The BSE Midcap index scaled another peak on Thursday, putting on 25.96 points or 0.25% to end the session at 10,525.82, reports fe Bureau in Mumbai.
With these gains, the mid-cap space appears to have gained back some of the momentum it lost since July.
Among the counters that have done well are NBCC, which has jumped fivefold since January, CCL, which has surged sixfold, and Symphony, which has quadrupled in value. Biscuit maker Britannia, consumer durables firm Whirlpool and Ajanta Pharma and Natco Pharma have rallied anywhere between 85% and 200%.
After under-performing the Sensex in three of the last four months ending October, the broader mid-cap index has outperformed the Sensex with gains 4.43% in November.
So far in 2014, the BSE Midcap has gained 57% against the Sensex’s gain of 35% with as many as 177 constituents yielding better returns than the 30-share large-cap index.
It is not surprising that the index is trading close to its peak relative valuations against the Sensex with one-year forward earnings multiple of 16.78, and nearly a third of the 267 constituents already having doubled in value. The performance also appears broad-based with stocks from the construction, consumer durables, automobile, infrastructure, capital goods, pharma and financial services sectors.