Market Wrap: Sensex, Nifty extend rally for third straight session; small, midcaps outperform
macroeconomic data. Mid-caps and small-caps outperformed the blue-chips setting new highs. The 30-share BSE Sensex ended higher by 152.12 points or 0.23% 65,780.26 level while the Nifty also closed at 19,574.90 level, up 46.10 points or 0.24%.
India’s services activity continued to expand in August, but at a slower pace than in July. The services purchasing managers' index (PMI) fell to 60.1 in August from 62.3 recorded in July, according to data released by S&P Global on Tuesday. The Nifty Midcap 100 index gained a percent to hit an all-time high, riding past 40,000-mark on Tuesday led by a strong bullish momentum in midcap stocks.
Also Read: India’s services PMI falls to 60.1 in August from 62.3 MoM The Nifty Smallcap 100 index has increased by more than 30%, while the Nifty Midcap 100 index has increased by more than 27% so far this year. Both indices have performed much better than the benchmark Nifty, which has increased by 8% during the same time period. Also Read: Nifty Midcap 100 hits life-time high; Chalet Hotels, Nazara Technologies among key midcap stocks to watch out for "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
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