Stock market today: Adani Power, REC, ACC, Cyient, others lead midcap, smallcap indices at record high
Read here: At record high! Sensex jumps 1,100 points, Nifty over 300 points: 5 reasons why The Nifty Midcap 100 index scaled above 44,100 level led by heavy gains in stocks such as Adani Power, HPCL, Union Bank, REC, PFC, ACC, Bank of India, among others, that rose around 2-6% each. Around 85 stocks were trading higher, while 15 stocks declined in the Nifty Midcap 100 index.
The Nifty Smallcap 100 index also rose over a percent to hit a high of above 14,500 with 80 stocks advancing. BLS International Services, NLC India, NBCC India, Cyient, Manappuram Finance, CreditAccess Grameen, PNB Housing Finance, IIFL Finance, among others were the top gainers on the index, rising in the range of 2-7%.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Broader markets have smartly outperformed the frontline indices this year, with the Nifty Midcap 100 up more than 39% and the Nifty Smallcap 100 index up 48% year-to-date (YTD) as against Nifty 50’s 13.5% gain in the same period. The Indian stock market’s record-high run continued on Monday, extending gains for the fifth straight session, as the Bharatiya Janata Party’s (BJP') stellar win in 3 of 5 state assembly elections boosted investors’ sentiment in anticipation of reduced policy and political risks into 2024.
Additionally, strong domestic macroeconomic data with India’s GDP growing above expectations, positive global cues with a fall in US bond yields, a rise in foreign capital inflows and hopes of no more rate hikes in the US supported the rally in the Indian stock market. Also Read: BJP’s win in heartland to keep stock market pulse beating, say analysts, allay concerns over
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