After 2 months of decline, midcap and smallcap indices outperformed Nifty in April; will the rally continue?
Read here: General Elections 2024: Will Nifty extend gains for 4th straight month in May? The broader markets have been consistently hitting new peaks in September, except for some correction in February and March. Even though the benchmark Nifty is also at its record high, the bull run in the mid and small-cap stocks is unparalleled. All three indices hit their new peaks in the previous session, April 30.
The Nifty Midcap index hit its record high of 51,232.35 in the last session of April, now up over 60 percent from its 52-week low of 31,926.85, hit on May 2, 2023. Similarly, Nifty Smallcap 100 also hit a new high of 17,132.60 in the previous session, rallying over 76 percent from its 52-week low of 9,709.90, hit on May 2, 2023. Meanwhile, the benchmark Nifty hit a new high of 22,783.35, rising over 26 percent from its 52-week low of 18,042.40, hit on May 3, 2023.
Read here: Share market in April: M&M, Axis Bank among top 5 gainers as Nifty gains 1% Overall in 2024 YTD, the Nifty Midcap index has surged over 10 percent, the Nifty Smallcap index has gained over 12 percent whereas the benchmark Nifty is up 4 percent. In the midcap index, Voltas and Supreme Industries were the top gainers, up over 23 percent each. Meanwhile, Mazagon Dock, Escorts Kubota, Indus Towers, JSW Energy, NMDC, Aditya Birla Capital rose over 15 percent each.
Meanwhile, among losers, L&T Tech and Tata Communications were top draggers, down almost 17 percent each. Meanwhile, Persistent Systems, One97 Communications, Oracle, and M&M Financial shed over 10 percent each. Read here: India VIX: Market volatility may rise ahead of election results, gains limited Among smallcaps, Tejas Network was the top performer, rallying over 51 percent followed by
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