New Delhi, Sept. 29 -- Small-cap equities emerged as the best-performing major asset class in H1 FY27, with the Nifty Smallcap 250 gaining 23% between April and September 2026. The Nifty Midcap 150 rose 13%, while the Nifty 50 delivered a modest 2% return. This put small caps 21 percentage points ahead of large caps and 10 percentage points above mid caps.

Precious metals, meanwhile, moved in the opposite direction. Gold declined 10% during the six-month period, while silver fell 15%. The reversal was stark compared with H1 FY26, when gold gained 23% and silver surged 36%. Gold's performance therefore swung 33 percentage points year-on-year, while silver's shifted by 51 percentage points, from a 36% gain to a 15% decline.

The performanc...