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Midcap 100 +23.86% vs Nifty +8.80% — and Pharma won the board with +39.1%
Published by The Retail Trader · DEC 31, 2024 · Performance Review
2024 was a year of making money in the hotter parts of the market, away from largecaps. The Nifty gave +8.80%; in the same year the Midcap 100 gave almost three times that.
Full year:
• Midcap 100 — +23.86%
• Nifty 500 — +15.16%
• Nifty 50 — +8.80%
• Sensex — +8.17%
• Bank Nifty — +5.32%, the furthest behind
The ladder is perfectly clear: the hotter the basket, the better the return. Midcaps gave 15.1 points more than the Nifty — in our 19-year record this is the third-largest midcap-favouring spread (after 2023's 26.5 and 2014's 24.5).
Calendar year 2024:
• Pharma — +39.1%
• Realty — +34.4%
• IT — +22.0%
• PSU Bank — +14.5%
• Metal — +8.4%
• Bank — +5.3%
• FMCG — -0.3%
• Media — -23.9%
Seven sectors positive, one negative — the opposite of 2026, where only four out of eight are positive. 2024 was a broad-based year, in which even picking the wrong sector did not cost much (apart from Media).
Bank Nifty was the weakest index of 2024 (+5.32%) and became the strongest in 2025 (+17.15%). Pharma was the leader of 2024 (+39.1%) and came down to -2.9% in 2025. Both fit within that pattern of the sector-rotation study: leadership does not last.
All figures in this article are computed from The Retail Trader's own daily index database, as of 24 July 2026. Past performance is no indication of the future, and this analysis is for educational purposes only — it is not a buy or sell recommendation.