Indian Market in H1CY24: Average total market cap soars to record ₹397 lakh crore; 7 midcaps elevated to largecaps
The Indian Stock Market had a strong start in the first half of 2024, experiencing a bull run that led to multiple record highs and a significant rally in benchmark indices. According to a report by Geojit Financial Services, the total average market capitalisation reached a record ₹397.1 lakh crore, marking a 23.4 percent increase from the previous six-month period.
During this period, mid-cap companies emerged as the top performers, with a 26.4 percent rise in market capitalisation, followed closely by small-cap companies at 25.7 percent and large-cap companies at 21.9 percent. The market also witnessed shifts in categories, with 7 mid-cap companies moving up to large-cap status and 17 small-cap companies advancing to the mid-cap category.
Prominent companies such as Hero MotoCorp, Zydus Lifesciences, and BHEL transitioned from mid-cap to large-cap status, while companies like HUDCO and Godrej moved from small-cap to mid-cap. These changes reflect the dynamic nature of the market and present opportunities for investors to adjust their portfolios accordingly.
The IPO market also saw significant activity, with over 30 IPOs collectively adding ₹2.16 lakh crore to the market cap. Geojit highlighted the transition of companies from the SME segment to the main board, showcasing the evolving landscape of the market and the potential for growth across various segments.
In terms of market cap distribution, large-caps saw a slight decrease in their share, while mid-caps and small-caps gained ground. Geojit noted that largecaps are trading at a discount compared to historical averages, indicating potential opportunities for investors.
The market thresholds for largecaps, midcaps, and smallcaps have also seen substantial growth, reflecting the overall trends and sentiment in the market. Geojit emphasized the importance of staying informed and seeking advice from experts before making any investment decisions.
Overall, the first half of 2024 has been a period of growth and transformation for the Indian Stock Market, presenting opportunities for investors to capitalize on the evolving market dynamics. DailyBubble believes that staying informed and adapting to market changes is crucial for successful investment strategies in the current environment.