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Broader Markets Outshine Frontline Indices: Here’s What Propelled Gains In The Segment
Broader markets after recovering in the previous session are seen outperforming the headline indices, with BSE Small cap outshining with gains of 1.75 percent at the time of writing this copy. The BSE Midcap index was also up around 0.78%.
Individually, from the mid-cap space, the gains are led by stocks such as Bharat Forge, L&T Infotech, JSW Energy, Mphasis and Container Corporation of India. In the small cap segment, stocks like Indian Overseas Bank, Mindtree, Central Bank, Firstsource Solutions and Gujarat Fluorochemicals lead the gains.
Notably, on August 9, the BSE released a circular wherein it informed the introduction of "Add-on Price Band Framework" for BSE exclusive securities. This additional surveillance measure would apply to securities shortlisted considering the gains made over some pre-defined period as below:
| Price Movement in the past period (calendar period) | ||||
|---|---|---|---|---|
| Reference Price | 6 Months | 1 Year | 2 Years | 3 Years |
| X | > 6X | >12x | >20X | >30x |
In continuation with our endeavor to maintain market integrity and curb excessive price movement in securities listed exclusively on BSE Trading Platform, a need has been felt to further strengthen the extant surveillance measures, said the release.
The securities based on the above criterion will be then "subjected to additional periodic price limits viz. weekly, monthly, and quarterly price limits," said the circular. Post the circular the segment saw huge panic selling.
Later, on August 11, BSE came up with the clarification which said that the surveillance framework shall be applicable to stocks that fall under X, XT, Z, ZP, ZY and Y. Furthermore, the price of such scrips should be Rs. 10 and more and market cap less than Rs. 1000 crore. The circular will come into effect from August 23.
The clarification hence suggested the additional surveillance framework has been introduced for penny stocks. So, mid and small cap indices after seeing some recovery in the previous session, gained up to 2% in today's session on the BSE Small cap index.
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