Indian equity markets continued their losing streak for the sixth consecutive session, with benchmark indices opening in the red on Wednesday. The Sensex slipped over 500 points in early trade, while the Nifty dipped below the 23,000 mark in the early trading hours.
The broader market also faced heavy selling pressure, with sectoral indices trading in the negative zone. The BSE SmallCap Index saw a sharp slide, shedding over 1,000 points in today’s session. As of the latest update, the ndex was trading at 45,868.95, down 1500.32 points or 3.17%.
BSE SmallCap index performance
This downward trend follows Monday’s 2% plunge, adding to last week’s losses when the index tumbled nearly 3% in a single session. Over the last three trading days, the BSE SmallCap index has fallen by more than 7%, reflecting sustained bearish sentiment in the broader market.
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The BSE SmallCap index has been on a steep decline over the past few months. In just the past five days, the index has plunged over 9%, while the losses over the past month stand over 8%. The six-month performance paints an even grimmer picture, with the index tumbling by 14%.
“The Carnage in markets is partly because SIPs in mid and small caps are being discontinued by investors. Funds are failing in stress test as they are caught on the wrong foot. Valuation of stocks in mid & small caps are way above growth earnings, very high. Withdrawals are being seen across small and mid cap funds. Possibility of some small cap funds winding down is also leading to the sell off,” said Deven Choksey, Managing Director of DRChoksey FinServ.
Top losers
Shares of several companies saw a sharp decline in today’s trading session.
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