Size doesn't matter in market rise

Mid-cap and small-cap indices have outperformed the Sensex's 13% year-to-date gains by a big margin

It is irony that the S&P BSE MidCap and SmallCap indices ended in the red on a day when their larger peer, the benchmark S&P BSE Sensex, made a record by closing above the 30,000-mark.

That apart, these two indices, representing mid-cap and small-cap companies, have delivered astonishing returns since mid-2014, outperforming the Sensex by a wide margin. In fact, say experts, there was far more money made outside of the Sensex stocks.

The BSE MidCap and BSE SmallCap indices itself have returned 22 per cent and 27 per cent gains, respectively, in only 2017 (year-to-date; see table). Of the 85 constituents