The Indian stock markets have fared better than most of the developed equity markets around the world. The Bombay Stock Exchange's (BSE) index Sensex has recorded a little over 20 percent of returns in the past one year outperforming New York Stock Exchange's Dow Jones Industrial Average and Japan's Nikkei 225 which gained 18 percent and 14 percent, respectively, during the same period. In the current year alone, Sensex breached four levels at 35,000, 36,000, 37,000 and 38,000.

However, it should be noted that large stocks like TCS, Infosys, and Tech Mahindra were the driving force of the BSE index, while BSE's small and mid-cap indices lost greatly after February this year.

Beating market's odds, here are 8 mid and small-cap IT-based stocks that gave its investors over 100 percent in returns in a period of 1 year:

Among the large caps, Mphasis gained 102.39 percent from Rs 592.30 exactly a year ago while L&T Infotech gained 152.72 percent from its share price of Rs 751.70 last year.