Midcaps and smallcaps enter 'correction' zone, Nifty 50 on the cusp

Both the mid- and small-cap gauges were down 10 per cent intra-day over their 2022 highs before recovering some lost ground

The Nifty Midcap 100 and the Nifty Smallcap 100 index on Thursday briefly entered ‘correction territory’, while the Nifty50 index came close to doing so.

On Thursday, Nifty50 hit an intra-day low of 16,867, the Nifty Midcap 100 fell to 28,954, and the Nifty Smallcap 100 dropped to 10,793. This is a sharp fall from the respective 2022 highs these indices hit on January 17 — 18,308 in the case of the Nifty50, 32,041 for the Nifty Midcap 100, and 11,981 for the Nifty Smallcap 100.

A correction is defined as a decline of 10 per cent or more in the price