Small-cap, mid-cap stocks bear the brunt of the sell-off

The fall on the bourses was broad-based today with the small-cap and mid-cap indices losing ground.

Data showing a surge in inflation to a 13-year high of 11.05% in early June 2008 rattled the bourses today.

The market breadth was quite weak. On BSE, 2115 shares declined as against 450 shares that rose. 55 stocks were unchanged.

The BSE Small-Cap index was down 202.45 points or 2.64% at 7,457.97. The BSE Mid-Cap index was down 157.15 points or 2.52% at 6,073.02. Both these indices underperformed the market. The barometer index BSE Sensex was down 368.23 points or 2.44% at 14,719.76

The major losers from the Small-Cap index were OCL India (down 10.48% to Rs 123), Mahindra Forgings (down 10.05% to Rs 121.25), Arrow Webtex (down 9.99% to Rs 41.45), Borosil Glass Works (down 9.55% to Rs 520), Sujana Tower (down 8.74% to Rs 95) and Sical Logistics (down 8.45% to Rs 131.05).

The major losers from the Mid-Cap index were National Fertilizers (down 7.92% to Rs 58.70), Orbit Corp (down 7.79% to Rs 384), United Breweries Holdings (down 7.32% to Rs 455), Oriental Bank of Commerce (down 7.06% to Rs 152.05), Kalyani Steel (down 6.91% to Rs 186), and Torrent Pharma (down 6.88% to Rs 158.30)

The BSE Small-Cap index had underperformed the market in the past 30 days to 19 June 2008, falling 12.84% compared to Sensex’s slide of 12.50%. It had, however, outperformed the market in the past three months, gaining 6.07% compared to Sensex’s 0.62% rise.

The BSE Mid-Cap index had underperformed the market in the past 30 days to 19 June 2008, falling 12.84% compared to Sensex’s slide of 12.50%. It had, however, outperformed the market in the past three months, gaining 4.46% compared to Sensex’s 0.62% rise.