BSE Mid & SmallCap indices sink 3%: What's driving the underperformance?

In Friday’s subdued trade, the MidCap and Smallcap indices saw sharp underperformance against benchmarks. The BSE Midcap and Smallcap indices dropped nearly 3 per cent each intra-day versus marginal losses in the BSE Sensex and NSE Nifty. 

The broader market breadth was weak with 2,813 stocks declining and 823 gaining on the BSE. 

Among Midcaps, PFC, General Insurance Corp, NHPC, REC, SJVN, Ramco Cements, UCO Bank, Indian Overseas Bank and IRFC were the top drags with losses of 6-11 per cent. 

MSTC, AstraZeneca Pharma, Surya Roshini, OnMobile Global, Dhani Services and Rail Vikas Nigam were the leading SmallCap losers, down