Pre-Budget jitters pummel 70% PMSes into the red in January; large, multi-cap funds bleed the most Basant Maheshwari Wealth Advisers' Equity Fund was the biggest loser in January, dropping 8.09 percent on a month-on-month basis. February 10, 2021 / 12:25 PM IST After three straight months of gains, Nifty showed signs of fatigue in January, especially in the second half of the month as investors turned cautious ahead of the Union Budget. A steep correction ensued and benchmarks dropped all of its monthly gains to end the month with a 2.48 percent loss. Broader markets were able to ride the storm much better than the frontliners as BSE Smallcap ended with marginal losses of 0.3 percent, while BSE Midcap ended with gains of 0.6 percent.