Mid, smallcap indices plunged up to 3% on April 25 amid disappointing March quarter earnings and geopolitical jitters after a deadly terrorist attack in Kashmir raised tensions with Pakistan.
Cyient, ACC, SBI Cards led the losses in the broader markets amid sluggish Q4 results.
At 11:04 am on April 25, Cyient shares were trading 9% lower as the firm's sales in the March quarter was lower in dollar terms on sequential basis.
ACC Ltd's shares were trading 6% lower as Nomura gave a 'Reduce' rating for the stock as the firm's EBITDA per tonne was 4% below estimates even though it saw strong volume and realisation gains.
Shares of SBI Cards were trading 7% lower as CLSA flagged that while the firm's credit costs declined 50 bps from their peak in Q3, they are still meaningfully above run-rate levels (200-300 bps higher).
At 11:11 am, Nifty Smallcap 100 was trading 3.25% lower at 16,411.5 while Nifty Midcap 100 was trading 2.9% lower at 53,380. Neuland Labs, Kaynes Tech, Godfrey Phillips, MCX, CAMS were among top losers of Nifty Smallcap 100, which snapped its seven-day gaining streak on April 24.
Motilal Oswal Financial Services, SBI Card, ACC, GMR Airport, Biocon were among top losers of Nifty Midcap 100.
The broader markets were facing selling pressure also because the benchmark indices fell over 1% apiece.
At 11:55 am, the Sensex was down 1,128.01 points or 1.41 percent at 78,673.42, and the Nifty was down 370.55 points or 1.53 percent at 23,876.15. About 351 shares advanced, 3001 shares declined, and 90 shares unchanged.
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