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    Small & midcaps struggle in a volatile week; nearly 50 stocks fell 10-60% - Moneycontrol.com thumbnail

    After hitting a record high in the last week of November, the Indian market started December on a muted note with benchmark indices testing their crucial support levels in the week ended December 6.The Nifty closed in the red in four of the five trading sessions for the week ended December 6, but the big carnage was seen in the small and mid-cap stocks.The S&P BSE Sensex fell 0.85 percent while the Nifty was down by 1.1 percent compared to the 2.76 percent fall seen in the S&P BSE Mid-cap index, and 1.6 percent drop in the S&P BSE Small-cap index for the week ended December 6.As many as 48 stocks in the S&P BSE Small-cap index fell 10-60 percent which include names such as Indiabulls Real Estate, Mirc Electronics, GVK Power, DB Realty, NBCC, Jain Irrigations, Unitech, PC Jeweler, ZEE Entertainment, DHFL, Omaxe, and Thomas Cook among others.In the mid-cap space, as many as six stocks fell over 10 percent which include names such as Central Bank of India, NBCC, BHEL, Union Bank of India, Jindal Steel & Power, and HUDCO.Despite muted GDP growth hitting over a six-year low, and surprise pause from the Reserve Bank of India (RBI), the market remained resilient. The Nifty closed above its crucial support at 11,900 levels for the week ended December 6 which is a positive sign.“Markets stayed resilient in spite of GDP weakness and negative macros but by the end of the week, inflation became a scapegoat that caused the hammering in the markets,” Jimeet Modi, Founder & CEO, SAMCO Securities & S
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