Mid- and small-cap indices drop over 2% amid market crash; JSW Energy, Kaynes Tech among top losers

The mid-cap and small-cap stocks came under selling pressure on Tuesday, May 12, amid weak market sentiment. During intraday trade, the broader market underperformed the benchmark indices, with the Nifty Midcap 100 and Nifty Smallcap 100 slipping 2.03% and 2.54%, respectively.

Over the last month, the Nifty Midcap 100 index has gained 4.3%, while the Nifty Smallcap 100 has surged 8%.

The SENSEX declined as much as 1.41% to an intra-day low of 74,943.42. Meanwhile, the NIFTY50 reached the session’s low of 23,508.35. Selling pressure was visible across the board as 13 of 15 major sector gauges were trading lower, led by the NIFTY IT index's 3.6% fall.

The market sentiment turned negative after President Donald Trump said the US-Iran ceasefire was on “life support” after he rejected Iran’s latest proposal to end their war. 

Mid-cap stocks

Opening at the 61,171.45 level, the NIFTY Midcap 100 index touched a low of 60,010.10 during the intraday period on Tuesday.

JSW Energy was the top loser on the index, falling 5.75%. The stock declined after the March quarter results failed to boost investor sentiment in the power generation firm’s stock. The firm’s profits (attributable to owners of the company) dropped 9% to ₹371 crore in Q4 FY26, compared with ₹408 crore in the same period a year earlier.

Cochin Shipyard (-4.42%), UPL (-4.36%), Kalyan Jewellers (-4.31%), Groww (-4.15%) and The Phoenix Mills (-4.11%) were the other biggest laggards on the index.

Shares of Prestige Estates Projects (-4.05%), Persistent Systems (-3.59%), L&T Finance (-3.58%), Dixon Technologies (-3.53%), and Dixon Technologies (-3.052%) were also trading lower.

However, Oil India (7.75%), Biocon (2.52%), PolyCab India (1.32%), Laurus Labs (1.18%) and Coromandel International (1.1%) were the biggest gainers on the index.

Small-cap stocks

The Nifty Smallcap 100 index opened at 18,512.50 on Tuesday and slipped to an intraday low of 18,023.75. By the afternoon session, most of the small-cap stocks were trading with losses.

Kaynes Technology India (-6.09%), Netweb Technologies India (-5.98%), Karur Vysya Bank (-5.91%), Meesho (-5.43%), and Angel One (-5.33%) were the biggest laggards on the index.

Among other top losers were shares of Anant Raj (-4.99%), Ola Electric Mobility (-4.95%), CreditAccess Grameen (-4.92%), BEML (-4.86%) and Aditya Birla Real Estate (-4.68%).

On the other hand, Brainbees Solutions (2.38%), Afcons Infrastructure (1.5%), Tata Chemicals (1.24%), Cohance Lifesciences (0.99%), and Welspun Corp (0.54%) were among top gainers on the index.