From the low of July 23 when the Budget was presented, mid and smallcap indices on the BSE have surged more than 6 per cent and 7 per cent respectively, according to data from ACE Equit. The S&P BSE Sensex rose 2.5 per cent in this period.
The Budget hiked LTCG and STCG taxes on the sale of shares from 10 per cent to 12.5 per cent and from 15 per cent to 20 per cent, respectively.
Analysts are cautious about — these two segments a favourite of retail investors due to valuation concerns. Investors, it seems, have not heeded their word of caution yet.
Mid, smallcap rally
The disconnect between earnings and market prices in the broader market is driven by the sustained fund flows into these segments and buying, according to V K Vijayakumar, chief investment enthusiastic retail strategist at Geojit Financial Services.
This story is from the July 31, 2024 edition of Business Standard.
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This story is from the July 31, 2024 edition of Business Standard.
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