Babbar Sher became a small company in one year
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Penny Stocks: Investors have got excellent returns in the Indian stock market in the financial year 2023-24. In one year, Nifty has given a tremendous return of 28.61 percent and Sensex has given a tremendous return of 24.85 percent. Amidst the boom in the stock market, shares of medium and small companies listed on the midcap and small cap of the Bombay Stock Exchange have given investors about 62 percent returns in the year 2023-24. The performance of Sensex has increased due to the good returns of midcap and smallcap stocks. Investor sentiment remained intact due to strong macroeconomic conditions in the country and good quarterly results of various companies. Due to this, new enthusiasm was seen in the market. BSE Midcap Index jumped 15,013.95 points or 62.38 percent in the financial year 2023-24. At the same time, the small-cap index has increased by 16,068.99 points or 59.60 percent. In comparison, the 30-share BSE Sensex gained 14,659.83 points or 24.85 percent in FY 2023-24.
What do experts say
Suman Banerjee, CIO at hedge fund Hedonova, said this change in investor sentiment was driven by strong macroeconomic conditions in India, which traditionally promotes a quick rise in shares of smaller companies during periods of economic expansion. The broader market performed impressively in FY 2023-24. After slipping to its 52-week low of 23,881.79 points on March 31, 2023, the BSE Midcap index hit its lowest level of 40,282.49 on February 8. The BSE small-cap index hit its all-time high of 46,821.39 on February 7, while it had hit a 52-week low of 26,692.09 on March 31 last year. The 30-share Sensex of BSE had reached its all-time high of 74,245.17 points on March 7 this year.
Small companies gave impetus to the market
Sunil Nyati, Managing Director, Swastika Investmart Limited, said that the better performance of small company stocks compared to the Sensex in the current financial year reflects the dynamic nature of the Indian domestic market and the diverse opportunities it offers to investors. According to market analysts, shares of smaller companies are usually bought by local investors, while foreign investors focus on shares of larger companies. In the financial year 2022-23, BSE Sensex had risen by 423.01 points or 0.72 percent. However, the BSE small-cap index fell 1,258.64 points or 4.46 per cent, while the mid-cap index declined marginally by 42.38 points or 0.17 per cent.
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