BackBSE small-cap index hits 7-year high
BSE small-cap index rose as much as 1.86% to 11,643.85 pointsa level last seen on 21 January 2008
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Mumbai: BSE’s small-cap index rose for the sixth straight session and touched a seven-year high on Wednesday.
Earlier in the day, BSE small-cap index rose as much as 1.86% to 11,643.85 points—a level last seen on 21 January 2008. The mid-cap index climbed as much as 1.04% to 11,065.23 points.
The BSE small-cap index closed 1.79% higher at 11,635.38 points, while the BSE mid-cap index rose 0.65% to end at 11,022.17 points. The benchmark BSE Sensex gained 0.67% to 28,707.75 points.
In 2015, the small cap index has risen 4.7%, BSE mid-cap index 6.4% and the benchmark Sensex 4.4%.
“Small caps (stocks) are passing through the same phase that we saw in mid-caps in the last year. Last year, mid-caps were preferred after a rally in large caps, and it now seems to be turn of small caps," said Deven Choksey, managing director and chief executive officer of K.R. Choksey Shares and Securities Pvt. Ltd.
“There are hopes that many of these small caps can be financially restructured. Also, with projects opening up, small companies will now start getting more business," Choksey added.
Top gainers in small-cap space were Himadri Chemical Industries Ltd which rose 20%, Kitex Garments Ltd. rose 19.95%, while Rane Holdings Ltd and Indo Count Industries Ltd climbed 19.97% and 17.52%, respectively.
Top gainers in the mid-cap space were 3M India Ltd, Prism Cement Ltd, India Cements Ltd, KRBL Ltd and Gujarat Gas Ltd. that rose 8.26%, 7.64%, 4.65%, 4.20% and 7.33%, respectively.
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