Automotive Stampings and Assemblies leads rally as 50 Small-Cap stocks surge up to 44% amid fresh highs
The Indian markets experienced volatility during the week ending February 9, with the Nifty shedding 71.3 points or 0.32 percent to close at 21,782.5
image for illustrative purpose
The Indian markets experienced volatility during the week ending February 9, with the Nifty shedding 71.3 points or 0.32 percent to close at 21,782.5, and the BSE Sensex falling 490.14 points or 0.67 percent to end at 71,595.49. Despite this, more than 50 small-cap stocks surged up to 44% as the index hit a fresh high.
During the week, the Nifty PSU Bank index rose by 5%, the Nifty Healthcare index gained 4.4%, the Nifty Oil & Gas index surged nearly 4%, the Nifty Pharma index increased by 3.9%, the Nifty Media index was up by 3%, and the Nifty Pharma index saw a rise of 3.6%.
Foreign institutional investors (FIIs) sold equities worth Rs 5,871.45 crore, while domestic institutional investors (DIIs) bought equities worth Rs 5,325.76 crore during the week. However, in February so far, FIIs sold equities worth Rs 7,680.34 crore, while DIIs bought equities worth Rs 8,661.41 crore.
The BSE Small-cap index touched a fresh record high on February 7 but ended the week with a marginal loss of 0.4%. Notable gainers in the small-cap segment included Automotive Stampings and Assemblies, Visaka Industries, Jayaswal Neco Industries, Schneider Electric Infrastructure, Triveni Turbine, Sanghvi Movers, Indiabulls Real Estate, Parag Milk Foods, Everest Kanto Cylinder, S H Kelkar & Company, Garware Hi-Tech Films, SMC Global Securities, Jaiprakash Power Ventures, Bajaj Hindusthan Sugar, Jaiprakash Associates, and EIH, with gains ranging from 20% to 44%.
On the other hand, stocks such as IFGL Refractories, WPIL, Aptech, Balmer Lawrie Investment, Best Agrolife, Mukand, Andrew Yule and Company, BEML, and AGS Transact Technologies witnessed losses between 15% and 27%.
Analysts like Rupak De of LKP Securities suggest that the Nifty found support at the 20-day moving average for the second consecutive day and may experience a correction towards 21,500 if it decisively drops below 21,690. However, if it moves above 21,800, a recovery in the near term could be observed. Jatin Gedia of Sharekhan by BNP Paribas also indicates a positive momentum for Nifty, with a likely consolidation range of 21,600 to 22,050.
As always, investors are advised to consult certified experts before making any investment decisions.
