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India’s top stocks lose share as mid and small caps outperform
The share of India’s top 20 stocks in total market cap has fallen to 27% from 44% since 2020, while Sensex and Nifty 50 ended at multi month lows on October 8, 2026.
The share of India’s top 20 stocks in total stock market capitalization has fallen to 27% from 44% since 2020, according to a LiveMint Markets summary of Jefferies analysis.
Jefferies, in its quarterly Asia Maxima report dated October 9, 2026, said the mid and small cap segment has been the most interesting part of the Indian equity market, noting that smaller stocks have continued to outperform the big caps this year despite higher valuations, as described by the report’s author, Chris Wood.
LiveMint Markets also reported that the report linked the broader view of India’s growth to resilient economic data despite geopolitical challenges, even as India’s benchmark indices Sensex and Nifty 50 ended their lows last week on October 8, 2026, with Sensex closing at a 32 month low and Nifty 50 at an 18 month low.
The report also pointed to the Reserve Bank of India’s 25 basis point repo rate hike, and predicted a near term bottom in the Indian rupee tied to $144 billion generated through FCNR bonds, according to LiveMint Markets’ write up.
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