Priyanka Tiwari
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On March 24, the Indian stock market witnessed continued buying interest in midcap and smallcap segments, extending last week’s bullish momentum. The Nifty Midcap 100 index rose over 1.4%, crossing the 52,000-mark, while the Nifty Smallcap 100 index gained nearly 1.3%, hitting a monthly high near 16,390.
Top Midcap Performers
- IREDA surged over 7%, rebounding after a 55% decline from its July peak. The company recently raised its borrowing limit by ₹5,000 crore and issued its first-ever perpetual bond worth ₹1,247 crore.
- Bharat Dynamics (BDL) gained more than 5%, contributing to a 3.3% jump in the Nifty India Defence index.
- Other key gainers included:
- PB Fintech (Policybazaar) – up nearly 5%
- Kalyan Jewellers – up nearly 5%
- Cummins India – up 4%
- Mazagon Dock Shipbuilders, Poonawalla Fincorp, Federal Bank, RVNL, and IGL – all up 3% or more
Smallcap Stocks in Focus
- RailTel Corporation of India led the smallcap index with a 5% gain, boosted by a ₹25.15 crore order from Hindustan Petroleum.
- Other smallcap gainers:
- 360 One WAM
- Brigade Enterprises
- Kaynes Tech
All rose over 4% each.
Market Outlook and Analyst Commentary
Ajit Mishra from Religare Broking advised a “buy on dips” strategy, recommending banking, financials, metals, energy, and PSU stocks as preferred picks. He warned against aggressive positioning despite the positive sentiment.
Devarsh Vakil of HDFC Securities noted that:
- Nifty gained 953.20 points (4.26%)
- Sensex added 3,076.60 points (4.17%)
- Midcap 100 rose 7.74% – the best weekly gain since April 2020
- Smallcap 100 jumped 8.64% – strongest weekly surge since June 2020
Read More: Small and Mid-Cap Stocks Still Overvalued, May Underperform: Nippon India MF’s Sailesh Raj Bhan
