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Midcaps, Smallcaps Soar To New Highs, Sensex Struggles For Gains

Smallcap and midcap stocks continued to show outperformance against their larger counterparts. The BSE's sub-index for small-cap stocks - BSE Small Cap - touched an all-time high of 13,665 during Tuesday's session.
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Smallcap and midcap stocks continued their positive momentum in recent sessions to touch fresh peaks.
Smallcap and midcap stocks continued their positive momentum in recent sessions to touch fresh peaks.
Indian stock markets saw a quiet start on Tuesday with the BSE Sensex rising 65 points and the broader Nifty index just three points shy of 8,900 at day's high. The domestic markets were supported by gains in metal, IT and energy stocks. Asian markets were mostly higher. Analysts said Nifty has strong support at 8,700 and resistance at 8,950 levels. BPCL, Tech Mahindra, HCL Tech, Hindalco and Tata Steel were some of the top Nifty gainers in morning deals - rising from 1 to 2 per cent.

Upside in the broader markets was also limited due to losses in media, FMCG and infra stocks. Ambuja Cements, Bharti Airtel, Zee Entertainment and ITC were among the top Nifty losers - down at least 1 per cent. Smallcap and midcap stocks continued their positive momentum in recent sessions to touch fresh peaks.

Smallcap and midcap stocks continued to show outperformance against their larger counterparts. The BSE's sub-index for small-cap stocks - BSE Small Cap - touched an all-time high of 13,665 during Tuesday's session.

HCL Technologies, Infosys and TCS rose up to 1.4 per cent in morning. Some of the other IT stocks that were positive included Tech Mahindra, Wipro and Mindtree - gaining between 0.7 per cent and 2 per cent.

Reliance Industries rose 1 per cent to a day's high of Rs 1,082.50. Shares were in focus ahead of a scheduled presser by the RIL's chairman and managing director Mukesh Ambani later in the day.

At 9:56 am, 31 stocks in the 51-scrip Nifty were trading in the positive territory. Some of the other gainers on the Nifty included Tata Motors, BHEL, Yes Bank, Bank of Baroda, GAIL India and Grasim Industries - trading higher between 1 per cent and 1 .4 per cent.

US markets were closed on Monday for Presidents Day.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent on Tuesday and held below a 19-month peak hit last Thursday. The index was up more than 11 per cent since December 23, which marked the trough in a selloff triggered by Donald Trump's surprise win at the US election in November.

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