Nifty mid-cap 100 index rises to record high
Nifty MidCap100 index rises 1.37% to close at an all-time high of 14,270.40 points
Mumbai: Nifty MidCap100 index closed at an all-time high on Monday, rising in eight out of 10 trading sessions and dealers expect the mid-cap pack could grow at a faster pace than large-cap stocks. Meanwhile, benchmark indices Nifty and Sensex closed at fresh 2016 highs.
Intraday, the mid-cap index hit an all-time high of 14,298.55 points and gained as much as 1.57%. It closed at 14,270.40 points, up 1.37% from previous close. So far this year, it has gained 6.73%. Year-to-date, Sensex and Nifty have gained 5.78% and 6.56%, respectively.
“Many of the quality mid-cap companies are coming out of stress and are expected to post better earnings as the whole Indian business environment has started improving. Buying interest also emerged in this counter as many mid-cap stocks are turning into large-cap stocks," said Deven Choksey, group managing director, KR Choksey Investment Managers Pvt. Ltd.
Six Nifty mid-cap 100 stocks—Shree Cement Ltd, Bajaj Finance Ltd, JSW Steel Ltd, The Ramco Cements Ltd, Kansai Nerolac Paints Ltd and Mahindra and Mahindra Financial Services Ltd—hit an all-time high earlier in the day.
Shree Cement now has a market capitalization of ₹ 55,554.92 crore, which is higher than these 17 Nifty stocks—Eicher Motors Ltd, Tech Mahindra Ltd, GAIL India Ltd, Yes Bank Ltd, Aurobindo Pharma Ltd, Zee Entertainment Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Grasim Industries Ltd, Cipla Ltd, Ambuja Cements Ltd, Idea Cellular Ltd, Bank of Baroda, Bharat Heavy Electricals Ltd, Tata Steel Ltd, ACC Ltd, Hindalco Industries Ltd and Tata Power Co. Ltd.
“We think that after buying in large-cap now investors are turning to the mid-cap counters. However we are cautious now and advise the investors to book profit at these levels," said independent market analyst Ambareesh Baliga.
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