Over 25 smallcap stocks gain between 20-65% as index hits record-high; Balaji Telefilms, UCO Bank among gainers
BSE Sensex logging a marginal weekly decline. However, the broader S&P BSE Smallcap index hit its fresh record high last week at 46,821.39, driven by gains in stocks such as Olectra Greentech, Balaji Telefilms, Jaiprakash Power in the last five days.
On the stock-specific front, Schneider Electric Infra, UCO Bank, Balaji Telefilms, Parag Milk Foods, Olectra Greentech, Punjab & Sind Bank, Triveni Turbine, Bajaj Hindusthan Sugar Limited, EIH Ltd, SMC Global, ASM Technologies, Kalyani Steels, Kriti Industries, Kirloskar Oil, Indiabulls Real Estate Ltd, and others are among the smallcaps that logged a double-digit rise in their share prices last week. Markets traded lackluster in a range and settled with A marginal cut, in continuation to the prevailing consolidation phase of markets.
After the muted start, Nifty 50 oscillated on both sides, tracking mixed trends in the heavyweights across sectors. Also Read: Dividend Stocks: Nestle India, Power Grid, ONGC, among others to trade ex-dividend next week; check full list The sectoral moves kept the traders busy wherein pharma, energy, and realty performed well while pressure continued in FMCG and banking.
The broader indices also traded mixed and midcap managed to gain nearly a per cent, according to market experts. "When valuations are high, the bears will use any negative news to drag the market down," said Dr VK Vijayakumar, chief investment strategist at Geojit Financial Services, referring to "slightly hawkish comments" from the Reserve Bank of India (RBI) governor on Thursday.
The RBI kept interest rates unchanged on Thursday, as expected, and signaled rate cuts may not be imminent. The BSE benchmark fell by 723.57 points or one per cent to settle at 71,428.43 on Thursday
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