According to the reports, 48 smallcap stocks reportedly logged a double-digit rise last week in their stocks. The report further stated that the rise in the stock prices of those 48 smallcap stocks was in the range of 10 percent to 70 percent while 30 share BSE Sensex witnessed a rise of 1.5 percent on macroeconomic indicators and stability imparted by domestic investors. However, the investors have been focusing on the Monetary Policy Committee of the Reserve Bank of India, which is set to take place next week. Investors are also anticipating the July-September quarterly earnings updates. Not to mention, the domestic market saw volatility in September as concerns over increased interest rates, and global economic and foreign capital outflow slowdown weighed on sentiment. You are suggested to follow this article to know which are the 48 smallcap stocks that logged double-digit rises in their stocks.
Nifty 50 Gained 2 Percent and Sensex 1.5 Percent
Whereas the BSE Smallcap stocks rose by nearly one percent the Nifty 50 concluded the September month with a 2 percent gain and Sensex gained 1.5 percent. Notably, the BSE Midcap stocks surged by 3.7 percent at the end of the month. Last month, the Foreign portfolio investors turned net sellers because the strength in the US dollar and the US 10-year born remained high that are negative for Foreign Portfolio Investor capital flows markets like India. Kindly note that the crude oil’s surged prices in the last week of the month also weighed on Foreign portfolio investor market behavior.
According to the reports, FIIs sold INR 25,000 crore in cash markets last month. Therefore, the US Treasury yields hit a mark that was a 16-year high, and prices of crude oil almost touched $98 per barrel due to the concerns over interest rates remaining up for a long period and its impact on the overseas market.
Smallcap index gained double-digit in stock prices
Last week, the smallcap index that logged a double-digit gain in their stock prices were Nelcast, Omaxe, MSP Steel & Power, CE Info Systems, IFCI, Ashoka Buildcon, PNB Gilts, Antony Waste Handling, IIFL Securities, Syrma SGS Technology, Ujjivan Financial Services, RBL Bank, Zen Technologies, Kirloskar Oil, and Artemis Medicare Services. Senior technical analyst at Swastika Investment Ltd Pravesh Gour said, ’Nifty is witnessing a correction where 19,500 is an immediate demand zone. The potential target on the downside is the 19,300–19,250 zone. On the upside, 19,800 is an immediate and critical hurdle; above this, we can expect bulls to get a grip for a move towards the 20,000–20,200 zone,”