After delivering blockbuster returns for two consecutive years, the BSE Midcap Index has lost momentum in CY25, emerging as a flat performer and lagging the benchmark Sensex. The slowdown comes after an extraordinary run. The midcap index surged 45% in 2023 and followed it up with another 27% gain in 2024, making it one of the strongest segments of the equity market. This year, however, the broader midcap rally has clearly stalled. Yet, the headline number masks sharp divergence within the index.