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Midcap Street party turns selective as 15 stocks power 50% of rally

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Midcap Street party turns selective as 15 stocks power 50% of rally
Mumbai: Broader markets are on a roll, with midcap and smallcap indices near record highs, but the rally beneath the surface is far from broad-based. A handful of stocks have contributed a larger chunk of the gains since April, according to ETIG calculations.

The Nifty MidCap 150 has rallied nearly 3821 points, or 20%, since the start of April. Of the total gains, 15 stocks, including Coforge, Vodafone Idea, One97 Communications, Larus Labs, BHEL, Lenskart Solutions, MCX, BSE, IDFC First Bank, Federal Bank, Dixon Tech, PB Fintech, Billionbrains Garage, Info Edge India and Yes Bank contributed more than 1,924 points, or over 50%, of the gains.

15 midcaps dominate half of the party's bang in the market scene<br>ET Bureau

The trend is similar in the Nifty SmallCap 250, which has rallied 4,074 points, or 28.5%, over the same period. 28 stocks such as Meesho, Ather Energy, Welspun Corp, HFCL, RBL Bank, Sona BLW Precision, Aster DM Quality, Redington, Neuland Lab, Gland Pharma, Navin Flurine, Aegis Logistics, Sai Life Sciences, Syrma SGS Tech, PNB Housing Fin, Craftsman Automation, Kirloskar Oil, RR Kabel, IIFL Finance, Piramal Pharma, Anand Rathi, Cartrade, Aditya Infotech, Urban Co, Himadri Speciality, Wockhardt, Tata Tech, Karur Vysya Bank – contributed around 2,038 points, or 50%, of the gains.

“The mid- and small-cap indices at record highs, driven disproportionately by a relatively small set of stocks, point to a selective rather than broadly healthy rally,” said Saurabh Jain, head of fundamental research at SMC Global Securities. “Narrower breadth means headline gains are less representative of the underlying universe.”

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For the Mid-cap 150, the remaining 109 gainers contributed nearly 2,216 points, while 26 stocks dragged the index down by around 318 points. In the case of Small-cap 250, the remaining 182 gainers contributed about 2,227 points, while 40 stocks shaved nearly 189 points off the index.


Jain attributed the concentration of gains to stronger earnings growth in select companies, sustained domestic liquidity, sector rotation into capital goods, defence, metals, financials and manufacturing, and stock-specific re-ratings. Elevated valuations in some pockets have amplified the skew, he said.
Read more: US stocks today: US stocks end lower as oil, yields raise September jittersAnalysts said the current phase is more stock-specific than some of the broader mid- and small-cap rallies seen after 2020 and during parts of FY24. Frequent index reconstitution also complicates historical comparisons, with more than 10% of constituents changing over six months and nearly half over two years.

Valuations, meanwhile, have become demanding. The Nifty MidCap 150 trades at a one-year forward Price-to-Earnings (PE) Ratio of 28.95 times, compared with its 10-year average of 26.78 times, while the Nifty SmallCap 250 trades at 25.23 times against its 10-year average of 19.96 times.

Kranthi Bathini, equity strategist at WealthMills Securities said a broadening of the rally would require more uniform earnings growth across companies, continued domestic inflows and improved market breadth.

“If gains remain concentrated, the market could become more vulnerable to profit-taking, liquidity shocks or earnings misses in the stocks leading the rally,” said Bathini. “Selectivity and focus on balance-sheet strength remain essential.”

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Russia lifts 2026 GDP growth forecast to 0.6% from 0.4%

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Russia lifts 2026 GDP growth forecast to 0.6% from 0.4%

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Woking school opens uniform shop to sell items ‘at cost’

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A secondary school in Surrey has secured its own uniform supplier so it can sell items at cost to pupils.

The Winston Churchill School in Woking opened its own uniform shop to cut back to costs for families, where parents can order items on site or online, with clothing including skirts, ties and PE kit available at no markup from what it cost the school.

Head teacher Zoe Johnson-Walker said that the approach had cut £20 off the cost of school blazers compared to the previous school year.

“We’ve been trying to reduce the cost of our uniform over a couple of years,” she told the BBC.

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The school redesigned its uniform for 2026-27, coinciding with new government rules limiting secondary schools to three branded items, plus a branded tie.

According to the Department for Education, the new rules would save parents up to £50.

“Parents have told us they want fewer costly branded items – and that’s exactly what we’re delivering,” a spokesperson said.

“School uniform matters, but it shouldn’t break the bank.”

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Johnson-Walker said That the school had proposed removing its branded blazers from its uniform as it was “one of our most expensive items” but had found “quite a large demand from parents to sell it with the badge on”.

“We’ve managed to do a negotiation with our supplier which means that there’s no additional cost to parents to have a badged item,” she said.

She added that the school had scrapped branded PE tops but was selling plain, black PE shirts in its uniform shop after requests from parents.

“We’re also trying to maintain standards because uniform, as far as we’re concerned, is quite levelling,” Johnson-Walker added.

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Urban planner fined $4k for stalking offence

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Urban planner fined $4k for stalking offence

The Perth urban planner will have a criminal record after being found guilty of pursuing another to intimidate.

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Bath’s oldest charity appoints new CEO as it prepares for ‘next chapter’

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St John’s Foundation is more than 850 years old and supports older adults in financial need

Laura Alexander is St John's Foundation's new chief executive

Laura Alexander is St John’s Foundation’s new chief executive(Image: Handout)

Bath’s oldest charity has appointed a new chief executive as it prepares to expand its work across the city. Laura Alexander has taken the helm of St John’s Foundation just 19 months after her predecessor, Catharine Brown, took up the job.

St John’s is more than 850 years old and works with housing and outreach services to help older adults in financial need to live independently for longer. It also runs a grants programme aimed at supporting individuals and families who have reached financial crisis across Bath and North East Somerset.

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Ms Alexander joined the charity in 2023 to lead its commercial arm – St John’s Hospital Trading Company. She was later appointed director of operations, spearheading a more strategic approach to the charity’s extensive property portfolio.

Her appointment comes as St Joh’n’s prepares to create new almshouses in the centre of Bath and invest in existing homes in a bid to provide more safe, secure and affordable accommodation to older people.

“Over [the last] three years, I have had the opportunity to work with some truly brilliant teams and to see first-hand the very real, human impact their work has on our residents and the wider community,” said Ms Alexander.

“We’re at an important point for St John’s. With an ageing population and increasing pressure on affordable housing, the need for what we do is growing.”

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She added: “For me, the opportunity now is to build on that incredible heritage while being forward-thinking and ambitious about the role St John’s can play in the future. It’s a responsibility I don’t take lightly, and I’m incredibly excited about what we can achieve together.”

The board of trustees said Ms Alexander’s promotion to chief executive comes at “an important point in the charity’s development”.

“Over the last three years, we have seen first-hand the enormous contribution Laura has made to both St John’s Foundation and our trading company,” the board said in a statement.

“Laura brings a clear vision for where St John’s needs to go next while understanding and respecting what makes the organisation so special. We are delighted to appoint her to lead St John’s into its next chapter.”

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Want The Fastest Read On The Economy? Watch These Interim Reports

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Rates Spark: Resumed Steepening Impulse

Want The Fastest Read On The Economy? Watch These Interim Reports

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Perth robotics group Nexxis acquire UK turbine inspection firm

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Perth robotics group Nexxis acquire UK turbine inspection firm

Perth robotics company Nexxis Group has acquired BladeBUG, a UK-based robotics company developing solutions for wind turbine inspection and maintenance.

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Integra Resources: Strong Growth, Tier-One Assets, And A Deep NAV Discount (NYSE:ITRG)

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Integra Resources: Strong Growth, Tier-One Assets, And A Deep NAV Discount (NYSE:ITRG)

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Mountain Valley Value Investments specializes in identifying undervalued companies with strong growth potential across various sectors. Focused on long-term value and buying at the right price, we leverage deep industry insights and rigorous analysis to uncover opportunities with the potential to deliver strong returns. Our investment philosophy is rooted in disciplined research and a commitment to highlighting risks that may impact the thesis. We aim to provide our readers with actionable investment ideas that stand the test of time. Follow us for in-depth analysis and thoughtful perspectives on high-potential stocks.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in ITRG over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Buying DAT Discount: How Crypto Treasury Stocks Can Outrun The Coins They Hold (BTC-USD)

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Buying DAT Discount: How Crypto Treasury Stocks Can Outrun The Coins They Hold (BTC-USD)

Jason Hamlin is the founder of Nicoya Research and publishes highly-rated investment newsletters focused on cryptocurrencies, commodities, mining stocks, and tech/growth stocks. Mr. Hamlin has a background analyzing charts and trends for the world’s largest market research company, is versed in fundamental and technical analysis, and has consulted to Fortune 500 companies around the globe.

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Will new uniform rules save parents money?

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A new law coming into force this school term means parents in England should have to buy fewer branded items of uniform, which the government has said will save them money.

This term uniforms will be limited to three items with a school logo, like a blazer, jumper or sportswear – plus a tie for secondary schools.

The government said some families would save up to £50 per child, but school wear suppliers have argued it could mean parents actually spend more in the long run.

We have spoken to a Fareham mum, a second-hand uniform bank and a Hampshire headteacher about the changes.

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Mum-of-three Kay Devonshire-Murphy, from Fareham, said she stockpiled uniforms across the year from charity shops and second hand sales.

She said having to buy three branded items was still too many.

“A PE top cost me £18 the other day and I had to buy three, that’s massively expensive for a PE top,” she said.

“Only three items is fine, but they’re still really expensive in the places they’re being sold.

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“This year I had to buy a new blazer for my son, that was £30, a new tie.

“Overall I spent £75 just for the branded stuff per child. That’s a lot of money if you’ve got more than one child.”

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Bitcoin trapped in $77K-$78.5K range: Hourly levels

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Bitcoin trapped in $77K-$78.5K range: Hourly levels

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