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Indian equities touched record levels on Wednesday, with the Nifty ending above 20,000 for the first time, led by gains in bank shares. Small- and micro-cap stocks rebounded from the previous days brutal sell-off, as investors temporarily brushed aside concerns over pricey valuations.
"The reason the market saw no panic selling is there is low trader interest and positioning in these stocks, in the segment," said Rohit Srivastava, Founder, Indiacharts.com. "IT is going to do better backed by a good global tech environment and strong NASDAQ, and will continue to pick up."
The Nifty Midcap 150 index dropped 3% and Nifty Small-cap 250 fell 3.9%, Nifty Microcap 250 declined 5.2% on Tuesday - their biggest single-day declines since December 23, 2022.
In the past six months, the Nifty 50 has moved up by 15.5%, while the Nifty Microcap 250 has jumped 57%. The Nifty Smallcap 250 and Nifty Midcap 150 have gained 39% and 35%, respectively.
In the past six months, the Nifty 50 has moved up by 15.5%, while the Nifty Microcap 250 has jumped 57%. The Nifty Smallcap 250 and Nifty Midcap 150 have gained 39% and 35%, respectively.