Mid, smallcap indices rebound; GRSE, Muthoot Fin, BDL, BSE jump up to 18%

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Mid, smallcap indices rebound; GRSE, Muthoot Fin, BDL, BSE jump up to 18%

The Indian equity market was trading sharply higher, driven by hopes of de-escalation in the war between US-Israel and Iran

Stock market rally

SI Reporter New Delhi

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Mid and smallcap indices witnessed a sharp rebound on Wednesday, April 1, amid an overall upbeat market. At 10:15 AM, the Nifty Midcap 100 index was up 3.07 per cent at 54,264 levels, while the Nifty Smallcap 100 rose by 3.47 per cent at 15,731 levels. In comparison, the benchmark NSE Nifty50 was quoting at 22,865.70 levels, up by 534.30 points or 2.39 per cent.

Overall, the Indian equity market was trading sharply higher, driven by hopes of de-escalation in the war between US-Israel and Iran. US President Donald Trump said the US military may wind down its operations in Iran within two or three weeks, and Tehran did not have to make a deal as a prerequisite to end the war. “We leave because there’s no reason for us to do this,” Trump said.

Iranian President Masoud Pezeshkian said on Tuesday that Iran is willing to bring the ongoing conflict with Israel and the United States to an end, provided there are guarantees that such hostilities will not recur.

VK Vijayakumar, chief investment strategist at Geojit Investments, said there are indications of de-escalation of the war from the statements issued by the Iranian authorities.

"Iranian president’s ‘openness to ending the war’ and confirmation from the Iranian foreign minister that ‘messages were exchanged with the U.S.’ indicate that the war might end soon. This view is getting reflected in declines in crude prices and US bond yields. The market might start discounting de-escalation earlier than the event," he added.

Top Midcap Index gainers

On the Nifty Midcap 100, Muthoot Finance stock was the top gainer, up nearly 14 per cent at ₹1,356 per cent. Among others, Bharat Dynamics, Motilal Oswal Financial Services, BSE, GE Vernova T&D India, KPIT Technologies, Tube Investments of India, Tata Investment Corporation, and Coforge surged over 5 per cent each. Out of 100 constituents, 98 stocks were trading in the green.

Top Smallcap index gainers

In the Nifty Smallcap 100 basket, Garden Reach Shipbuilders & Engineers was the top gainer, rising more than 18 per cent to ₹2,339. Among other Smallcap names, JBM Auto, BEML, IFCI, Ircon, Anant Raj, HBL Engineering, BLS International, NBCC, Deepak Fertilisers, Wockhardt, Brainbees Solutions, Reliance Power, and CDSL jumped over 6 per cent each. Out of 100 constituents, 98 stocks were trading higher.

However, Hitesh Tailor, research analyst at Choice Equity Broking, cautioned that, considering ongoing global uncertainties and heightened volatility, investors should adopt a cautious and selective strategy.

"It may be wise to accumulate fundamentally strong stocks during market corrections. Fresh long positions should preferably be initiated only after the Nifty convincingly breaks above and sustains the 24,000 level, which would indicate improved sentiment and the likelihood of a more durable bullish trend," he added. Disclaimer: Views and outlook shared belong to the brokerage/analysts and are not endorsed by Business Standard. Readers' discretion is advised.

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First Published: Apr 01 2026 | 10:20 AM IST