Buoyed
by robust investor sentiment, the mid-cap index of National Stock
Exchange (NSE) has rallied by 30 per cent, outperforming the larger
index Nifty, in the first year of the Modi government. The mid-cap
index of the NSE has given a return of 29.97 per cent since the NDA
government led by Narendra Modi took charge on May 26 last year,
while gain in the 50-share Nifty has been at 16.65 per cent during
the same period, an analysis of the indices showed. However,
small-cap has given a return of 15.59 per cent during this period.
Further, all the sectoral indices barring realty and PSU banks have
given positive returns. Pharma has given a return of 62.22 per cent,
followed by auto (33.70 per cent), IT (29.04 per cent), finance
(26.66 per cent) and bank (26.55 per cent). On the other hand, realty
index dropped by 17.88 per cent and PSU bank slipped by 3.15 per
cent. According to market experts, when markets perform well, smaller
stocks make big gains than the front-lines. But during times of
uncertainty, greater losses are seen in mid and small-cap stocks. The
bullish investor sentiment following a new government at the Centre
and robust foreign fund inflows have been fuelling the rally in the
domestic equity market, experts added. Since Modi took charge,
overseas investors have infused over Rs 93,000 crore into the Indian
equities, while they invested Rs 1.6 lakh crore into the debt market
taking the total to Rs 2.52 lakh crore. Retail investors are major
participants in mid-cap and their activity in this segment has been
upbeat over the past few months. Market players say smaller stocks
are generally bought by local investors, while overseas investors
focus on blue-chip shares. Mid-cap index tracks companies with a
market value that is on an average one-fifth of blue-chips or large
firms, small-cap firms are almost a tenth of that.
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