Over 50 smallcaps rise 10-40% as Sensex hits lifetime high-mark; do you own?
A strengthening rupee and hectic buying on tech, realty and oil counters amid a mixed trend in global markets further bolstered sentiment, according to traders.
On the stock-specific front, Wardwizard Innovations, Network18 Media, Suven Life Sciences, Easy Trip Planners, DB Realty, MRPL, Trident, Olectra Greentech, Dish TV, Suzlon Energy, Thomas Cook India, Man Industries, Karnataka Bank, PNB Gilts, and others are among the smallcaps that logged a double-digit rise in their share prices last week.
Markets’ Weekly Print
Indian markets ended a two-week long consolidation phase and settled around the week’s high. Weak global cues triggered a subdued start however buying in the select heavyweights prompted some recovery in the middle.
On a weekly basis, the BSE benchmark jumped 542.3 points or 0.75 per cent, and the Nifty 50 climbed 183.75 points or 0.84 per cent. Nifty 50 is now just 100 points away from crossing another milestone of 22,000 zone.
The IT index jumped 5.14 per cent, logging its best session since October 8, 2020, to hit a 21-month high. Market leaders Infosys and Tata Consultancy Services (TCS) emerged as the primary catalysts behind the surge in the Sensex index, concluding as the top contributors.
A mixed trend continued on the sectoral front wherein IT, realty and energy were among the top performers while FMCG and banking ended lower. The broader indices also edged higher wherein the smallcap index gained over half a per cent.
The rupee strengthened for the eighth consecutive session to settle with a gain of six paise to 82.95 against the US dollar on Friday, buoyed by the rally in domestic equity markets. Rising crude oil prices in the international market and a strong greenback overseas restricted the gain in the domestic unit, as per forex traders.
‘’Last week witnessed a remarkable performance in the Indian stock market, marked by fresh record highs in Nifty and Sensex, largely driven by the stellar performance of Reliance and IT stocks. Reliance saw a significant breakout after a multi-month consolidation, contributing to the positive sentiment,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Previous Session
Frontline indices Sensex and Nifty 50 saw strong gains on Friday, January 12, primarily driven by the stellar performance of IT giants. Both key indices, along with the mid and smallcap indices hit fresh all-time highs during the session, fueled by an optimistic sentiment following the better-than-expected December quarter earnings of TCS and Infosys.
Infosys share price witnessed a notable surge of eight per cent while TCS share price rose 4 per cent. This positive momentum had a cascading effect on other IT stocks, leading to the Nifty IT index concluding over 5 per cent higher, with all 10 components ending in the green.
Sensex hit its fresh all-time high of 72,720.96 during the session before closing the day with a robust gain of 847 points, or 1.18 per cent, at 72,568.45. The Nifty 50 hit its fresh record high of 21,928.25 during the session and closed at 21,894.55, jumping 247 points, or 1.14 per cent. With this, both indices settled at their fresh closing peaks.
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: 13 Jan 2024, 09:53 PM IST
