Check out the biggest mid-cap gainers since Diwali 2020

India’s stock markets have offered rich rewards to investors since Diwali 2020 in spite of a slowdown in the economy due to the Covid-19 pandemic. And it’s not the blue-chip stocks that have gained the most over the past year.

In fact, mid-cap and small-cap stocks have raced ahead of large-cap stocks since the last Diwali. However, a little bit of caution has set in over the past few weeks as is evident from a pullback in benchmark indices.

Analysts say that high-quality mid-cap and small-cap companies are likely to do well in the coming year, too, and that the broader outlook remains positive. On the flip side, the stock market’s gains over the next year may not be as high as the past year especially as the US Federal Reserve looks to start tapering its monetary stimulus.

The BSE’s 30-stock benchmark Sensex has climbed 37% since last Diwali, on November 14, 2020, while the National Stock Exchange’s Nifty 50 has surged 39%.

In comparison, the BSE mid-cap index has jumped 60% while the BSE small-cap index has soared 80%, stock-exchange data show.

Almost a dozen and a half mid-cap stocks have risen 100% or more since Diwali 2020. These include six state-run companies such as online train ticketing venture IRCTC Ltd.

JSW Energy led the pack of mid-cap companies with the most gains. The electricity arm of billionaire Sajjan Jindal-led JSW Group has surged 418% since last Diwali. The gains would have been higher but for a 19% correction since it touched a high of Rs 408 apiece on October 14.

Tata Power Company gained more than 300% to rank second on the list while software services company Mindtree jumped more than 260%. Two other companies related to the power sector were among the top 10 mid-cap gainers. These were Adani Power and state-run equipment maker Bharat Heavy Electricals Ltd. Both these companies gained more than 150%.

Steel Authority of India Ltd and IRCTC surged over 200%. IRCTC’s gains would have been higher had it not lost nearly a third of its value over the past fortnight, due partly to a policy flip-flop by the government.

Mphasis, Oil India, Godrej Properties, Canara Bank, Oberoi Realty, Astral Ltd, ABB India, Bharat Electronics, Gujarat Gas and SRF are the other mid-cap stocks that have at least doubled in value since Diwali 2020.

Small caps

More than 300 small-cap stocks have also surged over 100% since last Diwali. Brightcom Group and Nahar Spinning Mills topped this list after advancing 1,200-1,400% each.

JTL Infra, GRM Overseas, Tata Teleservices, Ganesh Housing, RattanIndia Enterprises Goldiam International and Elecon Engineering are among the other small-cap stocks that jumped more than 500% each over the past year.