FIIs were net sellers of over Rs 7,000 crore on Thursday, and their cumulative selling in the past seven trading sessions has exceeded Rs 19,000 crore, raising concerns in the market
On the broader market front, the brokerage expects range-bound movement in the absence of major triggers
Many quality small- and medium-cap stocks have become appealing buys, and the medium-to-long-term outlook remains robust due to economic factors, said G Chokkalingam of Equinomics Research.
If the Nifty is unable to sustain above 24,500 levels, technically it can then slip to its 200-DMA placed at 23,365 levels, charts suggest.
Nifty Midcap 100 slipped below the 59,000 mark, meanwhile, Nifty SmallCap 100 declined below 19,100
Stock market updates: In the broader markets, the BSE SmallCap index plunged 5.1 per cent, and the BSE MidCap declined 4.5 per cent. In three days, the BSE m-cap has plunged by Rs 20.69 trillion
The S&P SBE Smallcap index has given a stellar return - rising over 32 per cent in 2023
Small-, mid-caps bleed even as Sensex ends in green
Index movement and the weighting are calculated on free-float market capitalisation of individual index stocks. Free float is the portion of the shares owned by non-promoters
HNI investors experiencing pain in mid- and small-cap oriented PMS and AIF schemes need to review their funds, portfolios, and investment strategies