Nifty Midcap Select index hits record high, rallies 13% in one month

The Nifty Midcap Select index hit a new high of 14,223.90, soaring 2% and surpassing its previous high of 14,118 touched on December 1, 2025.

Shares of midcap companies were on a roll with the Nifty Midcap Select index hitting a new high at 14,223.90, soaring 2 per cent on the National Stock Exchange (NSE) in Wednesday’s intra-day trade amid a sharp rally in pharmaceutical and financial shares. The midcap select index surpassed its previous high of 14,118 touched on December 1, 2025.

 

In the past one month, the Nifty Midcap Select index has outperformed the market by surging 13 per cent, as against 5 per cent rise in the Nifty 50.

 

Among individual stocks from the Midcap Select Index, SRF and Yes Bank surged 8 per cent and 7 per cent, respectively in intra-day deals today. Hindustan Petroleum Corporation (HPCL), Lupin, Persistent Systems, Aurobindo Pharma, BSE, Bharat Heavy Electricals Limited (BHEL), Marico and IndusInd Bank were up in the range of 2 per cent to 5 per cent.

 

 

In April 2026, the equity market marked a recovery from the weakness seen in the prior months. The momentum was supported by resilient domestic macros and steady start to corporate earnings; even as global volatility persisted due to fluctuating crude oil prices and heavy foreign portfolio investor (FPI) outflow, said analysts at ICICI Prudential Asset Management Company.

 

On the macroeconomic front, India’s Manufacturing PMI (Purchasing Managers’ Index) increased to 54.7 indicating mild recoveries in growth of new business intake and production. Further, export orders rose with pace of growth reaching a seven month high. Demand resilience supported sales and production, but their growth was hampered by competitive conditions and due to war in the Middle East.  Check:  NSE Top Gainers Today | NSE Top Losers Today

 

Going ahead, ICICI Prudential AMC expects the prolonged stalemate in the Iran–US conflict, coupled with the lack of tangible progress in peace negotiations over recent days despite an extended ceasefire, heightens the risk of sustained disruption to global oil and gas supplies. This, in turn, could push oil and gas prices higher than current market expectations. In this context, India appears relatively well positioned from a macro standpoint, supported by stable fundamentals and regulatory backstops such as ECL style policy guidance that signals continued support to the financial system.

 

While India may continue to be impacted by the global volatility, we continue to remain constructive on equities given the favourable domestic macro indicators. Going forward, the environment is likely to become more differentiated, making bottom-up stock selection increasingly critical, the ICICI Prudential AMC said in its market outlook. 

 

Meanwhile, Sanjeev Prasad, MD & Co-Head, Kotak Institutional Equities in strategy note said that the markets may shift focus from domestic politics to earnings and geopolitics in the aftermath of the recent assembly elections. The elections delivered a change in the political guard in the three major states of Kerala, Tamil Nadu and West Bengal, but may not change the administrative and legislative agenda of the central government. Meanwhile, a decent Q4FY26 earnings season, which has not resulted in any meaningful earnings cuts, may continue to offer support amid increasing macro headwinds, the brokerage firm said.      Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.