Nifty Midcap index hits 2-month low, smallcap stocks under pressure

he midcap index may be on its way to record the biggest single day fall in the month.

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The broader market kept going down, with the Nifty Midcap 100 index falling to its lowest level in the last two months, spooked by larger global uncertainty amid mixed quarterly corporate results. At 1.30pm, the Nifty Midcap 100 was trading at 39,050, down over 2 percent, or 830 points from the previous close.

The Nifty Smallcap 100 fell over 2.3 percent to 12,610, down more than 300 points.

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According CNBC-TV18, the Nifty Midcap index may be on its way to record the biggest single day fall in the month. During the session, the Midcap Index slipped below 39,000 for the first time since August 31.

One of the biggest losing stocks was Laurus Labs, with the stock price tanking almost 11 percent to Rs 355.30 on the back of weak Q2 results. The pharmaceutical company saw its net profit for Q2 FY24 fall by almost 84 percent year-on-year.

Tata Communications also continued to be under pressure, extending losses from the previous session on the back of a weak Q2 result. The stock was trading at Rs 1,630.60, around 4 percent lower than the previous close of Rs 1,710.25.

Despite mostly positive commentary from analysts, shares of PVR Inox were also trading in red since announcing the quarterly results last week. The stock was trading nearly 4 percent lower, continuing with its losses from the previous close. It is down by almost 8 percent over the last three sessions.

Shares of Hindustan Copper were trading almost 6 percent lower at Rs 144.60. Over the last five sessions, the stock has fallen over 10 percent.

Also read: Top Nifty gainers and losers at mid-day: Bajaj Finance up, Adani Enterprises down

Indiabulls Housing Finance and Indiabulls Real Estate also saw their stocks fall by almost 7.12 percent and 6.32 percent, trading at Rs 161 and Rs 74.10.

One of the bigger gainers for the session was Ipca which saw gains of almost 9 percent on the back of its Ratlam Unit being reclassified as VAI (Voluntary Action Indicated).

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