As many as 50 smallcap stocks logged a double-digit rise in their stock prices – in the range of 15-40 percent last week, as the 30-share 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 percent to 50 percent last week, outperforming the index. Sharda Motor, RattanIndia Power, Orient Green Power, MSP Steel & Power, 63 Moons Tech, Titagarh Rail systems, 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 small-caps 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 percent this week, its best in two months, while the Sensex rose 1.37 percent. Stocks of IT companies, which earn a significant share of their revenue from the US, climbed 5.07 percent, 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.