Midcap index gains were led by sustained buying momentum in midcap stocks amid improved financials, reasonable valuations, and resilient domestic macros.
As the stock markets opened on Monday, the Nifty Midcap 100 index rose nearly 1 per cent to a record high of 35,396.85. So far this year, the Midcap index has gained more than 12 per cent, outperforming the benchmark Nifty, which has gained 4 per cent.
While, Sensex fell by 250 points, Nifty nearly fell by 28 points in the opening session of the day.
Midcap index gains were led by sustained buying momentum in midcap stocks amid improved financials, reasonable valuations, and resilient domestic macros.
The market capitalisation of the Nifty Midcap 100 has increased by 7per cent since its peak in October 2021 to 37.5 lakh crore, a new high.
While the market is approaching its all-time high, the Nifty Midcap 100 and Smallcap 100 are up 8 per cent and 6 per cent, respectively, from their December 2022 peaks.
Midcap stocks like Shriram Finance t, Jindarose 7 per cenl Steel & Power increased over 6 per cent, Dr. Lal Pathlabs increased over 4 per cent, Max Healthcare, Dixon Technologies, IDFC First Bank, Ashok Leyland, M&M Finance, Delhivery, and other midcap stocks all rose over 3 per cent on Monday.
CG Power & Industrial Solutions, Tata Communications, Prestige Estate Projects, Fortis Healthcare, and Bandhan Bank were among the top index losers.
ABB India , Polycab India, Torrent Power, IndiaMart InterMesh, Astral India, The Ramco Cement , and Zydus Lifesciences are the stocks that have increased the most among those that make up the Nifty Midcap 100 index so far this year.