Midcap index at highest level since February 2018
As the stock market rallies to new highs every day, the midcap index is at the highest level since February 2018.
Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services, said that the Indian equity market continued its record breaking run for the seventh straight session to touch yet another new high.
The broader market too gained with both Nifty Midcap 100 and Nifty Smallcap 100 up by 0.6 per cent and 0.5 per cent, respectively.
Infact, the Midcap index ended higher for the ninth straight day, at the highest level since February 2018, Khemka said.
Nifty rallied 136 points to close at 13,529 while Sensex surged 495 points, higher by 1.1 per cent, to end at 46,104. The majority of the sectors closed in green with media being the biggest gainer, up 3.8 per cent. It was followed by private banks, financials and realty which gained more than 1 per cent each. On the other hand, PSU banks (-1.0 per cent) and metals (-0.5 per cent) were the only losers while auto ended flat.
Global cues were positive as Pfizer has started to roll out its coronavirus vaccine in the UK and with investors tracking the ongoing efforts in the US on additional fiscal stimulus.
European markets too hit February highs, joining the global market rally while investors kept an eye on the make-or-break Brexit talks.
On the domestic side, Nifty ended over record high levels led by gains in Reliance Industries, HDFC Bank and Infosys. Infact, HDFC Bank and Kotak Bank contributed over 80 per cent to Nifty Bank’s gains.
The sentiments were buoyant post the Union Health Secretary’s statement that the government may consider approving vaccines for the public, thus raising bets of an economic recovery.