Smallcap, midcap stocks cheer Trump's tariff pause; PI Industries, Dixon Tech, Deepak Nitrite top gainers

Shares of smallcap and midcap companies saw a stellar rally on Friday after US President Donald Trump announced a 90-day pause in reciprocal tariffs for 75 trading partners except China in a bid to hold talks to tweak tariff rates in favour of his country. The Nifty Smallcap zoomed 2.68 percent or 403 pts to reach 15,664, while the Nifty Midcap index gained 1.76% or 881 pts at 50,467 in the afternoon trade.

Despite today's stellar rally, both Nifty midcap and smallcap indices are down 17% and 12% respectively this year.

On April 2, US President Donald Trump announced the imposition of harsh reciprocal tariffs, causing significant downturns in global markets. Indian stock markets mirrored this global trend, experiencing substantial losses, particularly within the smallcap and midcap indices. This move by the US was part of a broader trade policy shift, aimed at addressing trade imbalances and protecting domestic industries. The initial market reaction was one of concern, as investors considered the potential for escalating trade tensions and their implications for global trade dynamics.

In a turn of events on April 9, Trump declared a temporary 90-day suspension of these tariffs for several nations, with China notably excluded from this pause. This announcement led to a positive shift in market sentiments worldwide.

Sensex rallied 1313 pts to 75153 and Nifty gained 431 pts to 22,830 during the fag end of the trade today.

On the BSE smallcap index, Goldiam International  stock was the top gainer, rising 20 percent to trade at Rs 327 apiece. Hampton Sky Realty (19.99%), Camlin Fine (19.99%), Raghav Productivity Enhancers (19%), BL Kashyap (18%)  were the top gainers in the afternoon session.

Other smallcap stocks, which saw huge gains were PVR Inox (up nearly 6 percent), Laurus Labs (up over 5 percent), Kaynes Tech (up over 4 percent), MCX (up over 4 percent), Nuvama (up nearly 4 percent), PNB Housing Finance (up nearly 4 percent), FirstCry (up over 3 percent), Titagarh Rail (up nearly 3 percent), Angel One (up over 2 percent), IRCON (up nearly 2 percent) among others.

The index rallied 1377 pts or 3.10% at the fag end of trade.

On BSE midcap index, PI Industries (9.76%), Dixon Tech (7.88%), Laurus Labs (7.53%), Aarti Industries 7% and Deepak Nitrite (7%) were among the top gainers. The index zoomed 719 pts to 40,265 on Friday. Other key midcap stocks, which reported huge gains were Bharti Hexacom (up nearly 5 percent), Oberoi Realty (up nearly 5 percent), Policy Bazaar (up nearly 5 percent), Cochin Shipyard (up nearly 4 percent), Paytm (up nearly 4 percent), Motilal Oswal Financial Services (up nearly 4 percent), SAIL (up nearly 4 percent), Patanjali Foods (up nearly 4 percent), Biocon (up over 3 percent), Mphasis (up over 3 percent), Bharat Dynamics (up over 3 percent), Mazagon Dock Shipbuilders (up over 3 percent), Polycab (up over 2 percent), Suzlon Energy (up over 2 percent) and IRCTC (up over 2 percent) among others.