The shares of several midcap companies tumbled in trade on November 18 as investors may have resorted to profit booking at elevated levels. The sharp fall in the share prices pushed the Nifty Midcap index down around 0.6 percent to close at 60,822.
This comes after the midcap index hit a fresh record high of 61,220.25 earlier during the day on Tuesday. The profit-booking comes after the index recorded gains in six out the past seven sessions.
Broader markets underperform benchmarks:
Nifty Smallcap 100 index dropped further, falling more than 1 percent to close at 18,154.75. The broader markets have underperformed benchmark indices today.
Nifty 50 fell 0.40 percent (over 103 points) to close at 25,910. Sensex meanwhile fell 0.33 percent (278 points) to 84,673.02. Markets have now snapped a six-session gaining streak as weak global cues and profit-taking weighed on investor sentiment.
The drop was further fuelled by heavy selling in IT and metal stocks, along with weekly derivatives expiry and weak rupee.
Top midcap losers today:
Paytm shares closed 3 percent lower on Tuesday, emerging as the top loser on the Nifty Midcap index. This comes after 1.32 crore shares, representing 2.07 percent of the company’s equity, changed hands in a large block deal. The transaction was carried out at Rs 1,307 apiece, taking the total deal value to about Rs 1,722 crore.
Cummins India shares followed, dropping nearly 3 percent. SBI Cards, PI Industries, Oberoi Realty and Bharat Dynamics (BDL) shares fell more than 2 percent each, while Steel Authority of India (SAIL), Godfrey Phillips, Muthoot Finance, Glenmark Pharmaceuticals, Rail Vikas Nigam (RVNL), Prestige Estates Projects, IREDA, Fortis Healthcare, Vodafone Idea, Godrej Properties and Suzlon Energy shares fell nearly 2 percent each.
Indraprastha Gas (IGL), Coforge, ITC Hotels, Indus Tower, MRF, National Aluminium (NALCO), IDFC First Bank, Tata Communications, IRCTC, Tata Tech, NMDC and Mankind Pharma shares meanwhile fell more than 1 percent each.
Mphasis shares were down around 1 percent after a large block deal involving 1.8 crore shares, representing nearly 9.5 percent of the company’s total equity, changed hands on the BSE. Promoter Blackstone was likely the seller.
HDFC AMC, Kalyan Jewellers India, Dabur India, The Phoenix Mills, NTPC Green, Marico, Yes Bank, L&T Finance, IndusInd Bank, APL Apollo Tubes, PB Fintech, Colgate Palmolive, Union Bank and others were also among the top losers, falling nearly 1 percent each.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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