BSE midcap, smallcap indices rally up to 4% following change in multicap norms


Broader markets outperformed the benchmarks on Monday, with the BSE small-cap and mid-cap indices rallying up to 4 per cent following Sebi‘s asset allocation norms for multi-cap mutual funds. The BSE small-cap index rose by 4.03 per cent to close at 15,145.23. Majority of its components closed higher, surging as much as 20 per cent.

The BSE mid-cap index also gained 1.56 per cent to close at 14,887.69. This compared with a 0.25 per cent drop in the benchmark Sensex.

“Broader markets outperformed, especially the small-cap index, after Sebi tweaked MF norms for multi-cap funds. This Sebi measure would require more exposure to small-cap stocks in most multi-cap funds, leading to the current buying interest,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market regulator Sebi on Friday tweaked the asset allocation framework for multi-cap mutual funds, requiring them to invest a minimum of 25 per cent each in large, mid and small-cap stocks by January 31, 2021.

Religare Broking Ltd, VP – Research, Ajit Mishra said the broader markets outperformed on Monday in anticipation of fund buying in mid-cap and small-cap space.

“Small-cap index posted its biggest one-day gain in over six years,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Sebi had on Sunday clarified that apart from rebalancing their portfolios, mutual funds can also merge their existing multi-cap schemes with large-cap and large cum mid-cap offerings.

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