11 small-cap stocks rise more than 10% during the week despite weak market sentiment

Indian stocks posted losses for the third straight week, but there were multiple outliers in the mid-cap and small-cap space, suggesting the bulls are still holding onto the rope.

About 11 stocks in the small-cap space have posted 10%+ gains for the week through Friday, including prominent names

and .

Bajaj Electricals relegated on the back of winning a Rs 332 crore order

Corp of India. The stock ended the week up over 12%.

Likewise, there were stocks in the mid-cap space that outperformed the benchmarks.

One such stock was

This was spurred on by news reports leading the race to acquire the former’s plant in Madhya Pradesh valued at Rs 800 crores. Other leading players in the race are JSW Cement and Adani Group. The stock is up 6% last week.

Information technology stocks have rebounded across the board from losses over the past few sessions. stocks such as

, and L&T Technology Services are up 3-5% last week.

Despite concerns around the world about a macroeconomic slowdown due to steeper rate hikes, the Indian market fared far better than most emerging and even developed markets.

The BSE Sensex and NSE Nifty 50 fell just over 1% week-on-week, while leading indices in China, Hong Kong, Malaysia, Japan, South Korea and the US fell 3-6%.

This better performance by Indian equities was supported by encouraging domestic indicators, bolstered by the Reserve Bank of India’s stance of remaining focused on stimulating growth even if inflationary risks remain.

While losses in Sensex were limited, interest rate sensitive stocks saw selling pressure.

The S&P BSE Bankex Index fell 2.4% on the week as caution over the RBI’s policy decision led foreign investors to book gains in heavyweight stocks.

and were the biggest laggards in the Sensex with losses of over 3% and 5% respectively.

The powerhouse took the hardest hit as the S&P BSE Power and Utilities indices each fell nearly 5%. shares of

and fell by 6-7%.

https://economictimes.indiatimes.com/markets/stocks/news/11-small-cap-stocks-rise-more-than-10-during-the-week-despite-weak-market-sentiment/articleshow/94578949.cms 11 small-cap stocks rise more than 10% during the week despite weak market sentiment

Russell Falcon

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