Broader markets gain more than benchmark indices, as foreign flows support monthly gains for March

Markets

The broader market indices extended gains for a second consecutive day outperforming benchmark indices Nifty and Sensex, with Nifty Smallcap 100 and the Nifty Midcap 100 indices both up nearly a percent. This comes after Nifty ended the March series back above 23,500, with some experts pointing to further upside from here on, even as tariff-related development will be key the sentiment. For the month, key indices are set to snap the string of monthly losses, supported by a revival in foreign inflows.

"The broader market sentiment remained resilient on the back of continued buying interest… We expect the market to consolidate with a positive bias, tracking outcome of the ongoing US-India trade meet and developments on the global front," said Siddhartha Khemka, Head of Research (Retail) at Motilal Oswal Financial Services.

Shares of BEML were top gainer on the smallcap index, rising nearly 6 percent to extend gains for a second consecutive session, after a 17 percent rise on March 27 following a contract win of Rs 405 crore from the Bengaluru Metro Rail Corporation Limited (BMRCL).

Inox Wind shares were higher by nearly 6 percent while other notable smallcap stocks recording strong gains include International Gemmological Institute India (up nearly 5 percent), CDSL (up over 4 percent), MCX (up over 4 percent), Zen Technologies (up over 4 percent), Godfrey Phillips (up over 4 percent), Delhivery (up over 3 percent), IDBI (up nearly 3 percent) and more.

On the midcap index, BSE was the top gainer, surging over 14 percent after rival National Stock Exchange (NSE) decided to defer plans to shift the weekly, monthly, and quarterly derivatives expiry day to Monday, from Thursday.

NHPC shares were higher by nearly 6 percent, while other notable midcaps that recorded significant gains include Hindustan Zinc (up over 5 percent), IGL (up over 3 percent), SJVN (up nearly 3 percent), BDL (up over 2 percent), Kalyan Jewellers (up nearly 2 percent), RVNL (up nearly 2 percent), Suzlon Energy (up nearly 2 percent), and Colgate Palmolive (up nearly 2 percent).