Punjab, Oct. 15 -- The Sensex surged 1,533.72 points on Thursday - 2.11 per cent - to close at 74,315.61, its biggest single-day gain of the month. The Nifty added 374.65 to 22,997.35. And in the same session the Smallcap index fell 1.31 per cent.
That divergence is the story
A 2.11 per cent gain on the Sensex alongside the Nifty Midcap down 0.36 per cent and the Smallcap 100 down 1.31 per cent is about as narrow as an Indian rally gets.
It means the entire move came from a handful of index heavyweights while the broader market was being sold. Two days ago the pattern was the reverse: the index fell while more shares rose than fell. Within 48 hours the market has gone from broad-based buying under a falling index to a narrow melt-up over...