On a stock-specific basis, 45 small-cap stocks posted gains in the range of 15 percent – 40 percent last week, outperforming the index. Neuland Laboratories, Suzlon Energy, Jaiprakash Power, SVP Global, Den Networks, Orient Green Power, Arvind Fashions, Welspun Enterprises, Dilip Buildcon, JK Lakshmi Cement, Sigachi Industries, Force Motors, Arihant Super, GMDC, are among the small caps that log that doubled their share prices last week.
Markets Weekly Print
Markets started the week on a positive note but the benchmarks opened with a gap to the upside but muted global cues capped the move thereafter. The mid-week performance was range-bound, but the Nifty 50 and Sensex, settled closer to the week’s highs at 19,425.30 and 64,904.60 respectively on the final day.
Also read: Down 4%, Nifty Midcap 150 declines more than Nifty 50 in October on global headwinds
On a cumulative basis, weekly gains of 3.09 per cent and 2.89 per cent, respectively, were found in the more home-focused small and mid-caps, posting their best week in two months amid continued retail inflows. On a weekly basis, the BSE benchmark advanced 540.9 points or 0.84 per cent, while the Nifty rose 194.75 points or 1 per cent.
The Nifty small-cap index hit an all-time high, rising over 3 percent during the week, on the back of record-high Systematic Investment Plans (SIPs) reaching approx. ₹17,000 crore per month.
Pharma stocks registered a weekly gain of 4.26 percent, supported by a post-earnings rally in key ingredients like Lupine and Aurobindo Pharma. Information technology (IT) companies, which earn a significant share of US revenue, fell 0.26 percent after Fed Chairman Jerome Powell said the US central bank was not confident interest rates are high enough to tame inflation.
Oil & gas, the third heaviest sector in the Nifty 50, rose 2.53 percent for the week as crude oil prices fell to close to $80 a barrel. Softer oil prices are positive for importers of the commodity like India as well as its oil marketing companies.
Markets ended the week higher despite a two-day drop. Fed Chairman Powell also suggested that interest rate hikes could further impact stocks and bonds. The rupee was at a low level and bond yields rose for the year.
Previous Session
On Friday, the domestic equity benchmarks Sensex and Nifty 50 settled higher on Friday supported by late-fag buying in select heavyweights, including HDFC Bank and ITC, despite weak global cues. Concerns about interest rate hikes continued after Fed Chairman Jerome Powell’s hawkish comments on Thursday as the Israel-Hamas standoff continues.
Nifty 50 at 19,351.85 against the previous close of 19,395.30 and touched its intraday high and low of 19,451.30 and 19,329.45 respectively, before ending at 19,425.35, up 30 points, or 0.15 percent.
The 30-share Sensex ended 72 points, or 0.11 per cent, higher at 64,904.68. Mid caps and small caps outperformed the benchmarks. The BSE Midcap index rose 0.33 percent while the Smallcap index ended with a gain of 0.38 percent.
Also read: Dividend Stocks: Power Grid, IRCTC, United Spirits, MRF among others to trade ex-dividend next week; check the full list
“Selective buying helped markets finish slightly higher despite other peers in Asia and Europe struggling due to selling pressure. Outflow of foreign funds from the domestic market is a concern…Also, volatile US treasury yields are prompting overseas investors to pull out of emerging markets in recent months,” Prashanth said Tapse, Senior Vice President (Research), Mehta Equities Ltd.
Where are the markets headed?
During Samvat 2079, the BSE Sensex jumped 5,073.02 points or 8.47 percent, while the Nifty climbed 1,694.6 points or 9.55 percent. During this period, the market capitalization of the listed BSE increased ₹43.81 lakh crore to be achieved ₹3,20,29,232.24 crores.
Going into Samvat 2080, analysts expect markets to continue their outperformance due to strong earnings and strong economic outlook.
”Nifty ended Samvat 2079 on a positive note despite some global challenges. Nifty gained 9.4 percent in this period and made a high mark of crossing 20k for the first time in life,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd.
Stock exchanges will hold a special one-hour muhurat trading session on the occasion of Diwali on November 12. The token trading session will be held between 6 pm and 7.15 pm. This includes a 15 minute pre-market session.
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Updated: 11 November 2023, 08:30 PM IST
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