BENGALURU, March 6 Reuters India39;s bluechip indexes, Nifty 50 and Sensex hit fresh alltime highs on Wednesday, led by financials, while the broader and more domestically focussed small and midcaps declined.

The bluechip NSE Nifty 50 rose 0.53 to 22,474.05, while the BSE Sensex added 0.55 to 74,085.99, marking its first ever close above 74,000 mark.

Both benchmarks lost about 0.6 each during the session before recovering in the final two hours of trade.

The Nifty had earlier hit an alltime high on Monday, while the Sensex logged record high in the special trading session on March 2.

In contrast, small and midcap stocks fell 2 and 0.5, extending losses to the third and second session, respectively.

Small and midcap stocks have underperformed the benchmarks since the Reuters report of regulator seeking more information from the country39;s asset managers about risks in such funds and the mutual fund industry body AMFI asking members to moderate inflows.

The smallcap index has dropped 2.5 so far in March, while the midcaps gained 1.08, underperforming the Nifty 50, which added 2.23 to achieve new record highs.

There is no surprise in the drop in small and midcaps, because the inflows into these segments have been very high and valuations overheated, said Amit Kumar Gupta, founder of Fintrekk Capital.

While Nifty and Bank Nifty may not witness a downturn in the next few weeks, the broader markets might take a hit, Gupta added.

Financials rose 0.63, while IT…