NSE midcap index hits second straight record high

The NSE midcap index rose to a second consecutive record high on hopes the rally in shares sparked by the election outcomes would lead domestic and foreign institutions broaden their portfolios into riskier plays.

Domestic-oriented midcaps lead, just as with blue chips, given hopes the Bharatiya Janata Party and Narendra Modi will kickstart economic growth with major reforms.

Ramco Cements rises 1.4, Union Bank is up 1.9 percent and Max India gains 8.7 percent.

The CNX Midcap index trades at 15.7 times 12-month forward earnings compared to 15.4 times for the Nifty.

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