Dalal Street’s middle-order hits record high before Nifty, smallcaps. What’s driving the midcap boom?
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Riding on the back of robust earnings momentum and attractive valuations, India’s Nifty Midcap 100 index has stolen the spotlight in 2025, surging 6.5% to scale fresh all-time record highs, even as the Sensex, Nifty, and smallcaps continue to trail behind in their pursuit of new peaks. Experts say the rally in midcaps is more than just a catch-up trade — it’s a story driven by fundamentals. Ajit Mishra, Senior Vice President at Religare Broking, attributes the midcap surge to “a mix of factors — strong earnings performance, valuation comfort, and improving investor sentiment.” He adds that “several companies in the midcap space have delivered better-than-expected Q2 results, reflecting earnings catch-up and operational resilience in a challenging environment.” This resilience, Mishra explains, follows a period of time correction earlier this year that made valuations more reasonable and rekindled buying interest. “Many of these companies ...