The conclusion of the current financial year has brought remarkable achievements for the domestic stock market, with small-cap indices leading the rally. Despite one more day remaining in the fiscal year, the stock market concluded its trading session on Thursday, march 28, marking a phenomenal performance throughout the year.

On the final trading day, the BSE Sensex surged by 639.16 points (0.88%), closing at 73,635.48 points, while the Nifty climbed to 22,326.90 points, recording a rise of 203.25 points (0.92%). Over the entire financial year, both major indices displayed substantial growth of approximately 25-25%, reaching new highs of 74,245 points for the Sensex and 22,526 points for the Nifty.


However, the standout performers were the mid-cap and small-cap indices, which outperformed major indices by a significant margin. The BSE Mid Cap Index surged by 62.38%, while the BSE Small Cap Index recorded a remarkable growth of 59.60% during the fiscal year. In comparison, the Sensex and Nifty50 saw gains of 24.82% and 28.61%, respectively, indicating that small caps witnessed more than double the rally of major indices.


Throughout the fiscal year, mid-cap and small-cap indices consistently set new records, reaching peak levels in february 2024. However, the last month of march 2024 witnessed a slight downturn for small caps, with the small-cap index declining by 4.55%. Several factors contributed to this, including statements from the SEBI chief about a potential bubble in mid and small-caps, as well as profit booking pressures due to high valuations.



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