gain for 3rd session; Nifty Midcap 100 hits new high
时间:2024-06-26 14:02:50 阅读(143)
Market Closing Bell: Indian equity indices NSE Nifty 50 and BSE Sensex closed in the green on Tuesday, extending the two-day gaining streak. Nifty 50 ended at 19,574.90, adding 0.24% while Sensex rose 150 points to close at 65,780.26. The broader markets closed largely in the green, with Nifty Midcap adding over 1%, while Nifty Smallcap jumped 0.84%. Sectorally, Bank Nifty and Nifty Auto ended flat, marginally in the red. Nifty Media was the outperformer in the pack, jumping over 3% intraday. Nifty Pharma, Nifty FMCG and Nifty IT all added gains as well.Domestic factors providing market support
“Strong domestic factors are providing crucial support for Indian equities, allowing them to maintain their strength despite attempts by weak global peers to disrupt the mood. India’s service PMI remains robust at 60.2, indicating sustained demand even in the face of inflationary pressures. Notably, small and mid-cap stocks have been standout performers, with both indices reaching all-time highs. Conversely, the weak Chinese service PMI has cast a shadow on hopes of an economic rebound in China, impacting global market sentiments,” said Vinod Nair, Head of Research at Geojit Financial Services.
Nifty Midcap outperforms“The Nifty Midcap index crosses the psychological 40,000 mark, gaining nearly 35% in the last six months, while the smallcap index soars above the 12,000 mark to capture around 40% gain since March 2023. Despite this humongous gain in prices in such a short span of time, we are still more optimistic about both indexes as growing risk appetency will continue to buoy both segments. Following the improving economic health and domestic developments, investors turned to midcap and smallcap stocks as they are often more closely tied to economic growth than large-cap stocks and offer lucrative returns. Apart from that, improving liquidity in these stocks further fuels investor’s confidence to invest more in midcap and smallcap sectors,” said Arvinder Singh Nanda, Senior Vice President, Master Capital Services.
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