Mumbai: Mid-cap and small-cap stocks appear to have held up better in the recent risk-off sentiment than on other similar occasions in the past. An ET study comparing the current selloff with some previous ones showed that the number of stocks that fell over 30% amid the current 10% decline in the Nifty since September 27 is lower than in earlier instances.The study compared how many stocks fell by what extent whenever the benchmark indices fell at least 10% from their highs. In the past decade, the Nifty has fallen at least 10% from its highs on at least six occasions (including the current one). In most of these instances, more mid-cap and small-cap stocks have fallen at least 30% than in the ongoing declines.In the selloff since September 27, triggered by record foreign institutional outflows, 107 stocks have declined over 30%, as against 378 in February-June of 2022 and 1,303 at the start of Covid.115506482Analysts said the absence of sharper cuts in mid-cap and small-cap stocks in the current decline is because of continued purchases by domestic investors. Also, the selling was predominantly in stocks with higher foreign ownership. Overseas investors' holdings in the country are mostly in blue-chip stocks. Some analysts said it also means that the pain in mid-caps and small-caps may not be over yet."Large-caps have witnessed more pain compared to the broader markets in the sell-off this year since foreign investors sell positions in these heavyweight counters where they have high exposures," said Nilesh Jain, head of derivatives and technical research at Centrum Broking.Jain said that the highest selling before this was in 2020 during the Covid crisis where they sold over ₹65,000 crore.So far in November, overseas investors sold shares worth ₹35,869 crore after their record selling of ₹1 lakh crore in October.