Nifty may be at record highs but broader markets to mid and smallcaps are feeling the pain

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The selloff is deeper in smallcaps. Ola Electric and Tejas Networks have both fallen 60%. Jindal Saw is down 55%, Brainbees Solutions has dropped 50%, and Whirlpool has declined 46% in the same period.

By Meghna Sen  November 27, 2025, 11:18:39 AM IST (Updated)

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The benchmark Nifty 50 index hit a fresh record high of 26,290.25 on Thursday, November 27, surpassing its previous peak of 26,277 set exactly 14 months ago on September 27, 2024.

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From the tariff tantrum lows of 21,745 in April this year, the index has recovered 19%.

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However, even as the headline index scales new highs, the broader market has struggled to keep pace. The midcap index is still flat over the last 14 months, while the smallcap index is down 8%.

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Among midcaps, Colgate-Palmolive and IndusInd Bank have seen the sharpest declines, both slipping 42% since September 27. Tata Tech and RVNL are down 39% each, and IREDA has corrected 38%.

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The selloff is deeper in smallcaps. Ola Electric and Tejas Networks have both fallen 60%. Jindal Saw is down 55%, Brainbees Solutions has dropped 50%, and Whirlpool has declined 46% in the same period.

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The market breadth shows a stark divergence: while the Nifty is at record highs, investors across the broader market are facing significant drawdowns.

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