Over 50 smallcap stocks gain between 15-50% as Sensex logs best week in 2024
Nearly 50 smallcap stocks logged a double digit rise in their stock prices – in the range of 15-50 per cent last week, with the benchmark BSE Sensex logging its best week in 2024 so far, as the government’s fiscal prudence in Interim Budget 2024 also boosted sentiment. The benchmark Nifty 50 index hit an all-time high for the fifth time this year on Friday, driven by gains in heavyweights such as Reliance Industries and information technology (IT) stocks.
On the stock-specific front, NBCC (India), HCC, IRB Infra, Shakti Pumps, Punjab & Sind Bank, KPI Green Energy, Tata Investment, Andrew Yule, Infibeam Avenues, Man Industries, Indian Bank, PTC Industries, Jaiprakash Power, Zen Technologies, SpiceJet, UCO Bank, Orient Green Power, and others are among the smallcaps that logged a double-digit rise in their share prices last week.
Markets’ Weekly Print
Markets rebounded after spending two weeks in a corrective phase and gained around two per cent, led by favorable cues. The tone was positive for most of the week citing favorable global cues and buying in select heavyweights however underperformance of banking majors continues to weigh on the sentiment.
Frontline indices logged their best week this year so far, led by large-cap stocks like Reliance Industries, which logged its best week since June 2022. On the weekly basis, the BSE benchmark jumped 1,384.96 points or 1.95 per cent, and the Nifty climbed 501.2 points or 2.34 per cent.
“Large-caps like Reliance and HDFC Bank have come to the fore in this leg of the rally,” said Saurabh Jain, assistant vice president of research for retail equities at SMC Global. The allocations could shift further towards the segment from small- and mid-caps as investors seek safety in an expensive market, according to analysts.
The BSE benchmark declined 106.81 points or 0.15 per cent to settle at 71,645.30 on Thursday when the finance minister presented Interim Budget 2024 in the Parliament. The Nifty 50 dipped 28.25 points or 0.13 per cent to 21,697.45 on February 1.
The government’s adherence to its fiscal consolidation roadmap and thrust on capex are positive for bonds and the impact on equities has been as expected, said Abhishek Goenka, founder and CEO of IFA Global. The gains in mid-caps last weel were capped by Paytm shares nosediving 20 per cent for the second day in a row, since the central bank ordered its banking arm to stop taking fresh deposits.
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: 03 Feb 2024, 10:13 PM IST
