In February, the Indian equity markets finished on a mixed note. Last month, the main equity indexes BSE Sensex and BSE MidCap climbed by more than 1% each, while the BSE SmallCap index fell 1.09%. However, at least 13 stocks listed on the BSE have more than doubled investor wealth.

NDA Securities emerged as the month's highest gainer, rallying 188%. It was followed by Kisan Mouldings (170%), RS Software (141%), and Kesar India (140%). Meanwhile, foreign institutional investors purchased shares worth Rs 1,539 crore in February. Previously, they sold shares worth over Rs 25,000 crore in January. According to Jefferies, the resumption of a multi-year capex upcycle indicates strong 6-7% GDP growth over the next 5-7 years.

"Foreign investor posture on India is modest, and CY24 should see more inflows, which will benefit banking equities. "We like domestic cyclicals like banks, power, telecom, industrial, and real estate," the global brokerages stated.

Other notable gainers included Aananda Lakshmi Spinning Mills, Jayabharat Credit, Shakti Press, HB Leasing & Finance Company, and Jubilant Industries, which increased by 135%, 133%, 120%, 118%, and 112%, respectively, during the month. ASM Technologies, Sreechem Resins, Acceleratebs India, and Duroply Industries all gained more than 100% in February.

Meanwhile, sources indicate that the market regulator Sebi has requested asset managers to provide greater information to investors about the risks connected with their small and mid-cap funds.

Emkay Global Financial Services expects the Nifty to reach 24,000, representing a nearly 8% increase from the current all-time high of 22,304. "We expect SMIDs (small and midcaps) to outperform and, in general, favor manufacturing over services. We anticipate non-linear returns: a muted first and fourth quarters, with returns concentrated in April-September, corresponding with election outcomes, the complete Budget in July, and rate reduction in the United States and India," Emkay Global Financial Services stated in a research.