23 smallcap stocks offer double-digit weekly gains, surging up to 28% in volatile market week

Equity markets traded in red for most part of the week but gained towards the end, lifted by positive commentary from Fed officials that there could be a favourable rate hike in the next meeting.

The surge in Adani group stocks, post Rs 15,000 crore deal with US-based GQG Partners also lifted the overall sentiments on Friday. Almost all the sectors ended in green for the week, barring Auto, healthcare, BSE Teck and IT, with S&P BSE Realty being the top gainer at 8.19%.

Among the smallcap pack, two stocks, Monarch Networth Capital and Kiri Industries gained over 25%, while three stocks, DB Realty, Sastasundar Ventures and Zee Media Corporation rose over 15%.

The other smallcap stocks which rose over 10% include Patel Engineering, Cerebra Integrated Technologies, Foseco India, Anupam Rasayan India, Tata Teleservices (Maharashtra), Equitas Small Finance Bank, Reliance Infrastructure, Sonata Software, Alok Industries, Asian Energy Services, UCO Bank, Punjab & Sind Bank, Hariom Pipe Industries, Triveni Turbine, Capacit’e Infraprojects, Gayatri Projects, Nelco, and Bank Of Maharashtra.

Of the smallcap stocks, which gave double digit returns, four companies Foseco India, Equitas Small Finance Bank, Sonata Software, and Triveni Turbine have hit fresh 52-week highs in the week.

Going forward, Indian equities are likely to take cues from global trends as investors weigh comments around the Federal Reserve policy and interest rate trajectory.

Technically, analysts say the index has given a consolidation breakout on the daily chart, suggesting a rise in optimism.

“On the higher end, it found resistance around the 14-day moving average. The short-term trend remains negative as the index has closed below the critical short-term moving average. The momentum oscillator RSI is in bullish crossover on the daily timeframe. On the higher end, the Nifty may move higher once it moves above 17650; on the higher end, resistance is visible at 17800. On the lower end, support is visible at 17470,” Rupak De, Senior Technical Analyst at LKP Securities.

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