Mid-cap and small-cap stocks on the BSE were on the buyers' radar on Tuesday as investors booked profits in large-cap shares and the benchmark Sensex fell 264.57 points from a record close.
The BSE mid cap index gained 0.89 per cent to 6,297.94. Bank stocks stole the show in this group, with United Bank of India surging 9.81 per cent, while Central Bank of India rose 8.91 per cent, Andhra Bank (8.51 per cent), Indian Overseas Bank (2.9 per cent) and Federal Bank (2.1 per cent).
Market experts said state-run banks have rallied on better-than-expected second-quarter earnings.
The BSE small cap index gained 0.54 per cent to 6,053.56. Among the 30 Sensex shares, 22 declined, led by ITC. Among the gainers on the index, Hindalco was the best performer with a 1.47 per cent rise.
The Sensex, which ended at a record close of 21,239.36 during the special Diwali 'Muhurat' trading on Sunday, snapped five days of gains and fell 264.57 points, or 1.25 per cent, to close at 20,974.79. Today's fall was the worst since September 30, when it lost 347.50 points.
The blue-chip index had gained 669 points in the previous five trading days.
"Profit-booking after several sessions of gains led to today's fall. Global indices were also trading on a cautious note. ITC, ICICI Bank, TCS, HDFC Bank and Hindustan Unilever were some of the major losers today," said Rakesh Goyal, Senior Vice President at Bonanza Portfolio Ltd.
Marketmen said most mid-cap stocks were not part of the recent market rally and they gained when investors booked profits in large-cap shares.