Nifty Midcap index (Midcap100) hit a record high on Monday in early morning trade after a strong rally in financials and metals stocks on the National Stock Exchange (NSE).   Nifty Midcap index hit an intra-day high of 16,198, surpassing its previous high of 16,169 touched on October 6, 2016 during intra-day trade.

At 09:54 am; the Midcap index was up 0.84% at 16,170 as compared to 0.67% rise in the Nifty50 index. The index has outperformed the market by gaining 17.5% from its recent low of 13,762 on December 26, against 11% gain in the benchmark index.    Domestic institutional investors have put in net amount of Rs 10,805 crore in equities during the period, the stock exchange data show.

Two Adani Group stocks – Adani Enterprises and Adani Power, Sun TV Network, Ramco Cement, DLF and Sintex Industries are among others have surged more than 30% each. Biocon, Indraprastha Gas, Natco Pharma, Sun TV Network and Vakrangee hit their respective record high on the NSE on Monday.

Outlook

Though analysts believe that the markets could see higher levels in the days ahead, they suggest investors book profit at regular intervals, especially in the mid-cap segment that has outperformed the benchmark indices.

Source:  business-standard.com