The first 6 months of 2024 witnessed a bull run with multiple record highs and an over 10 percent rally in the benchmark indices. The total average market capitalisation soared to a record ₹ 397.1 lakh crore, a substantial 23.
4 percent increase from the previous six-month period of July to December 2023, a report by domestic brokerage house Geojit Financial Services highlighted. Moreover, mid-cap companies led the charge with a 26.4 percent rise in market capitalisation, closely followed by small-cap companies at 25.
7 percent and large-cap companies at 21.9 percent, mentioned the report The Geojit report also observed significant shifts in market categories and contributions from new IPOs. During the January to June 2024 period, 7 mid-cap companies were elevated to large-cap status, while 17 small-cap companies ascended to the mid-cap category.
The midcaps that turned largecaps in the first six months of 2024 include Hero MotoCorp , Zydus Lifesciences, JSW Energy , NHPC , BHEL, Samvardhana Motherson, and Bosch . Meanwhile, HUDCO, Bharat Dynamics , IRB Infra, Hitachi Energy, Hind Copper, Godrej, BSE, NALCO, and Cochin Shipyard were some of the smallcaps that became midcaps in this period, informed Geojit. Conversely, seven large-cap companies were downgraded to midcaps, and 19 midcaps fell to the small-cap category, it further stated.
In the first half of 2024, several prominent large-cap companies saw a shift to the mid-cap category, including Polycab India , ICICI Prudenti.
