The Concept Of Risk

This
principle is true of any type of commodity, debt, or equity-exposure.
Albeit, the intensity of underlying risks varies in each investment
significantly.
Market-specific risks are all events that may
affect the market, such as political uncertainty, direction of economy,
war-like conditions, droughts etc. In the case of Stock markets, when
such events occur all securities are summarily marked down irrespective
of individual merit. For example, when aggression on Kargil front was
announced in 1999, participants marked down the value of all stocks
summarily in initial stages of panic that gripped the nation.