Nifty Midcap index falls to 2-month low amid global uncertainty
The Nifty Midcap 100 index has plunged to a two-month low, dropping over 2.5% to 38,854, amid broader global uncertainty and mixed quarterly corporate earnings. The Nifty Smallcap 100 also saw a decrease, falling more than 3% to 12,498. CNBC-TV18 reports that the Nifty Midcap index could be on course for the largest single-day drop this month. During the session, the Midcap Index dipped below 39,000 for the first time since August 31.
Laurus Labs and Tata Communications among biggest losers
Laurus Labs experienced one of the sharpest fall, with its share price nosediving nearly 11% to Rs. 355 due to disappointing Q2 results. The pharmaceutical firm's net profit for Q2 FY24 plummeted by almost 84% year-on-year. Tata Communications also faced ongoing pressure, with losses extending from the previous session after weak Q2 earnings. The stock traded at Rs. 1,614.30, or 5.30% lower than the prior close of Rs. 1,710.25.
PVR INOX and Hindustan Copper shares decline
Despite predominantly positive feedback from analysts, PVR INOX shares have been trading in negative territory since revealing quarterly results last week. The stock traded nearly 4.5% lower and has dropped almost 8% over the past three sessions. Hindustan Copper's shares traded nearly 7.5% lower at Rs. 142.35, with a decline of over 10% in the last five sessions. On the other hand, Ipca Laboratories experienced gains of nearly 9% after its Ratlam Unit was reclassified as VAI (Voluntary Action Indicated).
