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Nifty Hovers Around 10,450, Midcap, Smallcap Stocks Outperform

Analysts say 10,500 is a crucial level for Nifty and any surge above that could open up possibility for further gains in near term.

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Nifty Hovers Around 10,450, Midcap, Smallcap Stocks Outperform

The Sensex and Nifty traded mildly in the green in early noon trade.


Benchmark stock indices had a positive start today, taking leads from the final congressional approval of a sweeping US tax revamp. Buying by domestic institutional investors set the tone. The Sensex was up 4 points at 33,781 while Nifty hovered around 10,450 mark. Some profit-taking was seen in banking, FMCG, and auto stocks while buying in metal, oil & gas, pharma stocks supported the market. Among the Nifty50 stocks, Sun Pharma, Hindalco, BPCL, L&T and Ambuja Cements were up between 1-2 per cent. Infosys, Bajaj Finance and M&M were among the top losers. 

Strong buying was seen in midcap and smallcap stocks. BSE midcap index rose nearly 0.50 per cent while smallcap index rose 0.80 per cent. 

Asian markets offered a muted reaction on Thursday to the passage of U.S. tax cuts as benefits to company bottom lines were already baked into stock prices, while bonds were spooked by the blowout in government debt needed to fund the giveaways. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.06 percent in thin trade, while Australian stocks lost 0.2 percent.

Japan's Nikkei eased 0.3 percent, though a softening yen provided some support to exporters. South Korea slipped 1.2 percent amid tensions with the North, but Indonesia rose after Fitch upgraded the country's credit rating.

In U.S. President Donald Trump's first major policy win, Republicans steamrolled opposition from Democrats to pass a bill that slashes taxes for corporations and the wealthy while giving mixed, temporary relief to middle-class Americans.
 


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