 "NSE Midcap index hits new high")
Shares of midcap companies are on a roll with the National Stock Exchange (NSE) CNX Midcap index hitting record high on strong buying from the foreign institutional investors on Wednesday.
The CNX Midcap index, which captures the movement of the midcap companies, was up 0.21% at 11,802. The index hit a new high of 11,809 during intra-day trades today. The benchmark index CNX Nifty, however, down 0.5% at 8,112 at 1230 hours.
Aurobindo Pharma, Motherson Sumi Systems, Kansai Nerolac, Shree Cement, Piramal Enterprises, Ramco Cement and Voltas from CNX Midcap index hit their respective record high.
The CNX Midcap Index represents about 13.93% of the free float market capitalisation of the stocks listed on NSE as on June 30, 2014.
Meanwhile, the Bombay Stock Exchange (BSE) S&P BSE Midcap index hit high of 9,894, its highest level since January 2008. S&P BSE Smallcap index touch its highest level since November 2010 at 10,989 points today. Thus far in September, mid-cap and small-cap indices have outperformed the market by surging 6% each compared to around 2% gain in the benchmark indices during the month.
Among individual stocks, Apollo Tyres, MRF, Ceat and JK Tyre from tyre space have rallied between 20-25% so far in September as lower rubber prices has improved profitability of the sector companies rubber is key raw material in tyre making.
Most of the shipping and shipbuilding stocks like Shipping Corporation of India (SCI), GE Shipping, ABG Shipyard and Bharati Shipyard have rallied between 5-15% on reports that the government is said to be looking at several options which could boost building of ships in the country.
Media stocks such as Hathway Cable, Den Network, Network 18, NDTV and TV Today Network are up 5-6% in trade today.
The CNX Midcap index, which captures the movement of the midcap companies, was up 0.21% at 11,802. The index hit a new high of 11,809 during intra-day trades today. The benchmark index CNX Nifty, however, down 0.5% at 8,112 at 1230 hours.
Aurobindo Pharma, Motherson Sumi Systems, Kansai Nerolac, Shree Cement, Piramal Enterprises, Ramco Cement and Voltas from CNX Midcap index hit their respective record high.
The CNX Midcap Index represents about 13.93% of the free float market capitalisation of the stocks listed on NSE as on June 30, 2014.
Meanwhile, the Bombay Stock Exchange (BSE) S&P BSE Midcap index hit high of 9,894, its highest level since January 2008. S&P BSE Smallcap index touch its highest level since November 2010 at 10,989 points today. Thus far in September, mid-cap and small-cap indices have outperformed the market by surging 6% each compared to around 2% gain in the benchmark indices during the month.
Among individual stocks, Apollo Tyres, MRF, Ceat and JK Tyre from tyre space have rallied between 20-25% so far in September as lower rubber prices has improved profitability of the sector companies rubber is key raw material in tyre making.
Most of the shipping and shipbuilding stocks like Shipping Corporation of India (SCI), GE Shipping, ABG Shipyard and Bharati Shipyard have rallied between 5-15% on reports that the government is said to be looking at several options which could boost building of ships in the country.
Media stocks such as Hathway Cable, Den Network, Network 18, NDTV and TV Today Network are up 5-6% in trade today.