Indian markets weathered January’s storms with midcaps posting superior annual returns, even as monthly losses mounted. Nifty Midcap 150’s 8.26% one-year gain topped charts, despite a 3.53% monthly fall, three-month 2.52% drop, and six-month 0.61% rise.
Only commodities buoyed Nifty 500, driven by 6% gains in metals and defense against 6-11% slumps in FMCG, realty, and durables. Nifty 50 down 3.10% but up 7.71% yearly; Nifty 500 flat monthly, 6.94% annually. Smallcaps hit harder: 5.52% and 5.66% declines.
Value investing triumphed with 2.4% monthly and 25% yearly returns. Silver was the star asset, rocketing 43.34% in January and 226.50% over the year; gold added 14.06% and 77.16%.
Fundamentals held firm—inflation at 1.33%, yields at 6.70%, unchanged policy rates. PMI at 59.5 and GST at 1.93 lakh crore underscored economic resilience.
For portfolio strategists, this data highlights midcaps’ endurance and commodities’ resilience, offering pathways through uncertain times.