 "BSE Midcap index hits 52-week high; Balkrishna, PI Ind at record levels")
The S&P BSE Midcap index hit a 52-week high of 16,028 in Muhurat trades on Saturday evening, up 1 per cent on the BSE, surpassing its previous high of 15,931 touched on February 12, 2020.
Among stocks, Adani Green Energy, Ashok Leyland, Balkrishna Industries, Info Edge (India) and PI Industries from the index hit their respective record highs. On the other hand, Aditya Birla Capital, Kansai Nerolac, Vodafone Idea, Adani Transmission, Container Corporation of India, IDFC First Bank, Godrej Industries, Adani Green Energy and Hindustan Aeronautics were up 2 per cent to 5 per cent on the BSE.
Shares of Info Edge (India) reached a fresh record high of Rs 3,908, up 1 per cent on the BSE. The stock has gained 10 per cent in past four trading days, after the company announced its September quarter (Q2FY21) results on Tuesday.
Among stocks, Adani Green Energy, Ashok Leyland, Balkrishna Industries, Info Edge (India) and PI Industries from the index hit their respective record highs. On the other hand, Aditya Birla Capital, Kansai Nerolac, Vodafone Idea, Adani Transmission, Container Corporation of India, IDFC First Bank, Godrej Industries, Adani Green Energy and Hindustan Aeronautics were up 2 per cent to 5 per cent on the BSE.
Shares of Info Edge (India) reached a fresh record high of Rs 3,908, up 1 per cent on the BSE. The stock has gained 10 per cent in past four trading days, after the company announced its September quarter (Q2FY21) results on Tuesday.
Given the ecoomic recovery, analysts remain bullish on the mid-cap segment and expect it to do well in samvat 2077.
"Besides broadening of the market, we believe midcap performance will gather steam on the back of: 1) price and valuation comfort based on historical evidence; 2) strong earnings revival relative to large caps; and 3) robust institutional flows," wrote analysts at Elara Capital in a November 11 report.
Among stocks, the brokerage remains bullish on Kansai Nerolac, Page Industries, PI Industries, Zee Entertainment, IPCA Laboratories, Coromandel International, Relaxo Footwear, Astral Poly Technik, Crompton Greaves Consumer, Mindtree and Emami.
On the technical front, the Nifty midcap and small-cap indices have been forming a higher base above 50 days exponential moving average (EMA), which has been held well since June.
"We expect broader market to endure its catch up activity as the sectoral rotation within broader market space would lead to rejuvenation of upward momentum amid ongoing Q2FY21 result season," suggest analysts at ICICI Securities.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%