As many as 62 smallcap stocks have given more than 100% returns for investors this year, even as the benchmark indices failed to give positive returns.

While Intrasoft Technologies shares rose by a whopping 605% during 2015, gains made by these smallcap stocks ranged from 100% to 400%.

A strong uptrend in smallcap stocks is mainly led by inflows from retail investors, while largecaps suffered from continued selling by overseas investors, analysts said.

Compared to a 7% decline in the benchmark BSE S&P Sensex, the BSE Smallcap Index went up by around 2% during the year.

"Clearly, the market reaction is dominated by retrenchment of FII flow, which has been impacting the benchmark indices. At the same time, continued flow of retail investor money has supported midcap and smallcap stocks," The Economic Times quoted Dhananjay Sinha, Head of Institutional Research, Economist & Strategist at Emkay Global Financial Services, as saying.

Out of the 62 top performing smallcaps, five of them have given over 300% returms and 17 returned more than 200% gains.

Kelton Tech Solutions (up 394%), Rajesh Exports (379%), JMT Auto (365%) and Gayatri Projects (344%) are the smallcap stocks that gave over 300% returns.

Smallcaps gaining more than 200% include SpiceJet (293%), Welspun Syntex (268%), Tata Elxsi (265%), Jubilant Life Sciences (253%), Dishman Pharma (143%), Welspun India (143%) and Titagarh Wagons (136%).

However, there are many underperformers in the BSE smallcap index that includes more than 700 stocks.

"Past trend indicates that often the valuation cycle of midcap and smallcap stocks lag the benchmark indices. Hence, there is a fair amount of risk in the smaller stocks if the market weakness persists beyond the Fed liftoff event on Dec 16," said Sinha of Emkay Global.