India's Nifty 50 closes at new record

BENGALURU, Sept 14 (Reuters): India's Nifty 50 index closed at a fresh high on Thursday, led by gains in metals and real estate stocks, while inflows into small and mid-cap indexes continued.
The Nifty 50 ended up 0.16 per cent at 20,103.10, while the S&P BSE Sensex rose 0.08 per cent to 67,519. Both indexes hit record highs earlier in the session.
The Nifty had scaled new peaks on Monday and Tuesday, while the Sensex hit a record high for the first time since July 20 in the day.
"The undertone for the benchmarks is positive and they could see further upside but with higher volatility," said Anita Gandhi, director at Arihant Capital Markets.
Metals extended gains for a second session, adding 1.49 per cent and nearly recouping a 2.67 per cent decline on Tuesday. Hindalco Industries and Tata Steel were among top Nifty gainers.
Real estate stocks jumped 1.39 per cent after Bombay Dyeing sold a land parcel for $627 million.
Analysts said that the likelihood of a US Federal Reserve rate pause could further support the sector.
The more domestically focussed small-caps and mid-caps, which posted their worst slide this year on Tuesday, gained 1.31 per cent and 1.17 per cent, respectively.
"When they (small- and mid-caps) correct, they correct a lot. They do not give easy exits to investors," warned Samrat Dasgupta, CEO at Esquire Capital Advisors, adding that investors should remain cautious on the segment.
Small- and mid-caps, which include more companies, have jumped nearly 31 per cent and 29 per cent, respectively this year, outperforming the more-than-10 per cent gains in the benchmarks.