Two-thirds mid, smallcaps slide into bear territory

692 such stocks are down over20°/o from 52-week highs; analysts see no early relief

- PUNEETWADHWA

Over two-thirds of stocks within the mid and small-cap basket of the National Stock Exchange (NSE) have fallen into bear market territory amid a sustained decline in the equity markets. In other words, they have slipped 20 per cent or more from their 52-week highs. Of the approximately 1,020 stocks in these segments, 692, or 67 per cent, have moved into bear market territory. As many as 936 such stocks reached their peak levels earlier this calendar year, according to ACE Equity data. While their respective indices - the Nifty Midcap 100 and Nifty Smallcap 100 - have seen relatively moderate declines, the broader picture remains grim. The midcap index is down 11.3 per cent from its 52-week high, the small-cap gauge has fallen by 10.9 per cent,