On 24 October 2025, India’s Nifty Midcap 100 and Nifty Smallcap 100 indices traded largely flat, reflecting market consolidation. While large-cap indices were under pressure on profit-taking, smaller-cap segments showed limited movement despite an overall risk-on environment. Traders attributed the lack of momentum to muted foreign flow participation and sectoral caution. Portfolio re-balancing ahead of the earnings season is also cited as a reason for subdued breadth. Analysts recommend keeping allocations to higher-growth segments but caution that improved liquidity is required for a broad-based rally in smaller-cap stocks.