q4fy13 review – large caps outperformed the small and mid caps!

7/28/2019 Q4FY13 Review – Large Caps Outperformed the small and Mid Caps!

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MONTHLY ROUNDUP (May’13)

EQUITY COMMENTARY

Lead Indices

In the month of May 2013 Benchmark indices ended positively. While BSE Sensex grew by 1.31% & Nifty gained 0.94%. RBcuts interest rates by twenty five bps & Wholesale Inflation figure came down below 5 %. However GDP Data came in monthof May, were in line with expectations, dampening hopes of further rate cut.

Weekno.

% Change

Key positives Key negativesSensex Nifty

1 1.50 1.20

India Govt. slashed the rate of tax from 20% to

5%, levied on the interest that foreign investors

earn from their investments in local bonds, in

its latest effort to attract more foreign capital to

help finance a wide CAD.

The Reserve Bank of India cut the repo rate by

25 bps for the third time since January, but

said there is little room to ease monetary policy

further, disappointing markets.In the week ended 26 April 2013, India’s

foreign exchange reserves increased by $1.60

billion at $ 296.37 billion. In the previous week

ended 19 April 2013, the forex reserves had

been declined by $ 485.90 million to $294.76

billion.

The Cabinet cleared the way for 839 new FM

radio channels to go on air in around 300 cities

later this year. Lok Sabha has passed the

Finance Bill for the fiscal 2013-14 with minor

amendments, even as the Principal opposition

Party BJP walked out from the house

protesting against Coalgate.

RBI pegged the GDP growth rate for the

current fiscal year at 5.7%, significantly lower

than Finance Ministry's forecast of 6.10% to

6.70%.

2 2.80 2.80

India's industrial production growth rate

bounced back to 2.5% in the month of March

2013 on better performance of power and

manufacturing sectors coupled with higher

output of capital goods. However, the factory

output measured in term of IIP grew by just 1%

in FY’2013 compared to a growth of 2.90% in

previous financial year. Meanwhile, the

industrial output growth for the month of

February has been slightly revised downwards

to 0.46% from the estimates of 0.6% released

last month.

India’s services sector for 2013-14 financial

year began on a dismal note, as the HSBC

PMI index for services sector grew at 50.70 in

April, compared to 51.40 in March. The

composite Purchasing Managers’ Index (PMI)

for India also includes manufacturing PMI was

down to 50.50 in April from 51.4 in March. As

per a monthly HSBC India survey of services

sector managers, the pace of hiring by private

sector companies was slowest in seven

months. However, the executives expressed

optimism about improving trends in comingmonths.

3 1.30 1.10

India's annual CPI Index slowed for the

second straight month in April to 9.39%. In

the March month Consumer prices rose 10.39

annually. In April Food prices for consumers

rose 10.61% annually, slower than rise of

12.42% annually in March.

Indirect tax collection in April grew by a

meagre 3.30% to Rs 33,684 crore with excise

duty collection declining 14.70% y-o-y.

Customs duty collection increased by 12.8% to

Rs 13,083 crore, while service tax collection

grew 13.60% to Rs 10,712 crore in April.




India's annual inflation as per the wholesale

price index weakened more than expectation of

economists in April. The WPI increased 4.89%

yoy in April. Economists had forecast a 5.45%

increase. Prices of food articles rose 6.08

percent annually, and costs of non-food

products advanced 7.59 percent. Fuel and

power prices recorded 8.84% increase from ayear earlier.

Excise duty collection has fallen to Rs 9,889

crore for during the month, compared to Rs

11,590 crore in previous year.

4 -2.90 -3.30

Finance Ministry has been agreed to dole out a

record Rs.100,000 crore towards cooking fuel

and diesel subsidy in Fiscal 2012-13 but wants

to change pricing formula from current year to

cut down the outgo. Finance Ministry, which

had previously given out cash subsidy of

Rs.55,000 cr, now has been agreed to give

Rs.40,000-45,000 cr more to cover unmet

revenue losses on fuel sale in the fiscal year

ending March 31, 2013.

Sectoral Performance

In the month of May all Sectoral indices ended in positive except Bankex, Capital Goods, Metal, Oil and Gas, Power, PSU

and Realty. The top three gainers of the month were IT, Technology & Consumer durable which rose by 6.23%, 3.69%, an

3.53% respectively while Top three looser indices were Realty, Capital Goods & PSU fell by 11.40%, 3.20% and 3.04%

respectively.

BSE INDICES30 Apr 2013

31 May2013

% Change Remarks

SENSEX 19504.20 19760.30 1.31

BSE-MIDCAP 6344.00 6389.47 -1.29

BSE-SMALLCAP 6021.20 5943.46 0.72

BANKEX 14363.70 14261.24 -0.71

Bank stocks fell on profit booking after recent gains triggered byexpectations that the RBI will cut policy rate to boost economicgrowth. Interest-rate Sensitive & banks fell after the RBI said thatassessment of growth-inflation dynamics limits scope for furthereasing of policy rate.SBI reported 18.54% fall in net profit to Rs 3299.22 crore on6.98% rise in Revenue to Rs 36330.87 crore in Q4 2013 over Q42012.In Fourth quarter PNB and UBI reported a sequentialimprovement in asset quality.

BSE CD INDEX 7432.50 7695.00 3.53

CAPITAL GOODS 9718.80 9407.38 -3.20

Larsen & Turbo reported 6.9% fall in net profit to Rs 1787.94crore on 9.9% rise in Revenue to Rs 20686.93 crore in Q4 2013over Q4 2012.Capital goods stocks rose on renewed buying.

BSE FMCG INDEX 6548.50 6772.13 3.41

On 7 May 2013 Uttar Pradesh state government slashed VAT oncigarette/cigar from 50% to 25%. The Centre had raised theexcise duty on cigarettes by 18% on all cigarettes exceptcigarettes of length not more than 65 mm in Union Budget 2013-




14.

BSE

HEALTHCARE8691.20 8846.91 1.79

Japanese drugmaker Daiichi Sankyo Co, which bought control of Ranbaxy Laboratories in 2008, said it believes unnamed formershareholders of the company-hid information regarding USregulatory probes into Ranbaxy. Ranbaxy pleaded guilty to felonycharges related to drug safety and agreed to pay $500 million incivil and criminal fines under a settlement with the U.S.

Department of Justice.

BSE-100 5941.40 5991.11 0.84

BSE-200 2389.00 2409.22 0.85

BSE-500 7385.30 7441.89 0.77

BSE IT INDEX 5709.60 6065.34 6.23

IT stocks gained on positive economic data in the US. US is thebiggest outsourcing market for the Indian IT firms. Wipro's ITservices Total Income rose 0.50% to $1.585 billion in Q4 2013over Q3 2012. On yearly basis, IT services revenues rose 3.2%to $1.585 billion in Q4 2013 over Q4 2012. While HCLTechnologies reported strong Q3 results. As per US accountingstandards consolidated net profit rose 7.8% to Rs 1040 crore on2.40% growth in Total Income at Rs 6425 crore in Q3 2013 over Q2 2012.Infosys is collaborating with SAP on development of mobileapplications for the retail industry. These efforts are focused ongiving consumer packaged goods companies anytime, anywhereaccess to sales representatives and merchandisers, enablingthem to capture information from the field to make them morecompetitive and agile.

BSE METAL 8651.10 8503.01 -1.71

Sterlite Industries reported 51% yoy jump in its consolidated netprofit at Rs 1,925 crore for the quarter ended Q4 2013. Thecompany's revenue grew at 17% yoy basis to Rs 12,674 croreduring the recently quarter driven depreciation of the IndianRupee.

BSE Oil & Gas 8711.00 8654.79 -0.65

In month of January 2013, the government has allowed PSUOMCs to raise diesel prices in small measures at regular intervalswhile completely deregulating diesel prices sold to institutional orbulk buyers.Oil market companies have increased diesel prices by Rs 1.02

per litre; it is the fourth increase in this year.

BSE PSU INDEX 6864.60 6655.84 -3.04

BSE TECK INDEX 3474.20 3602.53 3.69

BSE REALTY 1901.30 1684.92 -11.38

Realty stocks edged lower on account of profit booking after thegains triggered by the expectations that the Reserve Bank of

India may further cut key policy rates to perk up economic growthafter the latest data showed a sharp fall in WPI in April 2013.Unitech fell on news that the HSBC has sold 20 lakh shares of Unitech through open market for about Rs 6 crore, resultingreduction in its stake.

BSE POWER 1761.90 1755.12 -0.38

JSW Energy fell as one of the promoters of JSW Energy hasmade an offer to sale of 2.82 cr shares through the separatewindows provided by the bourses for this purpose. Shares weresubscribed 1.75 times.In Q4 2013 Reliance Infra reported 76.4% increase in




consolidated net profit to Rs 725 crore on 13.29% fall in Revenue

from operations to Rs 6187 crore. Net profit increased 41.59% to

Rs 2247 crore on 7.57% fall in total operating Revenue to Rs

22382 crore in the year ended March 2013 over March 2012.

BSE Auto 10957.90 11166.34 1.90 Auto stocks edged higher on renewed buying.

Global Markets

WORLD MARKET INDICES PERFORMANCE

Index27 April

201327 May2013

Points Chg (%) Chg

US

DJIA 14712.55 15394.5 681.95 4.64

S&P 500 1582.24 1650.51 68.27 4.31

NASDAQ 3279.26 3459.41 180.15 5.49

EUROPEFrankfurt (DAX30) 7,814.76 8,383.30 568.54 7.28

London (FTSE) 6,426.42 6,696.79 270.37 4.21

Paris (CAC 40) 3810.05 3956.79 146.74 3.85

ASIA

Hang Seng 22547.71 22686.05 138.34 0.61

Japan NIKKEI 13884.13 14142.65 258.52 1.86

Shanghai Comp 2177.91 2292.84 114.93 5.28

Fund Activity

In month of April, FIIs were the net buyers of Equity & Debt worth Rs. 17931.80 & Rs. 7579.60 crore respectively. Meanwhi

Mutual funds sold Equity worth Rs. 1320.70 crore but they were strong buyer of Debt worth Rs. 17307.90 crore

Bond Yields

FII & MF TRADING ACTIVITY IN MARCH

Foreign Institutional Investor Mutual Funds

Net Purchase/Sales in Equity Net Purchase/Sales in Debt Net Purchase/Sales in Equity Net Purchase/Sales in Debt

17931.80 7579.60 -1320.70 17307.90

In the month of April 2013, the world markets ended oa positive note. Nikkei, Dow Jones, NASDAQ, CACFTSE, Hang seng, Shanghai Composite & anFrankfurt Dax were the gainers, rising 1.86, 4.645, 5.43.85, 4.21, 0.61, 5.28 & 7.28 percent respectivelMeanwhile BSE & NSE also edged higher with the Gaof 3.21% & 2.82% respectively.

During the month of May 2013, Average daily volumeon BSE rose 4.50% M-o-M. The average daiderivatives volumes on NSE also rose 1.20% in montof May 2013.

10 Year Government Bond Yield – Trend




At the end of May 2013, Indian G-Sec bond yields closed lower by 48 bps at 7.24% over April 2013. The yield on thbenchmark security fell sharply on account of amid lower inflation and expectations of further interest rate cut by the RBIncreasing inflation has been one of the biggest factors in the sharp fall in the bond yields. While expectations of monetareasing in the June policy led to a fall in the yields.

Commodities

In month of May 2013, the Reuters/Jefferies CRB Index of 19 raw materials ended down by 2.18% to close at 284.9

because investors might have been turned to equities markets Speculators cut their bullish bet in cotton futures and option

to a three-week low. The fall in the Reuters/Jeffries CRB Index was because of a fall witnessed in commodities like Natura

Gas (-7.40%), Live Cattle (- 7.40%), Silver (- 6.00%), Gold (- 5.40%), Coffee (- 5.30%), Cocoa (- 5.30%), Sugar (- 4.50%

Cotton (- 4.40%), Nickel (- 3.60%), Crude Oil (- 1.60%) and Wheat (- 1.30%). Natural gas is the biggest gainer amon

commodities thus far in 2013, gained 7.4 % in May.

BEHAVIOR OF COMMODITY PRICES DURING MAY 2013:

Commodity30 May,

2013

30 April,

2013M-o-M % Chg

Gold 1393.00 1472.10 - 5.37

Crude Oil 91.97 93.46 -1.59

Aluminum 1903.00 1886.00 0.90

Tin 20895.00 20820.00 0.36

Copper 7270.00 7105.00 2.32

Zinc 1913.00 1887.00 1.38

Nickel 14700.00 15250.00 -3.61

Lead 2186.00 2037.50 7.29

Currencies

USD to:30 April,

2013

30 April,

2013

M-o-M %Chg

Pakistani rupee 99.42 98.86 0.60

Hong Kongdollar

7.76 7.76 0.00

Chinese Yuan 6.19 6.22 -0.50

Indian Rupees 56.35 54.16 4.00

Taiwan dollar 30.04 29.54 1.70

Singapore dollar 1.26 1.23 2.30

Argentine peso 5.28 5.18 2.00

Euro 0.77 0.76 0.70

Thai baht 30.21 29.31 3.10

Malaysianringgit 3.08 3.03 1.40

Japanese yen 101.03 97.84 3.30

Indonesianrupiah

9832.84 9727.63 1.10

Brazilian real 2.11 2.00 5.50

Korean won 1130.07 1108.52 1.90

Behaviour of commodity prices during the mont

ended May 2013 is given. The base metals pac

traded on a positive note except Nickel tracking

stronger euro for all metal markets as volumes werthinned by a European holiday.

In May 2013, USD was positive against oth

currencies. The USD remained strong against several peers during the month except Chinese yua

because speculation grew that stronger U.

economic data will urge the Federal Reserve

reduce its unprecedented monetary stimulus. Repo

on rebounding U.S. housing sector also strengthene

the USD.




OUTLOOK GOING FORWARD

GLOBAL:

US Economy on the way of Recovery

It has become routine, at about this time of year, to predict that the US economy is on the mend – only for that recovery t

swiftly rot away. In the second quarter of 2010, the median forecast for US growth in 2011 was 3.1 per cent, and the Fed wagunning for 3.9 per cent. The actual outcome was a depressing 1.8 per cent and the pattern of the next two years wasimilar.

Spring turns to summer in America, and once again, the mown-grass scent of economic optimism is in the air. An 11 per cenannual rise in house prices and a boom in the stock market does that to people. Higher asset prices are not much good bthemselves – growth in incomes, jobs and activity is plodding – but markets seem to be sustaining the economy through thworst of tax rises and government spending cuts. Consumer confidence has not been this high for five years.

Interest rates are lower than in previous years, adding more support for the economy, and the Federal Reserve itself is lesof a risk to growth. Its new policies tie easy money to the state of the economy – low interest rates at least ununemployment falls below 6.5 per cent and more asset purchases until there is a substantial improvement in the laboumarket outlook. This reduces the chance of a premature tightening.

After a lengthy recession, stock markets in the US are starting to look healthy. The S&P Broad Index shot up 26% in the pasyear to a record high. The most recent data shows the US economy is expanding at a 2.4% annual pace. Recovery ihousing has a powerful accelerator effect. Higher house prices mean that more people have enough equity in their home trefinance at a low mortgage rate; do that and they can start spending more.

Japan – Abenomics coming to its rescue

Prime Minister Shinzo Abe is promoting policies nicknamed “Abenomics'' to help revive Japan's economy after two decadeof stagnation, raising public spending and easing monetary policy by an unprecedented extent to stimulate demand aninvestment, along with reforms aimed at making Japanese business more competitive.

Supporters of Abenomics say they expect a recovery by mid-year, as the economy enters a “virtuous cycle” of rising pricerising wages and surging demand thanks to a recovery in corporate investment. Skeptics question whether companies w

raise wages and investment, and whether the recovery can prevail over the blows to demand from two looming sales tahikes, even if Abe succeeds in pushing through politically difficult deregulation and other reforms needed to improvcompetitiveness and sustain growth in the long run.

Japan's economy has started picking up. Exports have stopped decreasing as overseas economies have been moving out othe deceleration phase that had continued since last year and are gradually heading toward a pick-up. Business fixeinvestment continues to show resilience in nonmanufacturing and appears to have stopped weakening on the whole. Publiinvestment has continued to increase, and housing investment has generally been picking up. Private consumption has seeincreased resilience, assisted by the improvement in consumer sentiment. Reflecting these developments in demand both ahome and abroad, industrial production has stopped decreasing and signs of picking up have become increasingly evident.

In recent days, however, concerns have grown about rising interest rates in the government bonds market, which coulthreaten Japan’s monetary policy. Japan is vulnerable to rising borrowing because of its high public debt burden, which

twice the size of its economy. Bonds are also the main financial asset held by banks, pension funds and insuranccompanies, making a surge in debt yields perilous.

Eurozone – Recession looming again

The European Central Bank has warned that the eurozone's slumping economy and a surge in problem loans were raisinthe risk of a renewed banking crisis, even as overall pressures in the region's financial markets had receded.




In a sober assessment of the state of the zone's financial system, the central bank said that a prolonged recession had madit harder for many borrowers to repay their loans, burdening banks that had still not finished repairing the damage caused bthe 2008 financial crisis.

While the central bank did not mention specific banks, as is customary, it said the most vulnerable were those in countriewith high unemployment or falling house prices. That list would include Italy, Spain, Greece and Portugal. But ailing bankare also a problem in stronger countries like Germany, where Commerzbank and publicly owned state banks are strugglin

with bad loans to the shipping industry.

The recovery of the Japanese economy, just as a recession in Europe digs in, is renewing pressure on Europeapolicymakers to shift course from austerity to stimulus.

Indian Market Outlook:

Q4FY13 Review

Quarterly earnings of India Inc hit a new low in the three months between January and March this year thanks to somsevere pressure on demand, high interest costs and relatively weak bargaining power of the companies in raising priceeven though expenses rose.

An analysis of quarterly earnings of nearly 1,100 companies (excluding oil companies) showed that the aggregate net profitof these companies fell 14.6% on a y-o-y basis to Rs.62,244 cr. For FY13 too, the combined net profits of these companiefell 5% to about Rs.2.72 lakh cr. This is the first time since the global financial crisis year of 2008-09 that the yearly profitshowed a decline. This was also the second yearly drop in net profits in the last 10 years.

India's corporate performance, despite gloom and doom all around, wasn't very disappointing at an aggregate basis due timpressive performance by a few sectors like oil & gas and automobiles and large caps. While broad Sensex earnings arabove expectations, they were boosted by heavyweight sectors like oil & gas and utilities. On the other hand, there is cleacase of revenue slowdown in many sectors, while margins continue to be under pressure.

Small-Cap and Mid-Cap companies have been the worst hit with their net profits for Q4FY13 reducing to one-third of leveseen in the corresponding quarter last year while largecap companies have seen relatively slower deceleration in net profitsThe better performance was led by strong performance from companies like NTPC, Coal India and Hindustan Zinc whicenjoy dominant market position in their respective sectors.

Rupee Depreciation – Cause for another trouble?

The Rupee has remained under pressure since the start of May 2013, with a depreciation of 3.5%. The currency has beenweighed down by the widening of trade deficit in April- 2013, domestic political issues and a strong Dollar amidst risinexpectations of tapering of QE by the Fed. Going by the current pace of weakening, value of 58-59 vs the USD seempossible in the next few weeks. A section of the street however expects the currency to receive support in the medium termand return back to the 53-55 range on improvement in current account deficit, robust capital flows and from RBI policmeasures. The trading though is likely to be choppy amidst global uncertainties like possibility of withdrawal of stimulus bthe Fed and revival of Eurozone debt concerns. With several state elections this year and the General elections next yeadomestic political dynamics will be a key input towards shaping market sentiments.

The main reason causing the rupee to fall is the immense strength of the Dollar Index, which has touched its three-year hig

level of 84.30. The record setting performance of US equities and the improvement in the labor market has made Americanmore optimistic about the outlook for the US economy, thereby spurring greater hopes of QE tapering.

The US Dollar is looking like gold these days because the Federal Reserve is in a very different position versus the ECBBoJ and the RBA. The Federal Reserve is talking about tapering asset purchases at a time when European officials arconsidering more aggressive monetary easing measures such as negative deposit rates.

The fact that the Euro zone is in a recession is just another reason why investors are snapping up dollars. The monetarpolicies of the ECB and the BoJ pose a threat to the value of the EUR and JPY whereas the next move by the Fed shoulsupport the dollar. This divergence is bringing the dollar more into the limelight as a 'safe haven'. Capital preservation is jus




as important as capital appreciation in the present times and for this reason the direction of the monetary policy and thconsequent implications for the currency has become very important.

India’s economic cycle bottomed out?

India's Q4FY13 GDP grew 4.8% y-o-y, broadly in line with expectations. This follows 4.7% y-o-y growth in Q3 and resulted iaverage real GDP growth of 5.0% during FY13. Therefore, the overall momentum of the recovery remains tepid.

Indeed, the RBI has reduced policy interest rates considerably in the recent months, but transmission of those cuts into banlending rates has been poor. The likelihood of continued fiscal austerity, along with weakness in typically resilient segmentsuch as domestic services, suggests sluggish economic activity for a while yet. On a more positive note, the rainfall forecasfor the coming monsoon season is “normal”, which should help the agriculture sector to fare better in the current fiscal yeaas well as possibly support an improvement in consumption spending to some extent. Likely improvement in governmenspending should also help GDP growth in H2FY14.

Capital expenditure (capex) is showing signs of revival. According to experts, this would resume in the current quarter, witthe lagged effect of lower interest rates, slightly stronger exports and improved equity market performance.

Recent macroeconomic data have increased expectations for rate cuts by the RBI in 2013. The RBI has already cut the reprate by 75 bps this year. Inflation could remain broadly within the RBI’s comfort zone in the coming months, while the growtrecovery will remain weak.




TECHNICAL COMMENTARY

On the daily chart of nifty we can see nifty has given almost 50 % retracement of its current rally and forming lower top an

lower bottom formation. Currently nifty is trading near its 100 days and 50 days SMA. Nifty short term trend is down and

may continue to the level of 5750 if nifty breaks 5860 levels on closing basis. Trader with short position can liquidate the

some potion on current levels and re-enter in short after 5860 levels. Nifty has nest major support at 5780 and resistance a6150.

Resistance 1 6050

Resistance 2 6150

Support 1 5750

Support 2 5500

CNX NIFTY




STOCK IDEAS

BANK OF INDIA

CMP 1825

TARGET 1920

SL 1793OUTLOOK Bullish

ENTRY RANGE Above 1840

TECHNICAL VIEW: - On the daily chart of Dr. Reddy’s

we can see stock long term trend is up. Currently stock

bounced back after making double bottom patter and trad

near its trading range upper level. Technical indicators

and STOCHASTIC are showing strength in stock. Curre

stock is trading above its 8 days, 13 days and 21 days EM

Investor can make long position in stock above 1840 lev

with stop loss of 1793 for target price of 1920.

YES BANK

CMP 287TARGET 260SL 303

OUTLOOK BearishENTRY RANGE Near 290

TECHNICAL VIEW: - On the daily chart of Bank of Ind

we can see stock has broken its rising trend line with go

volume. Currently stock is trading bellow 8 days, 13 da

and 21 days EMA. Technical indicator RSI and MAC

Histogram are also showing weakness in stock. Stock c

touch 260 levels in lower side, investor should exit fro

there long position or can make fresh short position in sto

with stop loss of 303 for target price of 260.

CMP 487TARGET 460SL 515OUTLOOK Bearish

ENTRY RANGE Near 495

TECHNICAL VIEW: - On the daily chart of Yes Bank,can see stock has broken its support level of 500 with govolume. Currently stock is trading bellow 8 days, 13 dand 21 days EMA. Technical indicator RSI and MACD showing weakness in stock. Investors can make fresh sposition in stock near 495 levels with stop loss of 515target price of 460.




ARVIND

CMP 81.95TARGET 86SL 78OUTLOOK BullishENTRY RANGE Near 81

TECHNICAL VIEW: - On the daily chart of Arvind, we

see stock has outperformed nifty in last some sess

Currently stock is trading above its 8 days, 13 days and

days EMA. Technical Indicator RSI is showing strengt

stock. Stock has broken its falling trend line with g

volume. Aggressive trader can make long position in s

near 81 with stop loss of 78 for target price of 86.

POWER FINANCE CORPORATION

CMP 183TARGET 174SL 198OUTLOOK BearishENTRY RANGE Near 190

TECHNICAL VIEW: - On the daily chart of PFC, we can

stock has broken its trading range of 190 to 200 in lower s

Currently stock is trading bellow its 8 days, 13 days anddays EMA. Technical indicators RSI is showing weaknes

stock. Investor can make short position in stock near

levels with stop loss of 198 for target price of 174.

DISCLAIME

http://www.rrfinance.com/disclaimer.aspx

http://www.rrfinance.com/disclaimer.aspx

q4fy13 review – large caps outperformed the small and mid caps!

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