Smallcap stocks offer double-digit weekly returns in a rangebound market
In the previous week, Indian markets remained rangebound with fluctuating movements, while the Nifty reached a record high of 24,461 levels. Throughout the week, a total of 46 smallcap stocks saw double-digit weekly returns, with five of them surpassing 25% returns. HPL Electric and Power emerged as the top performer in the smallcap category, boasting a remarkable 40% return. Following closely behind were PC Jeweller (36.17%), Kellton Tech Solutions (32.64%), and Shipping Corp (28.5%).
Additionally, 39 stocks such as Alembic, GE Power, Faze three, D-Link, Welspun Specialty, RailTel, IFCI, and MTNL delivered returns ranging from 10-20% during the week. In the midcap segment, Oil India, IRFC, Sona BLW, and others experienced double-digit gains, with OIL standing out at a 26.17% increase.
Among the Sensex constituents, ITC led the pack with a 5.85% return, followed by TCS and Infosys at 4.3% and 3.9%, respectively.
Market analysts suggest that current market sentiment reflects a mix of nervousness and anticipation due to the subdued Q1FY25 earnings outlook and anticipations for a growth-centric budget. However, the positive guidance for FY25 GDP has bolstered investor morale.
As the earnings season progresses, investors can expect stock-specific movements to drive the market. IT stocks are likely to remain in focus following their strong earnings performance and outlook. Various economic indicators, including China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech, will play a crucial role in shaping investor decisions in the upcoming week.
From a technical standpoint, analysts emphasize that the index must breach the 24,600-24,620 resistance level to stimulate further bullish momentum. Until then, investors are advised to explore opportunities to buy on dips in the Nifty, considering support levels near 24,170, as suggested by Hrishikesh Yedve of Asit C Mehta.
(Disclaimer: The opinions and recommendations provided by experts are their own and do not necessarily reflect the views of Economic Times)
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