SECOND-RUNG STOCKS in the domestic equity market returned with a bang in the first half of 2023 after a lull in 2022. Consider this: While the BSE Midcap and Smallcap indices soared nearly 14 percent and 13 percent, respectively, on a year-to-date (YTD) basis till June 30, the benchmark BSE Sensex gained a relatively meagre 6 percent. The performance is even more impressive when compared with last year, when the BSE Smallcap index plunged 1.80 percent, while the BSE Midcap and Sensex gained 1.38 percent and 4.44 percent, respectively.
Buoyed by the current rally, the BSE Midcap, Smallcap, and Sensex also ended the first half (H1) at fresh record closing highs of 28,776.20, 32,602.14, and 64,718.56, respectively. Market watchers believe the recent outperformance in the broader markets will continue and factors such as formalisation and digitalisation of the economy, lower input costs, improved availability of credit, and expanding valuation multiples will support investor sentiment.
D-STREET STARS
Data showed that firms across sectors delivered in H1. With a jump of 66 percent YTD, Aurobindo Pharma was the top gainer in the mid-cap space, while One97 Communications (Paytm), PB Fintech, KPIT Technologies and Power Finance Corporation surged over 50 percent. In the large-cap space, ABB India jumped 65 percent YTD, followed by Cholamandalam Investment and Finance Company (up 58 percent), Tata Motors (up 53 percent), Hindustan Aeronautics (up 50 percent) and ITC (up 36 percent). However, heavyweights like Reliance Industries (up o.10 percent) and IT major Tata Consultancy Services (up 1.27 percent) saw almost no gains.
Denne historien er fra July 23, 2023-utgaven av Business Today India.
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Denne historien er fra July 23, 2023-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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