Nifty Midcap 100 index hits new high

Nifty Midcap 100 index hit its new high after a better-than-expected Gross Domestic Product (GDP) growth in the October-December quarter of the fiscal year 2016-17 (Q3FY17) stunned the Street. Nifty Midcap 100 index touched new high of 16,605, surpassing its previous high of 16,510 touched on February 22, 2017 during intra-day trade on the National Stock Exchange (NSE). Nifty Smallcap 100 index too hit a record high of 6,764 on the NSE in intra-day trade. Meanwhile, the S&P BSE Smallcap index hit a fresh nine-year high of 13,792 on the BSE in early morning trade on Wednesday. The index is trading at its highest level since January 8, 2008, when it touched a record high of 14,239 in intra-day trade. “The quarterly GDP growth for Q3 FY17 has exceeded the market’s expectations. The GDP growth for Q3 FY17 came in at 7% more than CARE’s estimation of 5.4% for this quarter,” CARE Ratings said. Commodity Trading Tips



The GDP estimates for Q3 2016-17 and 2016-17 as a whole indicate that despite demonetisation India’s economic growth trajectory remained fairly stable. The growth has come about due to higher tax buoyancy and higher government spending, it added. At 10:04 am; Tata Services Maharashtra (TTML), Dhanlaxmi Bank, Majesco, Neuland Laboratories, Jindal Saw and Prism Cement from the BSE Smallcap index have rallied more than 5% each. Sintex Industries, DLF, Union Bank of India, MRF and Apollo Hospitals from the NSE Midcap 100 index were up more than 2% each. Only two stocks – Bajaj Finserv from Nifty Midcap 100 and Gujarat State Fertilizers & Chemicals (GSFC) from the Nifty Smallcap 100 – hit their respective lifetime highs on the NSE. Balkrishna Industries, Finolex Industries, Minda Industries, Tata Metaliks and Nilkamal from the S&P BSE Smallcap index touched record highs. Nifty Trading Tips