The Nifty Midcap 100 and Nifty Smallcap 100 indices advanced for the second consecutive session on Tuesday, outperforming benchmark indices on sustained buying interest in select counters including Godfrey Phillips, Bandhan Bank among others.
The Nifty Smallcap 100 index rose nearly 2 percent over two sessions, while the Nifty Midcap 100 added more than 1 percent during the same period. Both indices outpaced the headline indices for the second day in a row.
Sensex and Nifty rebounded in early trade after a four-day losing streak, supported by easing retail inflation and positive global cues.
Retail inflation fell to a 6-year low of 2.1 percent in June, approaching the Reserve Bank of India's comfort range. Gains in Wall Street overnight also aided sentiment.
In early trade, the Sensex climbed 203.95 points to 82,457.41, while the broader Nifty gained 68.85 points to 25,151.15.
On Monday, the Sensex had declined 247.01 points or 0.30 percent to settle at 82,253.46. The Nifty closed lower by 67.55 points or 0.27 percent at 25,082.30.
Among smallcap stocks, Godfrey Phillips India emerged as the top gainer on the Nifty Smallcap 100 index, rising nearly 6 percent to Rs 9,561 per share on the NSE.
Swan Energy and Piramal Pharma followed, gaining 2.56 percent and 2.53 percent, respectively. Other notable gainers included PG Electroplast, Devyani International, Amber Enterprises and RailTel Corporation of India, which rose in the range of 1 to 2.5 percent.
In the midcap segment, Bandhan Bank led gains on the Nifty Midcap 100 index, rising 3.36 percent to Rs 181.03 per share.
Escorts Kubota, Tata Elxsi, PI Industries and HDFC Asset Management Company also posted gains, rising up to 2 percent.
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