The Nifty Midcap 100 index has seen a rise over the last 21 trading sessions, reaching fresh all-time highs since November 16, according to Nandish Shah, Deputy Vice President of Retail Research at HDFC Securities. The Nifty midcap and smallcap indices have continued their upward trend, with the Nifty Midcap 100 and Smallcap 100 Index gaining 1.10% and 0.5% respectively.
On Friday, the Nifty rose for the fourth consecutive session, closing at an all-time high of 20,267.90, up by 135 points or 0.67%. This increase was attributed to positive GDP data, better-than-expected state election exit poll numbers for the ruling coalition, and strong global cues. This marks the fifth consecutive week of gains for the Nifty, with NSE cash market volumes higher compared to recent averages.
Despite Nifty Auto, all sectoral indices closed in the green, with Nifty Media, PSU Banks, and FMCG being the major gainers. The trend for Nifty remains bullish as it enters uncharted territory, with an immediate resistance seen at 20,400-20,500 levels.
In the US, the Dow Jones Industrial Average saw its highest close since January 2022, while the S&P 500 and Nasdaq recorded their best monthly gains since July 2022. These increases were driven by falling US bond yields, optimism about easing inflation, and potential Federal Reserve rate cuts next year.
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