Market extends gains: NIFTY50 trades over 23,100, SENSEX jumps nearly 600 points; mid-cap and small-cap indices gain 2%

Indian equity indices maintained their gains in the mid-market session as market participants indulged in enlarging their positions. Meanwhile, broader indices outperformed their large peers, with the BSE Midcap index and Small-cap index gaining 1.80-2.40%.

Buying in Zomato, Ultratech Cement, Bajaj Finserv, Tata Steel and Tech Mahindra companies’ stocks helped the markets to maintain their gains.

Positive cues from the global markets supported domestic sentiments. Investors focused on the US Federal Reserve interest rate decision later in the day and the upcoming Union Budget this weekend.

On the global front, the Japanese stock market -- Nikkei 225 rose following positive cues from the US markets overnight. Several Asia-Pacific markets were closed for the Lunar New Year holiday.

Back home, almost all the sectoral indices on BSE were trading into positive territory; however, stocks from the FMCG counter were the only exception. Stocks from Industrials, Capital Goods, Basic Materials, Consumer Disc and IT counters were the prominent gainers of the session.

The Sensex traded at 76470.26, up by 564 points or 0.74% after trading in a range of 75975.80 and 76480.97. The index had 26 stocks advancing and 5 stocks declining.

The broader indices were trading in green; the BSE Mid cap index was up by 1.82%, while Small cap index up by 2.39%.

The NIFTY50 traded at 23148.45, up by 189.20 points or 0.83% after trading in a range of 22976.50 and 23125.85. 40 stocks were advancing against 11 stocks declining on the index.