Up nearly 20%, these smallcap stocks score double-digit growth as broader indices continue to outperform; do you own?
Broader indices outperformed the major indices yet again gaining about one per cent each even as Sensex and Nifty fell 0.66 per cent in the week ended August 4, 2023. BSE Midcap index ended flat while the BSE Smallcap index clocked a gain of 1.51 per cent during the week led by strength in select smallcap stocks that scored double-digit rise in gains last week.
On Friday, mid and smallcap indices slightly underperformed the benchmark index. The BSE Midcap index closed with a gain of 0.65 per cent while the Smallcap index ended 0.66 per cent higher. Domestic equity benchmarks Sensex and the Nifty closed with decent gains, snapping their three-day losing run, amid positive global cues. Sensex closed 481 points, or 0.74 per cent, higher at 65,721.25 while the Nifty closed at 19,517, up 135 points, or 0.70 per cent.
The overall market capitalisation of the firms listed on the BSE rose to ₹304.2 lakh crore against ₹302.3 lakh crore in the previous session, making investors richer by ₹1.9 lakh crore in a single session.
The BSE SmallCap index rose 1.5 percent supported by Digispice Technologies, MPS, Optiemus Infracom, HCL Infosystems, Udaipur Cement Works, among others.
‘’The market fell for the second week in a row, with the Sensex, Nifty, and Nifty Bank all losing one per cent. Midcaps relatively outperformed, with the Midcap Index posting a one per cent gain for the week. IT and pharma gain the most, while realty and PSU banks are the top losing indices. This was primarily a normal profit-taking activity, as there were no significant cues to disrupt the market sentiment,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
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Updated: 05 Aug 2023, 10:38 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.