Nifty Midcap scales a new peak; GMR Infra, Concor, Dixon among top gainers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The bull run in mid-cap stocks seem to be far from slowing down, with the Nifty Midcap 100 index scaling a fresh all-time high on Friday, April 26.

The Nifty Midcap 100 index gained nearly a percent to hit 50,660.90 today. The index has risen nearly 10% so far this year and is up more than 60% over the past 12 months.

The stocks that have led to the rally in the Midcap Index include GMR Airports Infrastructure, Container Corporation of India, Mphasis, Ashok Leyland, Dixon Technologies (India), Biocon, Bharat Heavy Electricals among others.

Domestic benchmark indices Sensex and Nifty traded marginally lower amid mixed global market cues and as losses in Bajaj Finance offset gains in Tech Mahindra and HDFC Bank. Sectorally, IT and metal indices were the best performers, clocking over 1% rise each.

“The market’s resilience is evident in the fifth straight day of up move supported by massive DII buying of Rs 6,167 crore yesterday, completely overwhelming the sustained FII selling. This massive DII buying has forced short covering which is evident from the sharp decline in the short position from 1.24 lakh to 53500 in one day. With the US 10-year bond yield rising above 4.7%, FIIs will continue to sell,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow