New Delhi: Small and medium companies on the BSE have outperformed their large-cap peers so far this fiscal as the constituents of the benchmark index Sensex faced selling pressure amid global and domestic growth concerns.
While the mid-cap index has gained 2.31 per cent to 10,818.68, the small-cap index has seen a rise of 1.39 per cent to 11,042.60 from April 1 to October 1. In contrast, the 30-stock Sensex, consisting of large-caps, has lost 6.21 per cent to 26,220.95. The index hit an all-time high of 30,024.74 on March 4, 2015. However, the gauge gave up most of the gains after that and touched one-year low of 24,833.54 on September 8.
Sensex crashed by 1,624.51 points on August 24 — its biggest single-day fall — wiping out over Rs 7 lakh crore from investors’ wealth on a sharp global sell-off triggered by the Chinese slowdown. Markets have been highly volatile in the past couple of quarters on weak corporate earnings and negative global cues, including devaluation of the Chinese currency and fear of rate hike by the US Federal Bank.
The mid-cap index touched its all-time high of 11,666.24 on August 10, 2015 and the small-cap index recorded its lifetime high of 12,203.64 on August 5. Foreign investors, a key driver of the Indian stock market, have also turned sellers recently on account of various global and domestic factors.
