The broader market continued to outperform benchmark indices on Thursday, with the Nifty Midcap 100 index scaling a fresh all-time high of 62,094.40 before settling 1.10 per cent higher at 62,003.15. The Nifty Smallcap 100 index also extended gains, rising 0.87 per cent to close at 18,695.65, reflecting sustained strength in broader market participation.

Some market experts attributed the rally to improving global cues, easing crude oil prices, and continued buying in stock-specific counters following earnings announcements.

"Market breadth remained positive for the second consecutive session, as reflected in a BSE advance-decline ratio of 1.80, indicating sustained buying interest in the broader market," noted Nandish Shah, Deputy Vice-President at HDFC Securities.

Ajit Mishra, SVP (Research) at Religare Broking, said the positive undertone was primarily driven by a sharp decline in crude oil prices amid optimism surrounding a potential US–Iran peace agreement. "Stability in the rupee, improving global sentiment, and continued buying interest in select earnings-driven counters further supported the move," he added.

"Despite the favourable cues, the Nifty continues to face a lack of momentum on the upside due to the resistance posed by key moving averages (100 and 200 DEMA) in the 24,550–24,750 zone. However, the noticeable traction across sectors is offering ample trading opportunities. We therefore reiterate our preference for a stock-specific approach across sectors, while remaining selective and avoiding the relatively weaker IT space," Mishra also said.

What's next?

"The Nifty Midcap index traded in uncharted territory, registering strong gains for the second consecutive session, with several individual counters witnessing sharp momentum-driven moves," said Rajesh Bhosale, Technical Analyst at Angel One.

"Considering the broad-based buying visible across the market, we expect Nifty to surpass the 24,600 hurdle soon, which could then pave the way towards the 2,5000–25,100 zone, a psychological level that also coincides with the 200 DMA. In line with the positive undertone, traders are advised to continue with a 'buy-on-dips' approach. Immediate support is seen in the 24,100–24,000 zone," he added.