Mumbai: Domestic benchmark indices traded between a tight range for the majority of the trading session before swinging higher in the closing hours of trade. S&P BSE Sensex was up 287 points sitting above the 39,000 mark while the 50-stock Nifty closed comfortably with 11,524 points. Volatility slipped further to sit below the 21 levels. Bank stocks surged, helping the indices close higher. Midcap and small cap stocks continued to rally, beating the benchmarks yet again on Tuesday. With the retail inflation coming in at 6.69% yesterday the economic data was also favourable.
Midcap, small cap rally continues: Once again the midcap and small cap indices rallied, beating the gains registered by benchmark indices. S&P BSE Midcap was up 0.85% while the Small cap index gained 1.44%. Nifty smallcap 100 and Midcap 100 gained over 1%, each on Tuesday. “Market Breadth improved for the second consecutive day as several Midcap stocks across diverse sectors posted handsome gains. The Small-Cap Index rose today on the back of a stellar 5% gain yesterday sending out a clear message that Investors are looking at a more broad market rally after having witnessed a polarised market for a considerable length of time,” said S Ranganathan, Head of Research at LKP Securities.
