Broader markets fall sharply even as frontline indices hold on to gains
After record run in the broader markets, the indices are trading steeply lower even as headline indices logged fresh highs today after the Fed's easing cycle took off.
After a steeper-than-expected rate cut by the US Federal Reserve, Indian equities started on a strong note with frontline indices scaling new peaks. Nonetheless, in the mid-trading session, it was the broader markets which were sharply dragged lower.
At the time of writing the copy at around 11:53 am, the Nifty Midcap 100 was down over 1800 points from day's high level of 60,208. Nifty Smallcap 100 index too saw sharp losses and last traded with a gap-down of more than 2.5 per cent from the previous close.
The stocks contributing to the sharp losses in the Nifty Midcap 100 index include names like Indus Tower, BSE, Oil India, Torrent Power and Bharat Dynamics.
Losses in the Indus Towers widened after the Supreme Court rejected telco's plea for recalculation of AGR dues. At the last count, shares of Indus Towers traded with a cut of over 11 per cent at Rs 380 apiece on the NSE.
In the previous day's trade, BSE shares recorded stellar gains and marked a fresh record high.
Similarly within the Nifty Smallcap 100 index, stocks like IIFL, MCX, Apar Industries, Radico Khaitan, CAMS and Exide Industries among others emerged as top draggers.
Since long analysts have been red-flagging stretched valuation of mid and smallcap stocks which might have been stocks from the basket lower.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
01:20 PM IST