Over 30 smallcaps log double-digit as Sensex posts fourth straight weekly gain; Tata Group stocks among gainers
Tata Chemicals were among the gainers on the S&P BSE Smallcap index. Apart from the above two, Rallis, Infibeam Avenues, MOIL, Schneider Electric Infra, Zen Technologies, JSW Holdings, Hindustan Copper, SMS Pharma, Rico Auto, Marathon Nextgen, and others are among the smallcaps that logged a double-digit rise in their share prices last week.
Markets extended a gaining streak for the fourth successive week and rose nearly half a per cent with the NSE Nifty 50 and BSE Sensex rising 0.69 per cent and 0.51 per cent on the week, respectively - the best such streak in three months. The benchmarks gained about three per cent each in four weeks.
A strong up move at the beginning strengthened the bulls, followed by muted sessions in the middle. However, renewed buying in the final sessions aided the index to close around the week’s high. On the sectoral front, pharma, energy and banking gained maximum while IT and Realty closed lower.
At the same time, the underperformance continued on the broader front wherein the midcap index remained in a range while smallcap shed nearly three per cent. "The momentum in domestic equities can persist till elections as history suggests," analysts at Ambit Capital said. Banking is the only sector with relatively attractive valuations compared with the Nifty 50, they said.
Financials-linked indexes such as financial services, banks, public-sector banks and private banks gained between 0.6 per cent and four per cent this week. The broader, more domestically-focussed small-caps dropped 2.18 per cent, while mid-caps added 0.36 per cent, both underperforming the blue-chip indexes on persisting concerns over excessive fund inflows and stretched valuations.. Bajaj Auto gained 10.44 per cent, its best
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