41 smallcaps deliver double-digit weekly gains even as investors turn cautious
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However, about 41 stocks delivered double digit weekly returns with eight of them offering over 20% returns.
Nucleus Software Exports was the top gainer in the smallcap pack with nearly 29% return, Shakti Pumps (24.4%), Ion Exchange (24%), and Newgen Software (23.6%).
About 33 stocks including SEPC, TruCap Finance, Renaissance Global, Seamec, Jai Corp, Apollo Micro Systems among others offered returns between 10-20% during the week.
In the midcap segment, only Supreme Industries rose in double-digits with 13% gain. New India Assurance and Crisil were distant close, with 9% and 7% gains, respectively.
Among the Sensex pack, Nestle India topped the charts with 3.07% returns, followed by Ultratech at 1.07% and Power Grid at 0.6%.
Foreign investors continued to withdraw funds in the week with the US Fed Chair emphasising the imperative for continued monetary tightening policy and holding interest rate high.Realty, which was the top gainer in the previous week, was the biggest loser during the week, led by Phoenix Mills and Sobha.
What should investors do?
Analysts expect investors to remain cautious in the near term due to concerns about the long implication of geopolitical tensions in the Middle East.
“Volatility is likely to persist, although long-term investors will find bargain hunting opportunities due to an optimistic Q2FY24 earnings estimate and a festival-driven demand environment,” said Vinod Nair, Head of Research at Geojit Financial Services.
In the week ahead, market participants will closely monitor US GDP data for insights into the Fed’s interest rate trajectory.
“As the earnings season gains momentum, investor sentiment will be shaped by corporate’s management commentary and bottom-up investment approach,” Nair added.
Technically, the short term trend of Nifty remains negative.
A slide below the immediate support of 19480 could drag Nifty towards another important support of 19350 levels in the near term. Immediate resistance is placed around 19650 levels, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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