Midcap Index Hits New All-Time High As Buyers Bet On Broader Markets

On Thursday, BSE's MidCap index hit a fresh lifetime high on the back of broad-based buying in early deals. The S&P BSE Midcap index touched the high of 18,974.33 after opening at 18,903.75.

The top gainers on the index in morning trade were Bharat Forge Ltd, Ashok Leyland and Jindal Steel & Power, that rose over 4% each. The three stocks also hit their respective 52-week highs.

Other top gainers included IDFC First Bank, LIC Housing Finance, SAIL, Godrej Properties and Adani Enterprises.

Large-cap index- Sensex- was also trading 250 points higher, up at 48,420 levels. IndusInd Bank, Axis Bank, State Bank of India, Larsen & Toubro (L&T), ICICI Bank, and Mahindra & Mahindra were the lead gainers on Sensex.

The SmallCap index also gained 1.17%.

Foreign institutional investment, vaccine cheer, gains in the global markets and general optimism on pickup in economic activity have been keeping investor optimism high.