Nifty Smallcap index hit a 52-week high of 21,174.60, up 0.42 per cent on the National Stock Exchange (NSE) in Monday’s intra-day trade after 152 stocks from the index gained more than 2 per cent in an otherwise weak market.

At 02:11 PM, the Nifty Smallcap 500 index was up 0.10 per cent, compared to a 0.52 per cent decline in the Nifty 50. In the past three months, Smallcap 500 outperformed the market by surging 11 per cent, against a 3.4 per cent rise in the BSE Sensex.

PC Jeweller, Strides Pharma Science, Syrma, ION Exchange India and Avalon Technologies from the index soared in the range of 10 per cent to 18 per cent in intra-day deals. 

A total of 36 stocks were up between 5 per cent and 9 per cent, 38 stocks gained 4 per cent each, 35 rose 3 per cent each and 38 stocks were up 2 per cent each in Monday's intra-day trade.

Meanwhile, Syrma's share price hit a new high of ₹1,626.50, rallying 12 per cent amid heavy volume. A combined 10.95 million equity shares representing 6 per cent of the company's total equity, changed hands on the NSE and BSE.

Jefferies in its electronics components sector report, said India is embarking on a stepwise approach for indigenization. Mobile Production Linked Incentive (PLI) 1 (FY21-26) was successful in assembling 99 per cent of phones in India, but value add was limited. Electronics Components Manufacturing Scheme (ECMS) in FY26 aims to enhance the domestic component value chain. 106 of 249 projects are approved. MPMS launched in August 2026 is set to grow Mobile value-add & exports, with higher incentives for Indian brands and components. 

While ECMS aims to enhance backward integration in Components, MPMS targets strengthening exports and value add for Indian Mobiles. MPMS outlay is ₹62,500 crore with a 5-year tenure; ECMS is ₹40,000 crore with a 6-year tenure, the brokerage firm said. It recommends prudence in Syrma (Hold, 57x) after its +105 per cent rally year to date.

Strides Pharma Science soared 12 per cent to ₹1,185 in intra-day deals. A combined 2.2 million equity shares changed hands on the NSE and BSE.

Strides is engaged in the development, manufacturing and marketing of pharmaceutical products, with a strong focus on providing high-quality, affordable medicines across global markets. The company specializes in niche and technically complex (difficult to manufacture) generic finished dosage formulations.

Strides said in its FY26 annual report that it has been deliberate in diversifying the company’s business across geographies and this strategy is now delivering clear outcomes. While the United States (US) market continues to remain an important pillar, Ex-U.S. markets grew steadily, increasing their contribution to approximately 46 per cent of revenue in FY26 and nearing 50 per cent on a quarterly exit basis.

Strides further said its portfolio strategy is increasingly focused on driving value-led growth by addressing unmet market needs, strengthening brand equity and enhancing product differentiation. This approach enables it to improve pricing power while building a more resilient and sustainable business.

The US market is expected to remain a key growth driver over the coming years and continued investments in research and development will aid future launches and long-term growth. At the same time, the company remains focused on improving operational excellence while managing industry challenges, including seasonal demand shifts and regulatory timelines, Strides said.

Meanwhile, stock- and sector-specific buying remained evident across the broader market, with small-cap indices touching fresh intraday lifetime highs. Strong earnings momentum, resilient economic growth, and robust domestic demand continue to underpin investor confidence in the broader market, said Vinod Nair, Head of Research, Geojit Investments.

The Nifty-50 has largely remained flat over the past one year, weighed down by persistent geopolitical headwinds, relative valuation concerns, and sustained foreign institutional investor (FII) selling, particularly in index heavyweights. In contrast, select pockets of the small and midcap (SMID) segment have continued to deliver strong earnings growth, driving the Midcap and Smallcap indices to new all-time highs. With the pace of earnings growth strengthening and the breadth of growth improving, we expect the risk-reward profile to become increasingly favorable, enhancing India’s attractiveness from an FII perspective, Motilal Oswal Financial Services said. Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.