Election concerns weigh as only 11 smallcaps post double-digit weekly returns
trend in the week gone by as valuation concerns clouded the already uncertain outlook that was prevailing due to general elections.
The downtrend was particularly visible in the broader market, where both the BSE mid- and small-cap indices lost nearly 4% each.
Only 11 smallcaps offered double-digit returns during the week, with CarTrade Tech leading the way with 24% returns, followed by Rattan India Power and Jupiter Wagons that gained between 20-23%.
TVS Holdings, Deep Industries, Century Enka and Dolat Algotech are some of the other companies that managed to hold their ground in a weak market.
In contrast, several smallcap companies delivered double-digit negative returns during the week with Sonata Software, Intellect Design, Mangalore Refinery, Surya Roshni, Chennai Petroleum, Jaiprakash Associates, Graphite India, Inox India losing the most.
In the midcap segment, only Bharat Forge rose in double-digits with a gain of 11.56%, while Endurance Technologies, Tube Investments, Honeywell Automation, Supreme Industries and a few others managed to eke out some gains.
Around 7 companies in the midcap space, including Voltas, Torrent Power, JSW Energy, Piramal Enterprises, Canara Bank, and Power Finance lost the most.
FMCG major HUL topped the charts in the Sensex pack with a return of 6.3%, as even the largecaps were not immune to the selloff.
Kotak Mahindra Bank, Tata Motors, Nestle India, Bharti Airtel and Maruti Suzuki have made decent advances during the week and offered some safe haven to investors.
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