Over 150 smallcaps rise up to 53%, making a strong start to FY24

The market ended the first week of the financial year 2023-24 with gains of more than a percent. FII buying, a surprise rate pause by the Reserve Bank of India (RBI) and higher GST collection and manufacturing data, helped the indices close higher. Some consolidation is expected in the Nifty at around 17,600-17,700 but rotational buying across index majors will help in maintaining the positive tone, Ajit Mishra of Religare Broking has said.