BSE Smallcap index hits 9-month low; 111 stocks tank over 50% in CY18

Shares of smallcap companies continue to be under pressure with the S&P BSE Smallcap index hitting nine-month low, down for the fourth straight trading day on the BSE on Thursday.

At 11:40 am; the S&P BSE Smallcap index was down 1% at 15,808, as compared to 0.25% decline in the S&P BSE Sensex. The smallcap index hit an intra-day low of 15,806, its lowest level since September 28, 2017, as global trade war concerns between US and other major economies and weak rupee dampened the sentiments.

According to a Reuters report, the rupee fell to an all-time low against the US dollar in early trade on Thursday, tracking Asian peers with weakening macro-economic fundamentals on the domestic front also weighing on the currency.

Thus far in calendar year 2018 (CY18), the S&P BSE Small-cap index has underperformed by falling 18%, as compared to 14% decline in the S&P BSE Midcap and 3% rise in the S&P BSE Sensex.

Out of 858 stocks from the smallcap index, more than half or 548 stocks have underperformed the index by falling more than 20% thus far in CY18. As many as 111 stocks have seen price erosion of an over 50% during the period.

Gitanjali Gems, Bombay Rayon Fashions, Diamond Power Infrastructure, Kwality, JBF Industries, Jaypee Infratech, Sunil Hitech and Reliance Naval and Engineering have plunged between 75% and 95%.

Out of 183 stocks that hit 52-week lows, total 45 stocks that include Bank of Maharashtra, GTL, GTL Infrastructure, KSK Energy Ventures, Punj Lloyd, Reliance Naval Engineering, Lovable Lingerie, Housing Development & Infrastructure (HDIL) and TD Power Systems hit record lows today.

Bombay Stock Exchange - BSE