Indian markets have had a stellar run in the past year with the Nifty returning 25% since last Diwali — the second-best performance in these 12 months in the past 10 years. The broader Nifty 500 index surged 31% during this period, while the Nifty Midcap 100 and Nifty Smallcap 100 indices gained 37% and 35%, respectively.
Strong corporate earnings growth and increased retail investor participation helped local equities post strong returns despite concerns over rich valuations.
Unique investors on the NSE rose by 2.14 crore since last Diwali, reaching a record high of 10.37 crore as of September 30, 2024. However, Indian markets may not be able to replicate the returns of the past year unless foreign investors come back strongly. Large-cap stocks may outperform mid-caps and small-caps.
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