Nifty Midcap 100 index hits record high; Adani Total Gas surges 11%

In the past one month, the Nifty Midcap 100 index outperformed the market by gaining 3.4 per cent, as compared to 0.1 per cent decline in the Nifty 50.

Shares of midcap companies were in demand with the Nifty Midcap 100 index hitting a record high of 62,324.20, up nearly 1 per cent on the National Stock Exchange (NSE) in Tuesday’s intra-day trade on the back of a sharp rally in power and metal stocks. The midcap index surpassed its previous high of 62,113.85 touched on May 8, 2026.

 

In the past one month, the Nifty Midcap 100 index has outperformed the market by gaining 3.4 per cent, as compared to 0.1 per cent decline in the Nifty 50. Since April, Midcap index soared 18.4 per cent, as against 7.8 per cent rise in the benchmark index.

 

 

Among individual stocks, BSE, Laurus Labs and Polycab India from the Nifty Midcap 100 index hit their respective all-time highs in intra-day trade.

 

Adani Total Gas rallied 11 per cent to ₹731.40 on the NSE in intra-day deals. The market price of the Adani Group company hit a 52-week high of ₹798 on September 23, 2025. The counter saw huge trading volumes, with a combined 16 million shares changing hands on the NSE and BSE.

 

Tata Investment Corporation, Info Edge India, JSW Energy, Premier Energies, Waaree Energies, Tata Communications, Steel Authority of India (SAIL), Oil India and Paytm were up in the range of 3 per cent to 5 per cent.

 

Meanwhile, since April, the market price of Bharat Heavy Electricals (BHEL) has zoomed 71 per cent, while Vodafone Idea surged 66 per cent followed by BSE (62 per cent), Hitachi Energy India and Tata Communications (49 per cent each), Oracle Financial Services (47 per cent), Adani Total Gas (44 per cent), Motilal Oswal Financial Services (41 per cent) and Sulzon Energy and Multi Commodity Exchange of India (MCX) (40 per cent each).

 

Meanwhile, based on provisional data, foreigners invested ₹822 crore while domestic players invested ₹3,857 crore in Indian equities on Monday, May 25, 2026.

 

Broader-market indices were mirroring this bullish rotation. Following a three-week consolidation phase, the Nifty Midcap index successfully resumed its upward trajectory and hit an all-time high in intra-day today.

 

Technical analysts at ICICI Direct expect broader market to relatively outperform the large caps as the ratio chart of Nifty 500 vs Nifty 100 has been inching upward, confirming sustained outperformance of the broader market backed by improving market breadth. Amidst geopolitical uncertainties, currently 74 per cent of Nifty 500 stocks are trading above their 50 days SMA compared to last week’s reading of 68 per cent.

 

Adding a structural tailwind to Indian equities, Brent crude oil has broken down below its one-month rising trendline support. This accelerating decline in global crude prices is highly beneficial for a major importing nation like India. 

 

The pair of USD/INR approached the extreme overbought reading of 84 (highest since 2002). Further, Gravestone Doji candle on the weekly chart signifies, potential trend exhaustion and an impending reversal in favor of the Rupee, the brokerage firm said in note.

 

Overall, sentiment remains positive, and any constructive outcome from the US–Iran negotiations, along with the reopening of the Strait of Hormuz, could further improve market confidence and support the next leg of the rally, said analysts at Axis Securities.

 

Meanwhile, market valuations rebounded in April 2026 following the sharp correction seen in March 2026, with the Nifty50 rising to ~18.6x while midcap and small cap valuations improved to 27.5x and 22.3x respectively from 24.6x and 20.2x in March 2026, analysts at JM Financial Institutional Securities said.

 

The rebound was broad-based across sectors, with the sharpest increase seen in FMCG, Auto and Real Estate valuations. Current valuations are relatively stable versus April 2026 levels for large caps and broader markets, although some moderation is visible in sectors such as Auto, Energy and Real Estate after the sharp rebound in April 2026, the brokerage firm said.  ========================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.