Broader market shares moved in tandem with the benchmark Sensex and Nifty on April 15, with the small and midcap indices extending gains to rise by 3 percent each, helped by talk of tariff reprieve and a sustained inflow from mutual funds during March.
Just days after a 90-day tariff pause on most nations, excluding China, US President Trump’s statement that he is considering an exemption from tariffs for vehicles and auto parts helped OEM manufacturers in the broader market.
The Reserve Bank of India's (RBI) Monetary Policy Committee decision to trim the benchmark lending rate by 25 basis points, sustaining the growth push has also helped support the sentiment.
HFCL shares were the top gainer on the smallcap index, rising nearly 9 percent to close at Rs 82.72 apiece. Anant Raj shares followed, rising over 8 percent. Other notable smallcap stocks which sharply increased include Kaynes Technology (up over 6 percent), Amber Enterprises (up over 5 percent), Garden Reach Shipbuilders and Engineers (up over 5 percent), Ircon (up over 6 percent), Titagarh Rail Systems (up over 5 percent), FirstCry (up nearly 3 percent), Hindustan Copper (up nearly 5 percent) and more.
On the midcap index, the shares of Mazagon Dock Shipbuilders were the top gainer. The shares of the defence company surged over 9 percent ahead of its record date for payment of interim dividend. IREDA shares followed, rising over 9 percent ahead of its Q4 results.
Other notable midcap stocks which recorded strong gains include Sona Blw Precision Forgings (up over 7 percent), Bharat Forge (up over 7 percent), National Aluminum (up nearly 6 percent), Prestige Estates (up nearly 7 percent), BSE (up nearly 6 percent), Bharat Dynamics (up over 6 percent), Suzlon Energy (up nearly 3 percent), Policybazaar (up nearly 6 percent), Vodafone Idea (up nearly 3 percent), BHEL (up over 4 percent), SAIL (up nearly 5 percent) and others.
Benchmark index Nifty 50's rebound from recent lows of 21,800 showed markets found a strong support, lending strength to the broader indices as well.
"While the bulls seem to hold the current momentum, intraday volatility and profit booking near resistance zones remain likely. Traders are advised to remain cautious near upper resistance levels and consider buying on dips toward key support zones," said Mandar Bhojane, Research Analyst at Choice Broking.
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