10:00 am: Indian equities continued to make fresh all-time
highs in early Tuesday trading with mid and small cap stocks besting their
larger cap peers.
The BSE Sensex was 0.2 percent, or 49 points, higher to 28,227 points while
the NSE Nifty gained 8 points to 8,438. Mid and small cap stocks, as measured
by their respective BSE indices, were up 0.4 percent and 0.9 percent,
respectively.
Indian shares have outperformed most global peers this year, after a change
in government spawned hopes measures would be taken to kick-start growth and
control inflation.
The rally has withstood temporary setbacks from both global and local
sources, such as yesterday when Japan was seen falling into a recession again,
and has bounced back to make fresh highs again.
“We have clearly benefited from a series of unique circumstances at least as
far as India is concerned so the RBI governor changed, the new government
coming in to play and more recently the commodity prices is going down,” Anup
Maheshwari of DSP BlackRock AMC, which manages Rs 37,500 crore in assets, told
CNBC-TV18 yesterday. “All of this tends to be uniquely beneficial to us
relative to other markets that we have seen elsewhere in the world.”
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The renewed interest in Indian
equities this year has also led to the outperformance of small and mid-cap
stocks, which are expected to benefit the most in the expected economic
turnaround. This is evident in the host of mid and small cap stocks that are locked
in upper circuit filters in trade today.
Anish Damania of IDFC, which is
hosting its annual conference, said foreign investors are showing particular
interest in such stocks. “Their feeling is that India story is going to run
more and midcaps is where major focus is at this point of time,” he told
CNBC-TV18. More information please visit this site www.bigprofitbuzz.com
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