BSE Smallcap Index slips 4% intraday

SBI, ICICI Bank, TCS, L&T, Idea Cellular, Dr Reddy's, Axis Bank and Adani Ports from BSE500 hit 52-week lows.

Shares of small sized companies were under pressure on the bourses with the S&P BSE Smallcap Index dropping more than 3% on the BSE.

S&P BSE Smallcap index was down 4% at 11,015 down 462 points as compared to less than 1% decline in the S&P BSE Sensex in intra-day trade.

Marksans Pharma, GTL Infrastructure, Nectar Lifesciences, Morepen Laboratories, Datamatics Global Services and Kopran from the BSE Smallcap index have fallen more than 13% each.

Nilkamal, Vivimed Lab, SMS Pharmaceuticals, Nelco, Nitin Spinners, DCW, Sanghi Industries and Cosmo Films are among the stocks down between 10%-13%.

Meanwhile, including State Bank of India (SBI), ICICI Bank, Tata Consultancy Services (TCS), Larsen & Toubro (L&T), Idea Cellular, Dr Reddy’s Laboratories, Adani Ports and Axis Bank, total 43 stocks from the BSE500 index hits their respective 52-week lows.

The Index of Industrial Production (IIP) for November contracted 3.2%, moving into negative territory for the first time in 13 months, against a 9.8% growth spurt in October, official data released on Tuesday showed.

The consumer price index (CPI) based inflation for December edged up for the fifth straight month at 5.61% against 5.41% in November.

Foreign institutional investors (FIIs) continue to remain net sellers in equities. They sold net amount of about Rs 4,000 crore from equities in past seven trading sessions through secondary markets, data showed.

At 12:00 p.m. the Smallcap index recovered some ground and down 2.8% against 0.47% decline in the benchmark index.