Financial stocks such as Shriram City Union Finance, Central Bank of India, AU Small Finance Bank, Federal Bank, IDBI Bank and India Bank from the mid-cap index were down more than 4 per cent ahead of the Supreme Court hearing on interest waiver case.
Besides, Bajaj Holdings, Tata Consumer Products, Bharat Forge, and Indraprastha Gas (IGL) were the top contributors to the mid-cap index's fall while Glenmark Pharma, Future Retail, Apollo Hospitals, and Oberoi Realty gave the much needed support. Genmark Pharma was trading over 2 per cent higher while Future Retail was up 3.65 per cent at Rs 113.70.
In the small-cap index, Ramco Systems continued to rally and was trading 7 per cent higher at Rs 118. The stock has been in focus after Vijay Kedia acquired 1.1 per cent of the total equity of Ramco Systems, for about Rs 3 crore, via open market on Wednesday. READ MORE
Lakshmi Vilas Bank was another stock that was trading in the green in an otherwise weak market. The stock was up 5 per cent at Rs 14.58. According to a Business Standard report, AION Capital-backed Clix Capital is in talks to buy a majority stake in the cash-starved Lakshmi Vilas Bank. READ MORE
Both the mid and small-cap indices have seen a sharp recovery from their March-lows. The S&P BSE Small Cap index is up 3,208 points or 37 per cent (as of Thursday's close) from the low of 8,622. However, the index is around 21 per cent away from its 52-week high of 14,946.21, touched on January 27 this year, exchange data shows.
Similarly, the S&P BSE MidCap index has rallied around 31 per cent (as of Thursday's close) from its 52-week low touched on March 24 this year but is nearly 22 per cent away from its 52-week high of 15,930.78 levels, touched on February 12 this year.