SMIDs outperform: Mid- and small-cap indices rise over 1%; SAIL, HPCL, IFCI lead gains

The broader market traded higher on Wednesday, September 10, outperforming the main equity indices. During the intraday period, the Nifty Midcap 100 was up 1.3%, while the Nifty Smallcap 100 index surged 1.1%.

Since the beginning of 2025, the Nifty Midcap 100 index has gained 6%, while the Nifty Smallcap 100 gauge has lost more than 5%.

The Indian equity benchmark indices were trading higher in the afternoon session, with SENSEX jumping 606 points and NIFTY50 trading above the 26,150 level, led by a strong rally in oil and gas and metal stocks.

Mid-cap stocks

Opening at the 60,081.65 level, the NIFTY Midcap 100 index touched a high of the 60,704.70 level and a low of 60,078.85 during the intraday period on Wednesday.

Steel Authority of India (SAIL) was the biggest contributor to the index, soaring over 7.87%. A sharp surge in metal stocks comes as the Indian government imposed a three-year import tariff of up to 12% on certain steel products from April 2, 2025. Import tariffs come to curb the import of cheap steel and aligned products from China, Vietnam, Nepal and other countries.

Hindustan Petroleum (5.57%), Vodafone Idea (4.89%), Godfrey Phillips India (4.06%), Dixon Technologies (3.76%) and Oil India (3.6%) were the other top gainers on the index.

Further, shares of Indian Bank (3.43%), Torrent Power (3.32%), IndusInd Bank (3.24%), Coromandel International (2.88%) and Motilal Oswal Financial Services (2.62%) were also trading higher.

Meanwhile, Swiggy (-1.15%), PB Fintech (-1.14%), Tata Communications (-0.26%), RVNL (-0.25%) and IRB Infrastructure Developers (-0.24%) were among the top losers on the index.

Small-cap stocks

Opening at the 17,579.60 level on Wednesday, the NIFTY Smallcap 100 index touched a high of the 17,724.50 level, which is 1.17% higher than its previous close. The index’s intraday low was at the 17,574.95 level.

Mangalore Refinery and Petrochemicals, Deepak Fertilisers and Petrochemicals Corporation and IFCI were the top gainers on the index, surging 11.46%, 6.53%, and 5.89%, respectively.

Shares of PCBL Chemical (5.12%), NCC (3.66%), Devyani International (3.63%), Jupiter Waggons (3.61%) and IRCON International (3.5%) also contributed to the gauge.

On the flip side, shares of Navin Fluorine International (-3.85%), Radico Khaitan (-2.27%), Hindustan Copper (-2.12%), Aptus Value Housing Finance India (-1.74%) and JBM Auto (-1.29%) were the top losing stocks on the index.