Nifty posts modest gain; mid & small-cap stocks hog limelight

Equities reversed a two-session downtrend and posted modest gains in dull trading with most of the action seen in mid and small cap stocks which outperformed the benchmark index on the National Stock Exchange today.
Rate-sensitive counters remained in limelight on expectations of more accommodative monetary policy stance by RBI early next year even as energy stocks rebounded sharply after recent sharp plunge in crude prices.
However, most of the action was centred around mid and small-cap stocks which outperformed the benchmark Nifty.
However, IT and FMCG stocks saw some selling pressure.
After languishing in the red during most part of the day, stocks witnessed a smart-rebound towards the tail-end.

The 50-share index moved in a range of 8,546.95 and 8,508.35 before settling at 8,537.65, posting a modest gain of 12.95 points, or 0.15 per cent, over the last close.

Elsewhere, barring Hong Kong stocks most Asian equities rallied for a second day with indices in Japan and Shanghai ending at fresh multi-year highs.
Notable index gainers were ICICI Bank, ONGC, Axis Bank, Reliance, M&M, HUL, Asian Paints, IndusInd Bank, Bhel, Cipla, NTPC, Tech Mahindra, Jindal Steel, Maruti, L&T, HCL Tech, IDFC, Sesa Sterlite, Cairn and Wipro.
Prominent laggards included HDFC, HDFC Bank, ITC, TCS, Dr Reddy's, Bharti Airtel, Zee, Hero Moto, Infosys, Hindalco, SBI and Grasim.

Meanwhile, insurance-related stocks witnessed huge demand amid expectations of FDI limit hike in the sector. Max India was the biggest gainer followed by Reliance Capital, Bajaj Finserv and Exide Industries, all rallying 3-6 per cent.
Turnover in the cash segment jumped to Rs 19,392.81 crore from Rs 17,045.45 crore yesterday. A total of 9,963.88 lakh shares changed hands in 79,77,367 trades, while market capitalisation stood at Rs 97,95,642 crore.