Smallcap index closes in green for 13 consecutive sessions

The Nifty smallcap index continued its outperformance after closing in green for 13 consecutive trading sessions, while the Nifty midcap index has been consolidating at higher levels for the past two sessions after closing in green for 11 consecutive sessions, thus indicating broad base participation, Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said on Tuesday.

The Nifty registered a new record high of 22,768 after a gap-up opening on Tuesday, while the Sensex crossed the 75,000-mark for the first time, he said.

Some profit bookings at higher levels led the Nifty to close flat at 22,642 levels.

Sector-wise buying is seen in metals, realty, and financials. The metal index witnessed a smart rally on the back of a surge in global metal prices and strong domestic demand, Khemka said.

“We expect the uptrend to continue amid healthy Q4 business updates and strong macro data. With the start of the result season, stock-specific action is likely to continue in the market. Agri and rural-related stocks are expected to be in focus after Skymet forecast normal monsoon for India in 2024,” he said.

A report by Asit C. Mehta Investment Intermediates said the Sensex and Nifty clocked an all-time high of 75,124.28 and 22,768.40, respectively, in early trade on Tuesday.

The broader indices ended mixed, with gains led by the smallcap sector, while the midcap and largecap sectors ended flat. Metals, financial services, realty, and healthcare shares were in demand, while PSU banks, consumer durables, media, and FMCG stocks declined on Tuesday, the note said.