Small-cap stocks extend rally to 4th straight session; MCX, NBCC, IndiaMART rise up to 6%

The small-cap stocks extended their winning streak to the fourth consecutive session on Wednesday, tracking broader market gains amid easing geopolitical tensions in the Middle East following a ceasefire between Iran and Israel.

The Nifty Smallcap 100 index rose over 1.5 percent during the day and has gained nearly 4 percent over the last four sessions.

Shares of Multi Commodity Exchange of India (MCX) surged 6 percent, emerging as the top gainer in the pack. The rally came after Switzerland-based brokerage UBS reiterated its ‘buy’ rating on the stock, citing favourable market conditions and recent product launches. The brokerage also raised its target price on MCX to Rs 10,000 from Rs 7,000 earlier.

IndiaMART InterMesh shares also climbed 6 percent after Nuvama Institutional Equities upgraded its rating on the stock. The brokerage moved its stance from ‘reduce’ to ‘buy’ and revised the target price to Rs 3,800 from Rs 2,100, citing improving business prospects and a new demand cycle.

Other notable gainers included IFCI and Ramkrishna Forgings, which rose more than 5 percent each, while NBCC and PCBL added over 3 percent.Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.