Markets tank in late trade

Markets tank in late trade

Shares of mid and small companies which saw a dream run in the past couple of months saw a sharp fall in late noon deals due to profit booking.

The Bombay Stock Exchange (BSE) S&P BSE Mid-cap index and S&P BSE Small-cap index tanked nearly 6 percent each from their respective intra-day highs.

S&P Mid-cap index touched an intra-day low of 8,334 after hitting a high of 8,826, while S&P small-cap index hit a low of 8,779 after touching a high of 9,300 in morning trades on the BSE. 

At closing hours, both these indices were down about 2% each at 8,485 and 8,924 respectively.

KSK Energy, HDIL, JP Power, Essar Ports, National Aluminum, Union Bank of India, TVS Motor and Karnataka Bank from the mid-cap space corrected more than 7 percent each.

Nectar Lifescience, DB Realty, Peninsula Land, Chennai Petroleum, SpiceJet, IVRCL, Gitanjali Gems and Ashapura Minechem from small-cap index tanked over 10 percent each.

Since September 13, 2013, most of these stocks have seen a dream run after the Bhartiya Janata Party (BJP) named Narendra Modi as the Prime Ministerial candidate.

As many as 201 stocks out of the 779 counters that comprise the BSE Mid-cap, BSE Small-cap and the BSE-500 indices have appreciated more than 100 percent during the period.

Of these, 42 stocks have surged more than 200 percent including Adani Enterprises, BEML, TVS Motor Company, KEC International, Sintex Industries, Ceat, Aban Offshore and Tata Elxsi.

The benchmark indices – BSE Sensex and the CNX Nifty at NSE, in comparison, have rallied less than 30% during the same period.

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