New Delhi, April 23 -- Small- and mid-cap stocks delivered a strong performance in April, even as the broader Indian equity market remained volatile amid ongoing geopolitical tensions in the Middle East linked to the US-Iran conflict.

The BSE Small and Midcap 400 Index (SMID) rebounded sharply during the month, recovering to its pre-war level of 12,000 following the US-Iran ceasefire. The index has surged 14% over the past month, significantly outperforming benchmark indices such as the Sensex and the Nifty 50, which gained over 7% during the same period.

That said, the BSE Small and Midcap 400 Index has largely remained range-bound over the past two years, oscillating between the 11,000 and 13,000 levels. Despite the recent uptrend, an...