While the benchmarks inched higher, trend in the broader market remained subdued. Analysts blame the frothy valuations in the small and mid-cap space after their recent bull run as the reason behind profit booking by investors.
While the benchmark indices erased early gains, the broader market remained resilient. The market breadth also heavily titled in favour of gainers as two stocks rose for each one that fell.
While the benchmarks bucked the weak global trend and moved higher, analysts warn that exhaustion in the absence of any positive triggers may trigger a phase of consolidation
Sensex mcap increased 21.3 percent or Rs25.11 lakh crore since last budget while BSE MidCap and BSE SmallCap jumped 51 percent and 58.5 percent or Rs21.47 lakh crore and Rs 25.45 lakh crore respectively.