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Cover StoryVol. 41 Issue No. 14

Small-Caps: Rally or Reset?

By the end of April 2026, the mood on Indian screens had turned from defensive to ravenous. For months, the broader market had behaved like a room in which nobody quite trusted the floorboards: oil shocks, foreign selling, a weakening rupee, and the nagging suspicion that the great small-cap party of the post-pandemic years had finally run into daylight. Then, almost indecently fast, the colours reversed. On NSE Indices' April 30 factsheets, the Nifty Smallcap 250 posted a 17.10 per cent total return for the month, against 13.24 per cent for the Nifty Midcap 150 and 8.86 per cent for the Nifty 100. 

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