As many as 30 smallcap stocks logged a double digit rise in their stock prices – in the range of 20-70 per cent last week, outperforming the 30-share BSE Sensex which logged its worst performance since the week ending October 27, dragged by information technology (IT) stocks.
On the stock-specific front, IFCI, Mangalore Chemicals, Rail Vikas Nigam Ltd, MTNL, Borosil Renewables, HFCL, MSP Steel and Power, RailTel Corporation, JK Tyre & Industries, NBCC (India), Oswal Greentech, IFB Industries, Andrew Yule, and others are among the smallcaps that logged a double-digit rise in their share prices last week.
Markets’ Weekly Print
Domestic equity benchmarks Nifty 50 and Sensex have fallen about 1.3 per cent each over the three sessions this holiday-truncated week, logging their worst performance since the week ending October 27.
The high-weightage financials led the losses for a second straight week, adding 1.6 per cent to their 4.1 per cent drop last week that was sparked by HDFC Bank reporting disappointing margins.
In the six sessions since then, foreign funds have sold Indian shares worth ₹34,766 crore, pulling the Nifty 50 down about three per cent. On the weekly front, the BSE benchmark fell by 982.56 points or 1.37 per cent, and the Nifty declined 269.8 points or 1.24 per cent.
Analysts said that the truncated trading week witnessed heightened market activity and volatility, culminating in a second consecutive week of losses, primarily driven by weakness in the banking sector.
A sharp cut in the index at the beginning pushed the bulls on the back foot however resilience in the select heavyweights capped the damage. Profit booking affected several midcap and smallcap stocks, though certain sectors exhibited resilience, according to analysts.
Foreign institutional investors (FIIs) also emerged net sellers for all sessions last week with a total divestment of ₹12,194.38 crore, while domestic institutional investors bought for all sessions with a total investment of ₹9,701.46 crore. The substantial net sales by FIIs has exceeded Rs. 35,000 crore in the Indian equity market this month.
MORE TO COME
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 27 Jan 2024, 09:33 PM IST