Broader markets rise for 7th day: Small, midcap stocks rally up to 8%; here are the top gainers
The shares of several smallcap and midcap companies rallied on September 15, pushing the broader market indices into the green for the seventh consecutive session. This comes despite benchmark indices Sensex and Nifty hovering in the red.
The Nifty Smallcap 100 index rose more than 0.7 percent to 18,117.50 in the morning, while the Nifty Midcap 100 index was up around 0.3 percent to 58,378.80, as seen as 10.30 am. In comparison, Sensex and Nifty were down marginally to 81,897.10 and 25,100.30 respectively.
Top midcap gainers:
Vodafone Idea shares were the top gainers on the Nifty Midcap 100 index, jumping more than 6 percent to trade at Rs 8.12 apiece. This comes as the Supreme Court is set to hear the telecom company’s plea on AGR (Adjusted Gross Revenue) relief on September 19, as per reports. The debt-ridden company had moved the top court against an additional Rs 9,450 crore AGR demand by the Department of Telecommunications (DoT), arguing that the fresh dues exceed the scope of the Court’s earlier ruling on AGR liabilities.
Indian Renewable Energy Development Agency (IREDA) and Rail Vikas Nigam Limited (RVNL) shares followed, rising more than 4 percent each. HUDCO shares were up over 3 percent, while Tube Investments of India and Cochin Shipyard shares rose nearly 3 percent.
Other notable midcap gainers include NHPC, CONCOR, Suzlon Energy, Sona Comstar, SJVN, Tata Communications, NTPC Green, Tata Tech, Yes Bank and more, which were rose up to 2 percent.
Top smallcap gainers:
On the smallcap index, Anant Raj shares were the top gainers, jumping around 8 percent to trade at Rs 574 apiece. This comes after a report said that the government is considering a 20-year tax break for data centres.
RailTel Corporation of India and IRCON shares gained more than 7 percent each, accompanying their other railway peers.
Aegis Logistics shares gained over 6 percent while IFCI, ITI and CESC shares rose around 5 percent. Welspun Corp shares jumped 4 percent, while Jupiter Wagons, Titagarh Rail Systems and RITES shares gained up to 4 percent.
Radico Khaitan, NBCC, Inox Wind, Tata Chemicals and Ramco Cements shares gained around 2 percent each, while Indian Energy Exchange, IKS, Hindustan Copper and Amber Enterprises shares rose more than 1 percent each.
What analysts say?
The outperformance of small- and mid-cap indices over benchmarks signals a healthy broadening of the market, said Harshal Dasani, Business Head at INVasset PMS. "In corrective phases, investors usually prefer large caps and index-heavy names for safety and liquidity, as they limit drawdowns even if returns are modest. But as markets edge towards record highs, fear subsides and risk appetite gradually returns, prompting flows into mid- and small-caps where growth potential is greater," he said.
"This shift is now evident, with the broader market taking leadership in the rally. Historically, such transitions mark the start of stronger participation from both retail and domestic institutions, creating breadth that supports sustainable uptrends. For long-term investors, this is a constructive development as it suggests the rally is not restricted to a few index movers but underpinned by wider earnings momentum and sectoral opportunities, reinforcing confidence in the resilience and depth of the current market cycle," he added.
Explaining the technical side of the broader markets, Vishnu Kant Upadhyay, Assistant Vice President – Research & Advisory at Master Capital Services Limited, said, "Smallcap and Midcap indices have delivered a bullish reversal, breaking out from a double bottom formation on daily charts. Both Nifty Smallcap 100 and Nifty Midcap 100 have crossed above key moving averages, confirming strength after weeks of consolidation. This signals renewed momentum and positions the broader markets to outperform benchmarks in the near term. Midcaps like TIINDIA, Nykaa, Alkem Labs and smallcaps like Welspun, Radico, KEC Intl show bullish breakouts, strong momentum, sector tailwinds."
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