📷 Image Credits: Moneycontrol
The Indian stock market witnessed a remarkable rally in small-cap indices, with more than 140 smallcaps gaining between 10-42%. The broader indices also hit record highs, outperforming the main indices in the week ending July 5. The BSE Mid and Small-cap indices touched record highs on July 4, with the large-cap index also adding 1.5%. Overall, the BSE Sensex rose 1.21% to close at 79,996.60, while the Nifty50 index gained 1.30% to close at 24,323.80 on July 5, reaching record highs.
Among sectors, the Nifty Information Technology index jumped 4.3%, the Nifty Pharma index rose 3.6%, the Nifty Media index gained 2.7%, and the Nifty Oil & Gas index rose 2.6%. Foreign institutional investors (FIIs) continued to support the market by buying equities worth Rs 6,874.66 crore. On the other hand, Domestic Institutional Investors (DIIs) sold equities worth Rs 385.29 crore.
Experts like Shrikant Chouhan from Kotak Securities noted the positive momentum in the market, with sectoral indices reporting gains. He highlighted the upcoming Q1FY25 earnings season and the impact of rising oil prices on the market. Additionally, the BSE Small-cap index surged nearly 4%, with certain companies like GM Breweries, Roto Pumps, and Wockhardt making significant gains, while others like Jaiprakash Associates and Allcargo Gati faced losses.
Looking ahead, analysts like Siddhartha Khemka from Motilal Oswal Financial Services and Osho Krishan from Angel One provided insights on the future direction of the Nifty50. They highlighted key support and resistance levels for the index, advising caution and strategic approaches for traders in the upcoming period. Overall, the market sentiment remains positive, with expectations for continued sectoral rotation and potential challenges from global developments.
In conclusion, the Indian stock market has shown resilience and strength, with small-caps leading the way to record highs. The positive market momentum, upcoming earnings season, and key events like the Union Budget and Q1FY25 earnings are likely to shape the market dynamics in the coming weeks. Investors and traders are advised to stay alert, monitor key levels, and adapt to the evolving market conditions to make informed decisions.
