Sensex is at all-time high but not reaping a bounty for small investors

NEW DELHI: At around 9.40 am on Friday, Sensex hit an all-time high of 36,740.07. The new peak tops the BSE index’s stellar performance on Thursday which saw it finishing at a closing high of 36,548, a gain of 282 points.
Blue chip stocks made merry on the Street as Reliance Industries spurted 4.42 per cent to hit its all-time closing high, re-entering the $100 billion market cap club. The stock was the session’s biggest gainer.
But, the surge in markets has not really translated into windfall gains for small investors. The reason being that this has been one of the narrowest surges in recent times with just a handful of stocks pushing Sensex higher.
Consider this: TCS, the most valued company in India, has gained a whopping 49 per cent this year. Kotak Mahindra Bank has gone up by 38 per cent, while index heavyweights like Infosys, HUL and Mahindra & Mahindra have seen their stock prices rise by 28 per cent, 27 per cent and 25 per cent, respectively. The combined result has been an overall gain of 7 per cent for Sensex.

In comparison, a broader BSE 100 index, which consists of 100 instead of Sensex’ 30 stocks, has gained just 2 per cent. BSE Smallcap and Midcap indices, that are made up of stocks of mid- and small-sized companies and in which a bulk of small investors invest, are in fact down by 12 per cent and 15 per cent respectively.
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