The NSE Nifty was down by 0.09 per cent or 16.95 points at 19,785, while the BSE Sensex was at 65,938, down by 0.12 per cent or 79.28 points at 2pm on Friday. A total of 3,750 stocks were actively traded, 1,863 advanced, while 1,744 declined and 143 remained unchanged. Two hundred and fifty-six stocks hit a 52-week high, while 21 stocks hit a 23-week low.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The dominant trend in the market this year is the huge outperformance of the mid and small caps. While Nifty is up only 8.82 per cent YTD, the Nifty midcap index and Nifty Smallcap index are up 33.38 per cent and 41.66 per cent YTD. It is important to understand that Nifty is depressed by the poor performance of banks, which have the largest weightage in Nifty. The Nifty Bank index is almost flat this year, with measly growth of 0.87 per cent.”

He further added, “Banks are underperforming despite very good results because they are over-owned and sustained FII selling is weighing on bank stocks. Mid and small caps are under-owned and retail exuberance is largely driving these stocks. There is no valuation comfort in the broader market, but valuations are fair in large caps. Therefore, the next leg of the rally, driven by institutional money - both foreign and domestic- will be driven by large caps.”

Top gainers on the BSE include NIACL, GICRE, EDELWEISS, FCL, ELECON, with gains ranging from 20 per cent to 9 per cent. Top losers on the BSE include CGPOWER, DBREALTY, WELENT, PAYTM, HINDPETRO, with losses ranging from 4 per cent to 3 per cent. 

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