Midcap stocks slump on profit-taking after heavy outperformance

Reuters Market Eye - NSE Midcap index is down 1.3 percent on profit-taking, after earlier surging as much as 2.1 percent to hit a record high at 10,673.75.

Heavy outperformance sine mid-March and investors' inclination for reducing perceived volatility in portfolios is leading to paring of positions in midcap stocks, dealers say.

Ramco Cements Ltd slumps 7.8 percent, while Oriental Bank of Commerce declines 5.8 percent, Jain Irrigation Systems is down 4.2 percent.

(Reporting by Abhishek Vishnoi)