The shares of several smallcap and midcap companies surged on September 1, tracking the broader uptrend in the market. The sharp rise in the share prices pushed the broader market indices into the green, snapping multi-session losing streaks.
The Nifty Midcap 100 index surged nearly 2 percent to trade at 56,831.70, snapping a three-day losing streak.
Nifty Smallcap 100 index gained more than 1.6 percent to trade at around 17,505.75. The index has now snapped a six-day losing streak.
Ola Electric Mobility shares were the top gainer on the midcap index, rallying 14 percent to trade at around Rs 62 apiece. The stock has now rallied nearly 31 percent in just five sessions.
Tube Investments of India shares followed, rising nearly 6 percent. Mphasis, Aditya Birla Fashion and Retail and Dixon Tech shares rose around 5 percent each, while Premier Energies, Hindustan Zinc and BSE shares jumped around 4 percent each.
Rail Vikas Nigam Limited (RVNL), Voltas and Exide Industries shares gained over 3 percent each, while HUDCO, L&T Finance, Muthoot Finance, Astral, Tata Tech, National Aluminium Company (NALCO) and Yes Bank shares rose over 2.5 percent each.
Max Health, Union Bank, HPCL, Coforge, Cochin Shipyard, Torrent Pharma, Persistent Systems, CONCOR and Paytm shares gained over 2 percent each, while PB Fintech (Policybazaar), Indian Bank, Suzlon Energy, APL Apollo, OIL, BHEL, IGL, HDFC AMC, MRF, Steel Authority of India (SAIL) and others gained nearly 2 percent each.
Also read: BSE, MCX, other capital market stocks jump up to 5%; here are possible reasons behind sharp rally
Among the smallcap stocks, Kaynes Tech was the top gainer, jumping nearly 7 percent to trade at Rs 6,534 apiece. MCX and GRSE shares surged around 5 percent each, while Manappuram Finance, IGIL, KFin Tech and CAMS shares gained around 4 percent each.
CDSL, RailTel Corporation of India, Sagility India, IRCON, IIFL Finance, NCC, Angel One and others meanwhile rose over 2 percent each.
"Global geopolitics is transforming fast in response to Trump’s tantrums. The coming together of China, India and Russia can have profound consequences on global power equations and thereby on global trade. This will have its impact on the stock market too," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
"There are two developments, one global and the other domestic, that can weigh on markets. The U.S. court ruling that Trump’s tariffs are illegal is a big development and the U.S. Supreme Court’s final verdict on the issue will have to be awaited. Domestically, India’s Q1 GDP growth number at 7.8% came much better than expected. It appears that the fiscal stimulus provided in the Budget and monetary stimulus provided by the MPC are acting with a lag. The proposed GST reforms can accelerate growth in the coming quarters. This, along with the huge liquidity coming into mutual funds will continue to support the market," he added.
Also read: Our LIVE blog on stock market updates
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