Market Snapshot: Nifty Smallcap Outperforms Nifty, Sensex; Nazara Tech Rallies 18%

By Malvika Gurung — Domestic equity indices opened in green on the last trading day of the week, tracking positive cues from global markets as Asian markets jumped up to 2% in early trade on Friday, mirroring an overnight bounce in Wall Street. 

Benchmark indices climbed 0.53% and gained 242.35 points or 0.46% at 12:30 pm, as investors remained concerned evaluating the economic outlook and interest rate hike expectations.

Gains in the Nifty50 index are led by industry majors like Mahindra & Mahindra (NS:) and Hero MotoCorp (NS:), surging up to 3%, while auto, banking and financial stocks supported the market.

Small-cap stock Solara Active soared 17.11% and Rakesh Jhunjhunwala portfolio stock Nazara Technologies (NS:) rallied 17.77%, nearing its 52-week high.

Barring , all sectoral indices listed under the Nifty basket traded in red, led by and . rose 1.1%. Broader market indices 100 and 100 outperformed headline indices, surging 0.98% and 1.02%, at the time of writing.

PMI and retail sales in Europe and the US are leading indicators signalling an economic slowdown. However, central banks globally are continuing to hike interest rates despite the slowdown, with the likelihood of the US market entering a recession.

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“Since the market knows this and equities are in oversold territory, this has triggered short-term upmoves,” stated Vijayakumar of Geojit Financial Services,

Oil traded flat, as lowered 0.12% to $109.92/barrel, while and traded on a muted note.

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