Mid-, small-cap indices outperform benchmarks, rise up to 1%; HPCL, Ircon, PCBL rise up to 7%

Strong buying in mid and smallcap shares.

• Midcap and smallcap indices rose up to 1 percent, snapping recent losing streaks
• Steel Authority of India rose 5% after safeguard duty on certain steel imports.
• Sensex and Nifty rebounded, gaining 0.45 percent and 0.54 percent respectively

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The mid-, small-cap segment outperformed the benchmark indices on Wednesday, rising up to 1 percent amid broad-based buying in the final session of the calendar year 2025.

The Nifty Midcap 100 index snapped its four-session losing streak to gain up to 1 percent. The index had declined about 1.5 percent in the previous four sessions.

Steel Authority of India led the gains in the midcap space, rising over 5 percent after the government announced a three-year safeguard duty of up to 12 percent on select steel imports, raising expectations of better pricing support for domestic producers.

Hindustan Petroleum Corporation and Oil India followed, rising 4.58 percent and 3.93 percent, respectively, around noon.

Godfrey Phillips India, Coromandel International, Indian Bank and Indian Renewable Energy Development Agency were among other gainers in the midcap segment, advancing up to 3 percent.

Ajit Mishra – SVP, Research at Religare Broking, said "This is the continuation of the rebound which we have been seeing in recent weeks, however, sustainability would be key, citing the similar rebounds have fizzled out in the past, especially in the small-cap space."

The Nifty Smallcap 100 index also snapped a three-day losing streak to recover all its losses and rise up to 1 percent, after declining over 1 percent in the previous three sessions.

PCBL Chemical led the smallcap gains, rising about 7 percent.

Other smallcap gainers included IFCI, Deepak Fertilisers and Petrochemicals Corporation, Mangalore Refinery and Petrochemicals, and NCC, which rose up to 6 percent.

The broader market outperformed the benchmarks as the Sensex and Nifty rebounded on Wednesday, snapping their recent losing streaks, with buying interest seen in metal stocks following the government’s decision to impose a three-year safeguard duty on select steel imports.

The Sensex climbed 384.45 points, or 0.45 percent to 85,059.53, while the Nifty rose 139.20 points, or 0.54 percent to 26,078.05 around noon, after five days of decline.

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