Mid, Smallcap indices hit 12-week high, gain up to 8%

Midcap and Smallcap indices were trading higher for the eight straight days, gaining 8% and 7%, respectively, during the period.

The S&P BSE Midcap and the S&P BSE Smallcap indices hit their respective 12-week high after a recovery in rate sensitive and consumer discretionary sector stocks.

These indices were trading at their respective highest levels since September 28, 2018.

On Thursday, both these indices gained for the eighth straight day, rising 8% and 7%, respectively, after the appointment of Shaktikanta Das as the 25th governor of the Reserve Bank of India (RBI). Strong mutual fund buying coupled with short covering drove the indices higher, market analysts say. In comparison, the S&P BSE Sensex was up 4% during the