It has been a great 12 months for investors, with India’s stock market among the world’s best performers. The benchmark, Nifty 50, which tracks the 50 biggest listed companies, has returned 19.7 per cent since January 2023, while the Nifty 500 has returned 25.7 per cent. The midcaps and smallcaps have returned nearly 50 per cent. This gels with generally bullish sentiment since smaller stocks outperform blue chips during a bull run. Among investor classes, foreign portfolio investors (FPIs) have invested nearly Rs 2 trillion since April 2023 while domestic institutions (including mutual funds) have put in Rs 84,000 crore.