India's mid-, small-caps set for second straight monthly drop

Himadri Speciality Chemical

30/10/2026 08:20

** India's mid-caps .NIFMDCP100 and small-caps .NIFSMCP100 down 3.1% and 3.7% so far in October; benchmark Nifty 50 .NSEI up 2%
** Set for second consecutive monthly drop for the first time since January
** Swiggy SWIG.NS, Yes Bank YESB.NS, and M&M Financial Services MMFS.NS drop 20% to 30%, top midcap losers, while Emmvee Photovoltaic Power EMMV.NS, Anant Raj ANRA.NS, and Himadri Speciality Chemical HIMD.NS down 24% to 27%, top smallcap losers
** Earnings-led declines, wave of retail margin-call liquidations drive steep drop in stocks
** "Small/mid-caps underperformed large-caps in October as a wave of retail margin-call liquidations drove some of the steepest drops in smaller stocks in months," JP Morgan says
** Adds that this is a positional reset rather than fundamental shift; remains "overweight" on small- and mid-caps on superior earnings growth 
** YTD, midcap index down 5.1%, while smallcaps index up 4.6%; Nifty 50 lags with 12% drop






 (Reporting by Vivek Kumar M)
 ((VivekKumar.M@thomsonreuters.com;))