Over 40 smallcap stocks gain 10-30% as Sensex hits 11-week high on macro data, FII inflows; do you own?
BSE Sensex logged its fifth successive weekly gain and closed at 11-week high levels, supported by favourable macroeconomic data and sustained inflows by foreign institutional investors (FIIs). On the stock-specific front, Asian Energy Services, 63 Moons Tech, India Cements, Tanfac Industries, HBL Power, Shalimar Paints, Poonawalla Fincorp, Dixon Technologies, Reliance Infra, MTNL, Bharat Dynamics, Chennai Petroleums, Finolex Cables, NBCC (India), Carysil, and others are among the smallcaps that logged a double-digit rise in their share prices last week.
Domestic equity benchmark Nifty 50 hit fresh record highs logged its best week in five months as strong macroeconomic data, continuous foreign fund inflows added to optimism over the global interest rate outlook. The midcap index also ended at a record high for the 15th consecutive session.
Out of the 50 Nifty stocks, 31 showed gains since the last record high on September 15, 2023. Sensex hit its 11-week high, closing at the highest closing level since September 18, and logged its fifth straight weekly gain, along with Nifty 50.
The blue-chips Nifty 50 and BSE Sensex gained 2.39 per cent or 473.2 points and 2.29 per cent or 1,511.15 points, respectively, led by a rise in energy stocks. Also Read: Axis Securities initiates coverage on smallcap stock with ‘buy’ rating, sees 40% upside; do you own? Favorable global cues triggered an upbeat start, which further strengthened with rotational participation from the index majors, especially from the banking and financial pack.
In 2023, the Nifty is up 12 per cent, the Nifty Midcap is up 38 per cent, and the Nifty Small Cap is up 46 per cent. All 13 major sectors logged gains for the week, while the more domestically-focused
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