These 50 smallcap stocks rose 15-50% as Sensex logs third weekly gain led by IT; do you own?
BSE Sensex logged its third successive weekly gain, supported by a surge in information technology (IT) stocks on easing global interest rate outlooks with strong US markets. On the stock-specific front, 45 smallcap stocks logged gains in the range of 15 per cent - 50 per cent last week, outperforming the index. Sharda Motor, RattanIndia Power, Orient Green Power, MSP Steel & Power, 63 Moons Tech, Titagarh Railsystems, Tata Investment, Nesco, Varrox Engineering, Dilip Buildcon, Antony Waste Handling, GE Power India, DB Realty, KPI Green Energy, Jain Irrigation, DCX Systems, IFB Industries, SMC Global, Solar Industries are among the smallcaps that logged a double-digit rise in their share prices last week.
Domestic markets extended their bullish tone for the third successive week and gained over a percent. The beginning was downbeat but the bias changed in the following sessions with a surge in the US markets. The NSE Nifty 50 index gained 1.58 per cent this week, its best in two months, while the Sensex rose 1.37 per cent.
Stocks of IT companies, which earn a significant share of their revenue from the US, climbed 5.07 per cent, their best week in 16 months. The rise follows softer-than-expected US inflation data on October 14, which bolstered expectations that the US Federal Reserve will not hike rates and may start cutting rates in May 2024. US Treasury yields also fell after the inflation data, while foreign investors snapped a 15-session selling streak in the week.
The fall in oil prices is also a positive for net importers like India, analysts said. Brent crude futures hit four-month lows and were set to decline for the fourth straight week. The Nifty oil & gas index gained 1.40 per cent, rising for the third week
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