The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps.
On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023.
In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.
ICICI Securities is bullish on CreditAccess Gramin recommended buy rating on the stock with a target price of Rs 1600 in its research report dated October 21, 2023.
The short-term trend of Nifty continues to be negative. Having placed at long-term support at the lows, there is a possibility of a small upside bounce from near 19100-19000 levels. A breakdown of 19000 is likely to open the next downside of 18600 levels in the near term. Any upside bounce from here could find strong resistance around 19250-19350 levels, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The domestic indices were up led by gains in technology, consumer durables, banks and financials. The 30-share BSE Sensex pack rose 501 points or 0.78 per cent to hit an all-time high of 64,415, while the broader NSE Nifty moved 137 points or 0.72 per cent up to trade at its lifetime peak of 19,108.