The Nifty midcap 150 index outperformed major global indices in September, rising 3 percent, a report by Motilal Oswal AMC shows. Major averages in the US market as well as emerging market-linked indices remained negative during the month.
Indian Railway Finance Corporation (IRFC), Rail Vikas Nigam (RVNL), Vodafone Idea, Bank of India, and JSW Energy were the biggest gainers of the index of top 150-midcap stocks during the month.
The five biggest index losers were Navin Fluorine, Kajaria Ceramics, Poonawalla Fincorp, Grindwell Norton and Bharat Dynamics.
The benchmark Nifty gained 2 percent, while the Nifty Next 50, the Nifty smallcap 250 and the Nifty 500 indices rose up to 2 percent in September, the report said.
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Factor-based investment strategies, which included momentum, low volatility, quality, and value, all delivered positive returns during the month. The value-based factor led the way with a 10 percent rise.
All sectors including auto, banks, consumer durables, FMCG, healthcare witnessed positive performance. The energy sector outperformed others, surging 6 percent during the month.
Global indices bleed in September
Globally, major averages in the tech-heavy NASDAQ composite index dropped 5 percent, the S&P 500 index was down 4.8 percent and the Dow Jones slipped 3.5 percent.
Among emerging markets, South Korean equities declined the most at 5 percent followed by South Africa (4.3 percent), Taiwan (4 percent) and China was down 3 percent.
Germany saw the biggest drop among the developed markets, sliding 5.9 percent in September, followed by Switzerland (5.38 percent) and France was down 5.37 percent for the month
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