More than 35 smallcap stocks logged a double digit rise in their stock prices – in the range of 10-50 per cent last week, with the benchmark BSE Sensex logging a weekly gain of one per cent, despite a volatile week amid mixed global cues. On the other hand, the benchmark Nifty 50 index hit record highs in all five sessions, buoyed by a rise in heavyweight financials.
On the stock-specific front, Jubilant Industries, KPI Green Energy, Data Patterns, Wockhardt, Yasho Industries, ASM Technologies, Tata Investment, Skipper, Jai Balaji Industries, Force Motors, Shilpa Medicare, Meghmani Organics, Indo Count, Hindustan Media Ventures, and others are among the smallcaps that logged a double-digit rise in their share prices last week.
Markets’ Weekly Print
Markets remained volatile in the past five days but managed to extend their winning streak for the second consecutive week, ending with a gain of nearly a per cent. After the initial rise, mixed global cues combined with profit taking in select heavyweights capped the momentum. Global Indices surged higher as the positive momentum was largely influenced by the etch rally following Nvidia’s strong earnings report, which also buoyed sentiments in Indian markets.
The domestic benchmark indices, Nifty and Sensex, continued to oscillate in a narrow range till the end and finally settled at 22,212.70 and 73,142.80 respectively. On the sectoral front, the majority ended in the green wherein realty, FMCG and metal were among the top performers. However, the broader indices failed to match the move and ended on a flat note.
The Nifty 50 and BSE Sensex gained 0.78 per cent and one per cent, respectively, for the week, despite falling 0.02 per cent each on Friday. The broader, domestically-focussed small-caps shed 0.12 per cent this week, while mid-caps added 0.30 per cent, both underperforming the benchmarks.
Eight of the 13 major sectors posted weekly gains. Financials and banks added about one per cent each. Consumer stocks advanced 1.53 per cent after dropping 5.5 per cent over the last four weeks, dragged by lacklustre quarterly results.
Realty stocks jumped 4.08 per cent, leading sectoral gains for the week, with DLF climbing 4.16 per cent due to land purchases. IT stocks shed 1.12 per cent for the week, pulled down by the losses in the first three sessions ahead of the minutes from the Federal Reserve’s latest monetary policy meeting.
The energy index snapped a 16-week winning run, dragged by oil marketing companies, including Bharat Petroleum Corp Ltd (BPCL), on concerns over sustainability of refining and marketing margins.
‘’Buying in index heavyweights like Reliance Industries, ITC, and banking giants provided crucial support to the market. RIL even hit a new all-time high at 2995.10 during the week. Moreover, optimistic earnings reports from US chipmaker Nvidia and favourable PMI data from the Indian economy boosted overall market sentiment,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Foreign institutional investors (FIIs) were sellers for three out of five sessions last week, and the total divestment stood at ₹1,939.4 crore, while domestic institutional investors (DIIs) were buyers for four out of five sessions, with a total investment of ₹3,532.82 crore, according to stock exchange data.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 24 Feb 2024, 10:33 PM IST