(Yicai Global) Feb. 28 -- Growth stocks on the Chinese mainland were well supported in trading today despite selloffs in traditional large cap sectors such as finance and telecoms.

The Shanghai Composite Index closed down 0.44 percent at 2,940.95, while the Shenzhen Component Index finished up 0.29 percent at 9,031.93. The ChiNext Price Index, which tracks growth enterprises in Shenzhen ended at 1,533.68, up 1 percent.

The large cap-concentrated Shanghai bourse had been making seemingly unstoppable gains over the past two and a half weeks, but found itself undergoing a correction today. In growth-focused Shenzhen, investors were fueled by news that a new science and technology innovation board set to help tech startups raise cash was nearing completion.

Trading volume receded further to CNY662.3 billion (USD99.2 billion) from yesterday's CNY891.2 billion. The market saw two straight days of multi-year turnover highs, both above CNY1 trillion, earlier in the week -- coinciding with the major indexes reaching multi-month highs of their own.

A similar number of sectors finished up as down, with former market darlings like securities brokerages, telecoms equipment makers and insurers leading the losers. Paper makers, pharma firms, and accommodation and catering providers were the day's biggest winners.

Over the month, the Shanghai benchmark has gained 14 percent overall, its largest single-month increase since May 2015. Shenzhen and its ChiNext tracker made historic high surges of 20 percent and 25 percent.