Mumbai, April 9 (IANS) The Nifty smallcap index continued its strong performance with 13 days of gains, while the Nifty midcap index consolidated after 11 days of green trading. The Sensex crossed 75,000 for the first time, reaching a new high of 22,768.
According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, sector-wise buying in metals, realty, and financials drove the market up. The metal index surged on global prices and domestic demand, with expectations of continued uptrend based on strong Q4 updates and macro data.
As per a report from Asit C. Mehta Investment Intermediates, the Sensex and Nifty hit all-time highs in early trading on Tuesday. Smallcaps saw gains while midcaps and largecaps remained flat. Sectors like metals, financial services, realty, and healthcare performed well, while PSU banks, consumer durables, media, and FMCG stocks declined.
With a forecast of normal monsoon in India for 2024 by Skymet, agri and rural-related stocks are expected to be in focus. The market is likely to see ongoing stock-specific action with the start of the result season, keeping the momentum going in various sectors.
