By Shravan Sreenivasula, CNBC-TV18

If one looks at the BSE smallcap index from the December 20 - that’s when the rally in these stocks has started.

It has gained about 18% till January 7 and from January 7 when the fall started, it has lost half of its gains - over 10% gains have been lost in the process. The run is not secular all across the stocks there are about three varieties of stocks.

The first variety is the kind of stocks, which have fallen even during the time of the run and have also fallen during the time of the fall.

For instance, Kirti Industries has lost about 16% from December 21 till the January 7 and it has lost about 27% from January 7 till date; and this is in fact at the back of strong result. The net profit was about 472%, the net sales was 60%.

The list of stocks such as Geefcee Finance, Advani Hotels, GSFC and other stocks have lost in both the run as well as the fall - so these are the stocks which look the most weakest.

But if one looks at the other stocks like GV Films, IKF -these have traced the BSE smallcap stock. They have gained anywhere between 42 to 75%, but they have lost over 25% during the process. The stocks like Kohinoor Broad, Punjab Alkalies, Tamil Nadu Petro - these are the kinds of stocks which have traced the smallcap.

While this is happening with these two list of stocks, the third list is of stocks which has been strong both during the run as well as the fall. The stocks like HCL Manufacturing - this has a good result and the acquisition has gone up well with the markets. It was up 42% during the run of the smallcap indices and has gained about 46% in the last ten days and so is the case of Tricom India - it has gained about 12% in the last 10 days. Usher Agro, Vas Infrastructure, Gayatri Projects these are some of the stocks, which have had a good run and looked strong in the market as of now.