Mid, Smallcap indices recover from early losses amid buying in Cochin Shipyard, Oil India, GRSE among others

Mid, Smallcap indices recover amid buying in Cochin Shipyard, Oil India, GRSE among others.

The broader indices recovered from early losses in June 13 trade, supported by buying in the stocks such as Cochin Shipyard, Oil India and Garden Reach Shipbuilders & Engineers (GRSE).

The Nifty Smallcap100 index had slumped as much as 2.12 percent in early trade after Israel launched widescale strikes against Iran,  while the Nifty Midcap100 dropped 2.04 percent. This marked the third consecutive session of decline since the sell-off began on June 11.

By noon, however, the indices pared some losses, with both trading nearly half a percent lower as selling pressure eased in the headline indices.

In the smallcap segment, Great Eastern Shipping Company led the gains, rising over 6 percent. Zen Technologies and GRSE followed with gains of 4.61 percent and 4.51 percent, respectively. Karur Vysya Bank and BEML were up between 2-3 percent.

In the midcap space, Oil India was the top gainer, rising 3 percent. The stock, along with other oil producers, advanced as crude prices moved higher after strikes by Israel on Iran.

Defence-related stocks across the broader market saw strong buying interest amid ongoing tensions between Israel and Iran, which raised expectations of increased defence orders.

Shipping companies also witnessed buying, tracking fears of global trade disruptions and rising tanker rates amid heightened geopolitical risks in the Middle East.

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Cochin Shipyard and Jubilant Foodworks gained up to 2.5 percent, while Bharat Dynamics and Oracle Financial Services Software rose between 1-2 percent.

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