Over 40 smallcap stocks gain between 10-40% as Sensex logs third straight weekly gain; RailTel among gainers
BSE Sensex logging a third straight weekly gain buoyed by strong macroeconomic indicators and renewed foreign fund inflows. Despite a volatile week, the equity benchmarks achieved record highs extending their sharp rally during Saturday's special trading session. On the stock-specific front, RailTel Corporation of India, Data Patterns, Force Motors, Jubilant Industries, Kalyani Steels, Tata Investment, Greenply Industries, Indo Count, Zen Technologies, Newgen Software, Schneider Electric Infra, and others are among the smallcaps that logged a double-digit rise in their share prices last week.
The Indian equity indices witnessed a volatile week, ultimately extending their winning streak for a third consecutive week to achieve a new all-time high. The Nifty and Bank Nifty indices rose by nearly 0.75 per cent and 11.5 per cent respectively, closing the week at 22,419.55 and 48,636.45. The market capitalisation of BSE-listed companies reached its all-time peak of ₹394.06 lakh crore.
Initially, the Nifty prices dropped to as low as 21,860.65, the lowest level since February 15. However, bargain hunting emerged from these lower levels, driven by several positive fundamental factors. These include India's gross domestic product (GDP) growth for the third quarter of the fiscal year 2023-24, which exceeded expectations at 8.4 per cent compared to the estimated 6.7 per cent A resurgence of buying interest from foreign investors who injected nearly Rs.
23.5 crore into the cash segment. Notably, foreign institutional investors (FIIs) transitioned from being net sellers to buyers, while domestic institutional investors (DIIs) continued to lead the market with purchases amounting to Rs. 8,268 crore.
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