You are here: Home » Markets » News
Business Standard

BSE Midcap index hits 52-week high; Balkrishna, PI Ind at record levels

Aditya Birla Capital, Kansai Nerolac, Vodafone Idea, Adani Transmission and Hindustan Aeronautics were up 2% to 5% on the BSE in Muhurat trading on Saturday evening.

BSE Midcap | Buzzing stocks

SI Reporter  |  Mumbai 

Illustration: Binay Sinha
Illustration: Binay Sinha

The S&P 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.

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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, November 14 2020. 18:51 IST