Amber Enterprises India down over 10%, NBCC (India) falling more than 8% and, IRB, Central Bank of India and SJVN share prices falling over 7% each. Fall in Amber Enterprises shares came after the company’s net loss in Q2FY24 widened to ₹5.6 crore from a loss of ₹2.2 crore a year ago.
Also Read: Why Indian stock market is falling today — explained with 5 reasons Shares of Hindustan Copper, Tata Teleservices (Maharashtra) Ltd, Indian Overseas Bank, Shree Renuka Sugars and Deepak Fertilizers declined over 6% each, while Zensar Technologies, Praj Industries, UCO Bank, Piramal Pharma, HFCL, Tejas Networks and IIFL Finance were plunged over 5% each. Only six stocks in the Nifty Smallcap 100 index were trading in the green.
These included CreditAccess Grameen (up 10%), BSE (up 8.5%), Medplus Health Services and Gujarat Narmada Valley Fertilizers and Chemicals Ltd gaining 1-2% while Suzlon and CDSL trading marginally higher. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The Nifty Smallcap 100 has seen a decent rally this year with the index surging over 35% in the past six months and more than 30% year-to-date (YTD).
Analysts said the escalation of geopolitical tensions in the Middle East, elevating US Treasury yields and a mixed bag earnings season have led to profit booking in the smallcap stocks. Moreover, outflows of foreign capital from domestic equities also led to the recent sharp downfall in the stock market.
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