Midcap stocks slump on profit-taking after heavy outperformance

Mumbai:  NSE Midcap index is down 1.3 per cent on profit-taking, after earlier surging as much as 2.1 per cent to hit a record high at 10,673.75. Heavy outperformance sine mid-March and investors' inclination for reducing perceived volatility in portfolios is leading to paring of positions in midcap stocks, said dealers.

Ramco Cements Ltd slumps 7.8 per cent, while Oriental Bank of Commerce (ORBC.NS) declines 5.8 percent, Jain Irrigation Systems is down by 4.2 per cent.