Over 50 smallcaps rise 10-40%; Reliance Infra, BEML among gainers
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Around 50 smallcap stocks logged gains in the range of 10-40 per cent as broader indices gained 1.5 per cent outperforming the benchmarks Sensex and Nifty 50 last week. Reliance-group stocks such as Reliance Infrastructure and Reliance Power were among the top gainers.
Apart from the above two, EMudhra, Swan Energy, Vadilal Industries, Capacite Infraprojects, Dhani Services, Praj Industries, Force Motors, Sapphire Foods India, Artemis Medicare Services, Skipper, JSW Holdings, Varroc Engineering, BEML, Finolex Industries, Cochin Shipyard, Novartis, Chalet Hotels, among other smallcaps logged a double-digit rise in their share prices last week.
Markets’ Weekly Gain
On a weekly basis, the BSE benchmark climbed 188.51 points or 0.25 per cent, and the Nifty went up by 73.4 points or 0.33 per cent. Auto stocks jumped 1.67 per cent, taking weekly gains to 4.23 per cent. The domestically-focused small- and mid-caps rose about 1.5 per cent each this week, outperforming the benchmarks.
Mahindra and Mahindra, Maruti Suzuki, Tata Motors, Hero MotoCorp, Bajaj Auto and Eicher Motors added between two per cent and eight per cent this week. Realty stocks gained 5.34 per cent this week, while metals added 4.21 per cent. Analysts said that the drop in Brent crude prices after hitting nearly $88 per barrel earlier in the week has aided auto stocks, for whom crude is a key raw material.
US Federal Reserve maintained the key interest rates unchanged at 5.25 – 5.50 per cent for the fifth straight meeting on Wednesday, but signaled three rate cuts in 2024. US-rate sensitive IT stocks, however, lost 6.17 per cent despite the positive commentary, weighed down by Accenture’s revenue forecast downgrade for fiscal 2024. Wipro, Tata Consultancy Services, HCL Tech, LTI Mindtree and Infosys fell 3.5 per cent-eight per cent for the week.
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Published: 23 Mar 2024, 09:42 PM IST
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