Small, midcap stocks plunge up to 5% amid overall market weakness: Check top losers

Broader markets decline

• Broader markets fell, ending a three-day rally on February 19
• Nifty Smallcap 100 down 0.5%, Midcap 100 down 0.9%
• Persistent Systems, Paytm, Aditya Birla Real Estate led declines

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The broader markets mirrored the sharp decline in Indian benchmark indices, snapping a three-session rally on February 19. This came on the back of profit booking, geopolitical uncertainties and more.

The Nifty Smallcap 100 index declined more than 0.5 percent to 17,151.65, while the Nifty Midcap 100 index fell nearly 0.9 percent to 59,655.35, as seen at 12.55 pm.

Persistent Systems shares were the top losers on the midcap index, falling around 4 percent to trade at Rs 5,325 apiece. This came despite its large-cap and mid-cap IT peers seeing a strong rise in share prices after a global tech rally.

Paytm shares fell more than 3 percent, while HDFC AMC, Dixon Tech and Hindustan Petroleum Corporation (HPCL) shares fell nearly 3 percent. BSE, Hero Moto Corp, Hitachi Energy India, Kalyan Jewellers, IRB, 360 ONE WAM, Godrej Properties, SRF, BHEL and Prestige Estates shares declined more than 2 percent each.

Among the smallcap stocks, Aditya Birla Real Estate shares were the top losers, falling nearly 5 percent. Jindal Saw shares fell nearly 4 percent, while Kaynes Tech shares declined more than 3 percent.

FirstCry. Angel One and Aegis Vopak shares declined nearly 3 percent each, while IIFL Finance, Cholamandalam Financial Holdings, Wockhardt, Star Health and Allied Insurance Company, Ola Electric, Chambal Fertilisers, Poonawalla Fincorp, Deepak Fertilisers and NBCC shares fell over 2 percent each.

“Given persistent global uncertainties and elevated market volatility, traders are advised to maintain discipline and be selective, focusing on fundamentally strong stocks during market corrections. Fresh long positions should be considered only after a sustained breakout of the Nifty above the 26,000 level, which would signal a more reliable improvement in overall market sentiment,” said Hitesh Tailor, Research Analyst, Choice Equity Broking.