The stock market experienced significant declines over the past two days, with both benchmark and midcap indices suffering notable losses. Tata Consumer and Kotak Mahindra Bank led the declines, with Tata Consumer dropping over 5% and Kotak Mahindra Bank being the top Nifty loser due to disappointing Q2 results and an RBI embargo. The Nifty Midcap index fell nearly 800 points on October 21 and continued its downward trend, falling more than 1000 points on October 22. The market breadth was firmly in favor of declines, with nearly 45 Nifty stocks trading with cuts and the Nifty breaching 24,600 intra-day. Midcap stocks such as Coforge, GMRAirports, Polycab, and JSWInfra were among the top losers. The broad-based selling in midcaps resulted in a capital erosion of ₹13 lakh crore over two sessions. The BSE SmallCap index also fell 2% in intra-day trade, and the midcap index dropped 5% in two sessions.