Shillong, September 5: Small and mid-cap stocks stole the spotlight on Tuesday, reaching record highs, according to Vinod Nair, Head of Research at Geojit Financial Services.
As per IANS, Indian equities are benefiting from robust domestic factors, maintaining their strength despite global uncertainties. India’s service PMI remains robust at 60.2, indicating sustained demand despite inflationary pressures.
Conversely, weak Chinese service PMI data has cast doubts on China’s economic rebound, impacting global market sentiments.
Domestic equities closed positively for the third consecutive day, driven by optimistic domestic cues, as noted by Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Strong services PMI data for August at 60.1 boosted sentiments. Nifty and the S&P BSE Sensex both closed with gains, demonstrating resilience.
The broader market outperformed, with Mid-cap 100 and Small-cap 100 rising by 1.1% and 0.8%, respectively.
With most sectors showing positive returns, media surged by over 3%, and healthcare gained 1.6%.
Looking ahead, the market is expected to trade within a broader range with a positive bias, thanks to a resilient domestic economy, despite uncertain global conditions.
