Whalesbook
Mid/Small Cap Mein Bumper Rally, Par Funds Ne Khela 'Cautious Game'
April mein mid-cap aur small-cap stocks ne toh kamaal kar diya. BSE mid-cap index 13.81% bhaga, aur small-cap index toh 19.61% upar gaya! Ye toh Sensex (6.9%) aur Nifty (7.5%) se kaafi zyada hai. Lekin pata hai kya? Flexi-cap funds ne apni mid-cap holdings sirf 0.9% badha kar 18.83% ki aur small-cap mein 1.44% badha kar 18.10% tak pahunchaya. Matlab, rally toh hai, par funds full on enter karne se hesitate kar rahe hain.
Inflation Aur Recovery Ki Chinta
Bank of India Mutual Fund ke CIO, Alok Singh, kehte hain ki inflation ki tension abhi bhi hai, aur West Asia ke halaat se ye aur badh sakti hai. Unka kehna hai ki choti companies inflation se zyada affected hoti hain. Plus, September 2024 ke crash ke baad, kai small-cap stocks abhi bhi dhire-dhire recover kar rahe hain. Isi wajah se, fund managers fully commit karne se pehle soch rahe hain.
Kuch Alag Strategy Bhi Hai!
Sabhi funds aise conservative nahi hain. Singh ki fund house ne mid aur small-caps mein exposure badhaya hai, unhe lagta hai ki inflation ka impact shayad utna bura na ho jitna socha tha. Ye log auto, auto ancillaries, metals, pharma, aur power sectors par focus kar rahe hain. Wahi, Quant Mutual Fund ke CIO, Sandeep Tandon, bhi dheere-dheere mid aur small-caps mein investment badha rahe hain. Unki nazar mein power, data centers, pharma, renewables, aur battery storage sectors mein dum hai.
Valuation Aur Global Risks Ka Factor
April 2026 mein mid aur small-caps ne jo rally dikhayi hai, woh 12 saal mein sabse badi hai. Isse valuation ki chinta bhi badh gayi hai. BSE Smallcap index ka P/E ratio 30.93x hai, jo historical range mein hai, par P/B ratio 4.07x FY19 ke baad sabse high hai. Matlab, ab zyada galti ki gunjaish nahi hai. Upar se, global tensions, FPIs ka paisa nikalna (USD 4.2 billion April 2026 mein), aur rupee par pressure, ye sab factors uncertainty badha rahe hain. Toh bhaisahab, sab fund managers carefully chal rahe hain, aur fundamentals strong companies par nazar rakhe hue hain.