63 smallcap stocks offer double-digit weekly returns in another record-breaking market week

economictimes.indiatimes.com:

During the week, as many as 63 smallcap stocks have delivered double digit weekly returns, 5 of them offered over 25% returns.Zen Technologies was the top gainer from the smallcap pack with nearly 37.2% returns, followed by Lloyds Steels Industries (33.9%), Pix Transmissions (27.9%), and Patel Engineering (26.2%). About 8 stocks, including Moschip Technologies, Mazagon Dock Shipbuilders, Precision Camshafts, HPL Electric, Lloyds Metals, Xchanging Solutions have offered returns between 20 and 25% during the week. In the midcap segment, only 3 stocks, Gillette India, Polycab India and Mphasis have risen in double digits.

While Gillette has gained 14%, Polycab and Mphasis were up 10% each. From the Sensex pack, IT stock led the gains with Infosys, Tech Mahindra and TCS rising over 5% each. The US inflation print, that was released during the week, was modest in June, seeing a smallest increase in more than two years.

This raised hopes that the Federal Reserve will soon end its cycle of interest rate hikes, boosting investor sentiments. Analysts say this positive outlook has contributed to strong buying in Indian IT stocks, despite muted Q1 earnings.What should investors do? In the coming week, stock-specific action will likely continue with some of the major companies slated to announce their first quarter earnings. All eyes will be on HDFC Bank, which will report its results this month — a first since the effective date of merger.