Nifty Midcap 100 Index Surges to Record High on Strong Performance from Adani Total Gas, Info Edge, and Waaree Energies

Indian Stock Market Benchmark Indices Trade Largely Flat Amid Global Uncertainty

The Indian stock market benchmark indices, Sensex and Nifty 50, traded largely flat on Tuesday, tracking mixed global cues amid lingering uncertainty over the US-Iran peace talks. The frontline indices fluctuated between gains and losses in a lacklustre trading session.

Broader Markets Outperform Benchmark Indices

However, broader markets outperformed the benchmark indices, supported by gains in midcap and smallcap stocks. The Nifty Midcap 100 index touched a record high, with the majority of its constituents trading in positive territory.

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Comparison of Nifty Indices

The Nifty Smallcap 100 index rose as much as 1.04% to 18,393.10, while the Nifty Midcap 100 index gained up to 0.57% to hit a fresh all-time high of 62,324.20.

Top Gainers and Losers in Nifty Midcap 100 Index

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Among the top gainers in the Nifty Midcap 100 index, Adani Total Gas shares surged nearly 11%. Other top gainers included Info Edge (India), Tata Communications, JSW Energy, Waaree Energies, Premier Energies, Tata Investment Corporation, Steel Authority of India Ltd (SAIL), and OIL India, which advanced between 2% and 5%. On the downside, top laggards in the Nifty Midcap 100 index included Container Corporation of India, Rail Vikas Nigam Limited (RVNL), Ashok Leyland, Jubilant FoodWorks, and Colgate-Palmolive (India), with losses ranging from 2% to 7%.

Technical Outlook

Compared with the benchmark Nifty 50 index, the broader market-focused Nifty Midcap 100 has continued to outperform and is currently trading in uncharted territory. According to Rajesh Bhosale, Technical Analyst at Angel One, the Nifty Midcap 100 index remains in a sustained higher high–higher low formation, indicating continued bullish momentum. Recently, we have observed that every dip is being bought near the 50-day exponential moving average (50-DEMA), and investors should continue adopting a buy-on-dips strategy.

In terms of key levels, Bhosale noted that 60,000 remains an important higher-bottom support zone, while 63,500 is the next key resistance level. Sudeep Shah - Head of Technical and Derivatives Research at SBI Securities also noted that despite scaling a fresh all-time high, the Midcap 100 Index index has formed small-bodied candles with minor wicks on the daily charts over the last two sessions, indicating indecision near the highs.