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Nifty Smallcap and Midcap indices have managed to register fresh all-time highs on closing basis, Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities, said on Tuesday.

Breadth of the market is very strong as more than 83 per cent of NSE 500 stocks are placed above their respective 200 DMA, he said.

In a volatile trading session, Nifty managed to close above the 19,300 mark at 19,343, its second consecutive session of gains, while the Sensex gained 79 points to end at 65,075. 

Realty, metal and media stocks were in demand while PSU bank, FMCG and pharma shares declined. Jio Financial Services Ltd was the largest gainer in the index, rising by 5 per cent. 

Nifty Midcap and Smallcap 100 Index outperformed the Nifty where they gained 0.34 per cent and 0.54 per cent, respectively, as against 0.19 per cent rise in the Nifty, Vakil said.

Advancing shares outnumbered the declining shares as advance decline ratio stood at 1.37 levels on BSE, the highest in last five days. NSE cash market volumes were higher as compared to recent average.

"The market is moving in a range and we expect this trend to continue given the data-packed week and monthly derivatives expiry. Further, consistent selling by FIIs and poor monsoon in the month of August raised concerns among investors, thus keeping the upside limited," said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.