India has more service companies, such as IT and healthcaresectors, which always trade at a premium to the overall market.
The derivatives expiry on Thursday is also expected to add to the volatility.
Foreign investors are betting top dollar on the country as growth is likely to recover at a time when other emerging markets are battling macroeconomic adjustments.
This route accounts for Rs 2.75 lakh crore of FPI holdings.
Analysts mostly prefer domestic plays beside select films with foreign exposure.
'The news about the new virus strain in the UK provided them with an opportunity to take money off the table.'
The referendum will have long-term implications for Indian companies, which earn a substantial portion of revenue from the region.
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