In the face of generally weak market sentiment, individual small and midcap stocks experienced an upward surge. Notably, shares of WPIL Ltd increased by an impressive 44.16% within a single week. Prudent Corporate Advisory Services’ shares also saw a significant rise of 40%, closing the week at Rs 3,577.65 on the BSE, with a 14.75% gain in the last trading session alone.
Other smallcap stocks such as AMI Organics, Syrma SGS Technology, 63 Moons Technologies, and The Anup Engineering observed weekly increases ranging from 30% to 40%. Companies like Coffee Day Enterprises, Force Motors, Poonawalla Fincorp, Mercury Ev-Tech, and Poly Medicure witnessed share gains between 25% and 30%.
Additionally, the BSE smallcap index rose by 6.3% on a week-on-week basis. Midcap stocks also recorded gains, increasing by 21.34%. Among these, Gillette India showed the highest rise, followed by Indian Bank, which saw a 17.2% increase during the same period. Shares of Central Bank of India, Bank of India, JSW Infrastructure, Bank of Maharashtra, Punjab & Sind Bank, Rail Vikas Nigam (RVNL), Bharat Heavy Electricals (BHEL), Emami, and the Indian Renewable Energy Development Agency (IREDA) were among other gainers in the midcap sector, with weekly gains reaching up to 16%.
Currently, Indian equity markets are under pressure, with the Nifty50 index correcting by 8% from its peak in September. October experienced a historic sell-off from foreign portfolio investors (FPIs), who divested stakes worth Rs 1,13,858 crore.
On the international scene, markets are anticipated to react to the US presidential elections. Subsequently, factors such as US GDP growth, inflation, and potential rate cuts by the Federal Reserve are expected to influence market movements.
(Disclaimer: Recommendations and opinions expressed by experts are their own and do not represent the views of Economic Times.)
