Over 45 smallcap stocks rise 10-35% as Sensex reports longest weekly winning run in 3 years; do you own?
BSE Sensex reported it longest weekly winning streak in three years, as it rallied to record high levels on the back of strong macroeconomic data, a drop in oil prices and the hawkish rate pause by the Reserve Bank of India (RBI). On the stock-specific front, 63 Moons Tech, Inox Wind, Cantabil Retail, Asian Energy Services, SpiceJet, KIOCL, RBL Bank, Raymond, Reliance Power, Balaji Telefilms, TV 18 Broadcast, HBL Power, Zee Media Corp, Home First Finance, Bharat Dynamics, and others are among the smallcaps that logged a double-digit rise in their share prices last week. Domestic equity benchmarks gained for sixth straight week as the NSE Nifty 50 and S&P BSE Sensex indexes rose about 3.5 per cent to log their best week since July 2022.
After a strong gap-up start, benchmark indices moved from strengthen to strengthen and finally settled around the week’s high. Among the key indices, Nifty tested a new milestone of the 21,000 mark and Sensex also reached closer to the 70,000 level. The rotational buying in heavyweights across sectors helped the indices to maintain a positive tone despite overbought readings.
The more-domestically focussed small- and mid-caps underperformed the blue-chips this week, but gained 1.16 per cent and 2.35 per cent, respectively, to fresh record highs. The small- and mid-cap indexes gained 48 per cent and 41 per cent so far this year, outperforming a 15.8 per cent gain in the Nifty 50. The Bank Nifty, meanwhile, surged by more than 5 per cent, highlighting the strong investor sentiment towards the banking sector.
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