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Business News/ Markets / Stock Markets/  BSE MidCap and SmallCap hit fresh record highs, up over 35% in CY23 so far

BSE MidCap and SmallCap hit fresh record highs, up over 35% in CY23 so far

BSE MidCap index and BSE SmallCap index hit new record highs in today's session, with the mid-cap index rising 0.70% to a record of 34,498 and the small-cap index soaring 0.86% to a historic high of 40,718. Year-to-date, both indices have surged by over 35%.

The spotlight throughout the year has been on mid and small-cap stocks consistently achieving record highs.

In today's trading session, the Nifty 50 index, representing India's top 50 companies, achieved a momentous milestone by surging to a record level of 20,268. This surpasses the previous record set on September 15, 2023, at 20,222.

This significant accomplishment is attributed to a synergy of multiple factors, including robust economic growth, solid corporate earnings, a decline in crude oil prices, a burgeoning trend in retail investing and FPI inflows. The alignment of these positive elements propelled the Nifty 50 to reach unprecedented highs.

Also Read: Nifty 50 hits all-time high led by banks, metals, auto stocks; small, midcaps support rally

Following a downturn in October, the index showcased a strong recovery in November, posting a notable gain of 5.52%, marking the most impressive monthly surge since July 2022.

On November 29, the market capitalisation of companies listed on the Bombay Stock Exchange (BSE) achieved a historic milestone, surpassing a record of $4 trillion for the first time. Taking the current level of 67,397 points, the S&P BSE Sensex is just 0.78% away from reaching an all-time high of 67,927.

Also Read: HPCL, BHEL, MCX among 10 stocks that gained between 30% and 90% in November; check full list

While, the BSE MidCap index and BSE SmallCap index hit new record highs in today's session, with the mid-cap index rising 0.70% to a record of 34,498 and the small-cap index soaring 0.86% to a historic high of 40,718. Year-to-date, both indices have surged by over 35%.

The spotlight throughout the year has been on mid and small-cap stocks consistently achieving record highs, hitting upper-circuit limit, and crossing substantial market capitalisation milestone. The remarkable performance of these stocks can be attributed to the surge in retail investing, enabling smaller stocks to outshine their larger counterparts.

Additionally, companies in this segment are reaping the benefits of the ongoing recovery in India's capital expenditure.

Also Read: SBI Research raises India's FY24 GDP forecast to 7% from 6.7%

Bolstering this positive trend, the Indian economy demonstrated robust growth, expanding by 7.6% in the September quarter of the fiscal year. This exceeded analysts' estimates, primarily fueled by the stellar performance of the manufacturing, mining, and services sectors.

This solidifies India's position as the fastest-growing large economy as China posted 4.9% growth in July–September 2023.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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