The shares of smallcap and midcap companies tumbled in trade on July 25, pushing the broader market indices into the deep red. Nifty Smallcap 100 index tumbled 2 percent to hover around 18,332 while Nifty Midcap 100 index fell 1.5 percent to stand at 58,099 in the afternoon.
The broader market indices are underperforming the benchmark indices, which were also trading in the red after recording sharp losses.
Top Midcap losers:
APL Apollo Tubes was the top loser on the Nifty Midcap index, dropping more than 7 percent to trade at Rs 1,562 apiece. This came after the company released its results for the first quarter of the financial year 2026. APL Apollo Tubes reported a net profit of Rs 237 crore for Q1 FY26. This marks a 23 percent on-year jump from the Rs 193 crore net profit reported in Q1 FY25. Revenue from operations meanwhile rose to Rs 5,170 crore.
According to Axis Securities, the firm’s revenue missed estimate. It noted that Q1 performance was impacted by a weak macro backdrop as volumes stood below expectations. The domestic brokerage maintained its ‘Buy’ rating on the stock, but cut its target price to Rs 1,950 apiece.
Motilal Oswal Financial Services however said that the company showed a healthy recovery in operating performance in 1QFY26 despite weaker macroeconomic conditions, higher employee costs and geopolitical headwinds. It kept a ‘Buy’ call on the stock, with a target price of Rs 2,000 apiece.
Aditya Birla Capital shares followed, dropping nearly 5 percent to trade at Rs 258 apiece. BHEL, Kalyan Jewellers, BSE, Sona BLW, Suzlon Energy, Bandhan Bank, Paytm, SAIL and Godrej Properties fell over 3 percent each.
Adani Total Gas, Hindustan Petroleum, IGL, Ola Electric Mobility, Union Bank of India, and others were among the other notable top losers on the index, dropping more than 2.6 percent each.
Top Smallcap losers:
On the smallcap index, Swan Energy was the top loser, falling nearly 7 percent to trade at Rs 476 apiece. Kfintech and Reliance Power shares followed, dropping 5 percent each. Nuvama, Hindustan Copper, PNB Housing Finance and Poonawalla Fincorp shares dropped more than 4 percent each, while HFCL, CAMS, NBCC, CDSL and others dropped over 3 percent each.
"The sell-off in Indian equities today reflects a convergence of domestic re-evaluation and global caution, rather than panic or structural weakness...Going forward, markets will likely remain data-dependent and earnings-sensitive. Investors are seeking clarity, not just growth. In that sense, this correction is less about fear—and more about filtering quality from narrative," said Bhavik Joshi Business Head, INVasset PMS.
Also read: Our LIVE blog on stock market updates
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