Midcap index has been on the rise for the past 21 sessions, reaching new highs not seen since November 16th.

The Nifty Midcap 100 index has reached new all-time highs for 21 consecutive trading sessions, according to Nandish Shah, Deputy Vice President of Retail Research at HDFC Securities. The Nifty midcap and smallcap indices have seen gains of 1.10% and 0.5% respectively.

Nifty closed at an all-time high of 20,267.90 on Friday, marking its fourth consecutive session of gains. The increase was attributed to positive GDP data, encouraging state election exit polls for the ruling coalition, and strong global cues. This marks the fifth week of gains for the Nifty, with higher NSE cash market volumes compared to recent averages.

Despite Nifty Auto, all sectoral indices closed in the green, with Nifty Media, PSU Banks, and FMCG leading the gains. The bullish trend of Nifty has brought it into uncharted territory, with immediate resistance seen at 20,400-20,500 levels.

In the US, the Dow Jones Industrial Average closed at its highest level since January 2022, while the S&P 500 and Nasdaq saw their best monthly gains since July 2022. Falling US bond yields, optimism about easing inflation, and potential Federal Reserve rate cuts for the next year have driven these gains for US stock benchmarks.

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