Mid, small-cap index tank over 5%

Nectar Lifescience, DB Realty, Peninsula Land, Chennai Petroleum, SpiceJet, IVRC and Gitanjali Gems from small-cap index tanked over 10% each.

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% 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 1315 hours, both these indices were down about 2% each at 8,490 and 8,911 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% each. Nectar Lifescience, DB Realty, Peninsula Land, Chennai Petroleum, SpiceJet, IVRCL, Gitanjali Gems and Ashapura Minechem from small-cap index tanked over 10% 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 S&P BSE Mid-cap, S&P Small-cap and the S&P BSE-500 indices have appreciated more than 100% during the period.

Of these, 42 stocks have surged more than 200% including Adani Enterprises, BEML, TVS Motor Company, KEC International, Sintex Industries, Ceat, Aban Offshore and Tata Elxsi. The benchmark indices – S&P BSE Sensex and the CNX Nifty, in comparison, have rallied less than 30% during the same period.