Broader indices shine as smallcaps notch second straight weekly gain — TradingView News

Broader markets outperformed the benchmark indices for the second straight week, with the Nifty Midcap 100 and Nifty Smallcap 100 ending in the green in all five trading sessions. The rally was driven by sustained buying in domestic-facing sectors such as realty, consumer durables, capital goods, and select industrial names, while continued inflows from domestic institutions and easing crude oil prices supported sentimentThe Nifty Mid and Smallcap indices extended the winning streak for the second consecutive week, gaining 2.8 percent and 3.2 percent, respectively.For the week, the BSE Sensex rose 1274.95 points, or 1.68%, to close at 76802.9, while the Nifty 50 rose 390.2 points, or 1.65%, to end at 24013.1.Among sectors, Nifty India Defence index rose 6.5%, Nifty Consumer Durables added 6.4%, Nifty Realty jumped 5.5%, Nifty Capital Markets rose 4.2%, while Nifty IT Index fell 1.3%.The Nifty Smallcap 100 added 3.2 percent. Redington, Five-Star Business Finance, PG Electroplast, Physicswallah, Star Health & Allied Insurance Company, Central Depository Services, KFin Technologies, Netweb Technologies India, and IDBI Bank rose between 10-19 percent, while Ola Electric Mobility, Ather Energy, Cohance Lifesciences, Mangalore Refinery and Petrochemicals among major laggards.Foreign Institutional Investors (FIIs) turned net buyers this week as they bought equity shares worth ₹3,386.33 crore, while Domestic Institutional Investors (DIIs) continued to lend support to the market, purchasing equities worth ₹7,107.89 crore.The total market capitalisation of companies listed on the BSE declined by more than ₹15.53 lakh crore during the week.”Domestic equities posted a broad-based recovery through the week, reflecting renewed risk appetite across the capitalization spectrum with the small and mid-cap indices outperforming large caps by a meaningful margin,” said Vinod Nair, Head of Research, Geojit Investments.The key trigger was a notable decline in Brent crude, which dipped below the $80 per barrel level on hopes of a potential US–Iran peace agreement. However, the abrupt cancellations of peace talks halted the slide in oil prices and led to profit booking toward the close of the week,” Nair added.”Consumer durables and real estate led sectoral performance, while IT stocks lagged, pressured by Accenture’s weak revenue guidance that reignited concerns around discretionary tech spending, compounded by a tighter global rate environment,” he said further.Where is the market headed?Vatsal Bhuva, Technical Analyst at LKP SecuritiesThe index managed to close above the crucial 24,000 mark, indicating sustained buying interest at lower levels. Momentum remains positive despite some consolidation. Overall, the technical outlook remains bullish, with support placed at 23,900 and positional support at 23,800, while resistance is seen in the 24,200–24,250 zone. A buy-on-dips strategy should be adopted.Nilesh Jain, VP- Head of Technical and Derivative Research at Centrum FinverseThe broader trend remains positive as the index continues to trade above its short-term 50-DMA, placed at 23,840, keeping the possibility of a gradual move towards 24,400 intact in the near term. Momentum indicators also remain supportive, with the MACD sustaining a buy crossover and the RSI holding above 60, indicating a bullish undertone.Meanwhile, India VIX declined 13% during the week to settle below 13, and any further moderation in volatility could provide additional support to the market’s positive sentiment.Nagaraj Shetti, Senior Technical Research Analyst at HDFC SecuritiesThe market action indicates a minor downward correction from the highs. The crucial overhead resistance of 24150 (previous opening downside gap of 11th May and swing high of 26th May) weighed heavily and resulted in a dip.The present weakness in Nifty is unlikely to damage the near-term uptrend status of the market. Nifty is expected to bounce from the lows and could surpass the hurdle of 24150 levels again in the short term. Immediate support is placed at 23800.DisclaimerDisclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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