Small
and medium companies of BSE have taken a bigger hit compared to their
bigger peers amid extreme weakness in the broader market as the two
indices has cracked by up to 16.5 per cent against 9 per cent decline
in the 30-stock Sensex so far this year. While the mid-cap index fell
by 12 per cent to 9,802.77 points, losses were more sharper in the
small-cap index which plunged 16.56 per cent to 9,876.53. In
comparison, the benchmark Sensex dipped by 9.22 per cent to
23,709.15. The index touched its 52-week low of 22,600.39 on February
12. The mid-cap and small-cap indices also hit their all-time low
mark of 9,393.15 and 9,400.37, respectively, on February 12.
Sentiment was hit mostly by volatility in crude oil prices, concerns
over the health of the Chinese economy and fears of a global
slowdown. Experts said domestic woes, including ballooning NPAs
reported by the banks and weak quarterly earnings in various other
sectors, have also added to the market weakness. Sensex crashed by
807 points to drop below 23,000-mark on February 11, dragged down by
concerns over global economy and mounting bad loans. The mid-cap
index is also down 15.97 per cent from its all-time high of
11,666.24, while small-cap has come down by 19 per cent from its
record peak of 12,203.64. The Sensex has also come off 21 per cent
from its all-time high of over 30,000, scaled on March 4, 2015. In
market terms, a fall of 20 per cent from an all-time peak is
considered to be as a 'bear market'. The broader market performance
is complete opposite to last year, where it was minnows who ruled in
2015 as mid-cap and small-cap stocks beat their blue-chip peers for
the second year in a row with an average return of up to 7.4 per
cent. In 2015, Sensex fell by 1,381.88 points, or 5 per cent, after
gaining nearly 30 per cent in 2014. Market players say smaller stocks
are generally bought by local investors, while overseas investors
focus on blue-chips. The mid-cap index tracks companies with a market
value that is on an average one-fifth of blue-chips or large firms.
Small-cap firms are almost a tenth of that.
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