Mumbai, June 17
The Indian stock markets continued their upward journey in May, supported by a strong economic backdrop and broad-based buying across sectors, a new report said on Tuesday.
The Indian equities outperformed several global peers, particularly in the mid- and small-cap segments, driven by solid macro fundamentals and improving investor sentiment, according to PL Asset Management’s latest report.
Siddharth Vora, Head of Quant Investment Strategies at PL Asset Management, said India’s solid economic fundamentals and improved global sentiment offer a positive environment for investors.
“India’s resilient macroeconomic landscape, coupled with improving global sentiment, presents a constructive backdrop for equity investors,” Vora added.
While the Nifty rose 1.7 per cent to close near the 24,800 mark, mid- and small-cap indices recorded sharper gains.
The Nifty Midcap 150 jumped 6.5 per cent and the Smallcap 250 surged by an impressive 9.5 per cent.
This strong performance was backed by cyclical sectors like defence, metals and public sector banks, as well as increased retail investor participation.