The combined m-cap of BSE Smallcap index of 1,000 stocks has grown by Rs 26 lakh crore to Rs 66 lakh crore now in this financial year. In the process, 252 stocks or every fourth stock in the smallcap index has given multibagger returns.
A pullback in the near term is expected, but it would be a counter-trend rally. Once the pullback is complete, the Nifty index should drift lower to the 20-week average
Within largecaps, top gainers include Bharat Heavy Electricals (206%), REC (270%), Power Finance Corporation (191%), Trent (194%), Zomato (217%) and Adani Green Energy (199%).
Nifty needs to cross over 22,100 to witness a clear rally towards the all-time high of 22,525, says Rupak De, Senior Technical Analyst, LKP Securities.