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Monday, 17 November 2014

Live: Record run rolls on for market; mid, smallcaps shine

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.”

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

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