Smallcap stocks close in red despite partial recovery after entering bear phase, Midcap index at 51,529

While benchmark indices Nifty and Sensex saw strong gains on Tuesday, broader market shares faced strong pressure despite briefly recovering losses in the afternoon of January 28.

The Nifty Smallcap 100 index, which fell as much as 3.5 percent at day’s lows in the morning trade, had rebounded above 16,000 points in the afternoon. The index however closed 1.81 percent lower at 16,008.50.

After falling over 900 points in the morning, the Nifty Midcap 100 index briefly recovered all its losses, and stood above 51,900 points to trade 0.2 percent higher in the afternoon. The index however later fell 0.51 percent to close at 51,529.45.

J&K Bank was the top gainer on the Smallcap index, rising as much as 7 percent to close at Rs 95 apiece. Balkrishna Industries and Bank of India were among the top gaining stocks on the Midcap index, recording nearly 5 percent gains.