard to the frontline index stocks, Reliance has corrected about 10%, ONGC has taken a beating and corrected about 17%, whereas stocks like Reliance Communications, Bharti and ICICI Bank have all corrected between 13-14%.

From the other largecap stocks, DLF has corrected about 8%. Unitech has taken a significant beating from the realty space and has corrected about 18%. Reliance Capital, which had an amazing rally over the year, has corrected about 22%.

Some of the smallcap stocks have however seen mixed variation. For example-Assam Company has been up 50% despite the recent correction. However, Arvind Mills has taken a beating and is down about 15%. Triveni Engineering was up about 22% in the last 16 trading sessions, whereas SRF is down about 12%.

So, there are huge variations in the smallcap space, commented analysts. Most of the smallcap stocks are up about 4-5% today and ICICI Bank seems to have taken the cue and is up about 4.5% in today’s intraday market.

According to analysts, there is a lot of opportunites for bottomfishing, but there will still be the debate whether the bottom has been reached.