Stock market today: Adani Power, REC, ACC, Cyient, others lead midcap, smallcap indices at record high | Mint
Active Stocks
Mon Feb 26 2024 15:59:59
  1. Tata Steel share price
  2. 142.60 -1.99%
  1. Power Grid Corporation Of India share price
  2. 287.75 1.97%
  1. HDFC Bank share price
  2. 1,422.25 0.10%
  1. ITC share price
  2. 409.20 -0.58%
  1. State Bank Of India share price
  2. 759.00 -0.05%
Business News/ Markets / Stock Markets/  Stock market today: Adani Power, REC, ACC, Cyient, others lead midcap, smallcap indices at record high
BackBack

Stock market today: Adani Power, REC, ACC, Cyient, others lead midcap, smallcap indices at record high

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 equity markets were anxious about the outcome of state polls and what it portends for the 2024 general elections. (MINT_PRINT)Premium
The equity markets were anxious about the outcome of state polls and what it portends for the 2024 general elections. (MINT_PRINT)

The Indian stock market indices, Sensex and Nifty 50, witnessed a stellar rally and hit a record high on Monday as investors sentiment were boosted after the BJP’s victory with thumping majority in the three of the four state assembly elections.

The Sensex surged more than 1,100 points to a new high of 68,587.82, while the Nifty 50 jumped over 300 points to a record high of 20,602.50 on December 4. Broader markets participated in the rally with the Nifty Midcap 100 and Nifty Smallcap 100 indices gaining over 1% to touch their respective high levels.

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 :rocket: 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 political risks

The equity markets were anxious about the outcome of state polls and what it portends for the 2024 general elections.

“With the outcome overwhelmingly in favor of the incumbent BJP, the confidence of the market in the current dispensation and political continuity post 2024 Loksabha elections will get a boost. This augurs well for macro and policy momentum for India, which, at the moment, is seeing the highest growth among major economies (both GDP as well as corporate earnings). We expect market sentiment to strengthen further and the prospect of a pre-election rally is quite strong now, in our view," said Motilal Oswal Financial Services.

Among midcap stocks, the brokerage prefers Godrej Properties, Indian Hotels, Lemon Tree Hotels, Sunteck Realty, PNB Housing Finance, Angel One and Global Health.

Catch Live Market Updates here

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 04 Dec 2023, 10:19 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App