The Nifty Midcap 100 index closed at a record high on Tuesday, ending the session up 0.54 per cent at 62,299 after touching an intraday peak of 62,365 - its highest level ever. According to reports from The Hindu BusinessLine, the index gained for a third consecutive session, defying selling pressure in frontline indices. The benchmark Sensex fell 479 points, or 0.63 per cent, to close at 76,009.70, while the Nifty50 dropped 118 points, or 0.49 per cent, to 23,913.70 after slipping back below the 24,000 mark it had reclaimed just the previous session. The Nifty Smallcap 100 also advanced 0.4 per cent for the day, while the BSE 100 index fell 0.33 per cent. The Nifty Midcap 100 has now gained 18.3 per cent so far in the current financial year, significantly outperforming benchmark indices. As per Geojit Investments, the Nifty Midcap Select index also hit a fresh record high during the session, highlighting sustained domestic institutional and retail participation in the broader market.
According to Bloomberg data, Taiwan with a market-cap of $4.95 trillion replaced India ($4.92 trillion) at fifth spot in global market capitalisation rankings, behind the US, China, Japan and Hong Kong. Taiwan Semiconductor Manufacturing Co led the rally for Taiwan, with chip-making major driving the country's market performance. This development comes as broader markets faced headwinds from geopolitical uncertainties and contract expiry-related volatility. Markets were also volatile due to two successive settlement days of monthly contracts on the NSE and BSE, with May contracts expiring today while BSE contracts will expire on Wednesday.
Metal stocks emerged as the strongest sectoral performers, with the Nifty Metal index gaining over 1.2 per cent, supported by rising global commodity prices in aluminium, copper, and zinc. Stocks including Hindalco, Vedanta, and Lloyds Metals drew institutional interest amid firmness in global metal prices. The Nifty Energy also closed in positive territory, while Banking was the weakest link with private lenders such as Axis Bank and Kotak Mahindra Bank, as well as PSU bank counters, under pressure from expiry-related selling and tightening liquidity concerns. Consumer Durables and Realty also ended in the red. According to Ajit Mishra, SVP-Research at Religare Broking, the news of renewed US military action in the Middle East dampened hopes of an immediate US-Iran peace agreement, thereby weighing on market sentiment and pushing Brent crude prices back toward the $98 per barrel mark.
Adani Total Gas emerged as the top gainer in the Midcap 100, surging 7.68 per cent to lead the broader market rally. As reported by The Hindu BusinessLine, Maharashtra Scooters rose 6.50 per cent, while Campus Activewear gained 6.21 per cent to highlight strong investor interest in select mid and smallcap names. Info Edge (India) stood out as the top large-cap gainer, surging 4.31 per cent on renewed investor interest in its digital classifieds business. KPIT Technologies added 4.41 per cent and JSW Energy climbed 3.75 per cent. Techno Electric & Engineering was the worst performer, plunging 12.44 per cent due to profit booking and weak order inflows. According to Siddhartha Khemka from Motilal Oswal Financial Services, the resilience in broader markets despite prevailing global uncertainties reflects sustained domestic liquidity participation, with growth-oriented stocks such as Adani Total Gas, Exide Industries, Naukri, KPIT and JSW Energy supporting the midcap rally.
The rupee felt the pressure, snapping lower by around 45 paise to close at 95.68 to the dollar after a three-day winning run, with the USD/INR move back above the ₹95.5 zone rekindling worries about India's import bill and inflation trajectory. On the bullion front, MCX Gold also slipped around ₹900 to near ₹1,58,150, weighed down by the same cocktail of geopolitical uncertainty and a firmer dollar, after repeatedly failing to clear the ₹1,61,000 resistance zone. Elevated crude prices over the past fortnight have already fed into petrol, diesel, and CNG price hikes - petrol and diesel up cumulatively ₹8-10 per litre in several cities, CNG in Delhi now around ₹83 per kg. Fuel-intensive sectors including aviation, logistics, paints, and cement are expected to stay under cost pressure, while oil marketing companies face margin risk if crude stays elevated.
