The Indian benchmark indices began the week gone by on a positive note by recovering some of the losses. However, the lack of strong follow-through buying cut short the bounce-back and drove a sharp fall towards the end of the week.
Both Sensex and Nifty plunged below their key support levels of 60,500 and 17,940 respectively and have closed on a weak note last week.
The Indian benchmark indices began the week gone by on a positive note by recovering some of the losses. However, the lack of strong follow-through buying cut short the bounce-back and drove a sharp fall towards the end of the week.
Both Sensex and Nifty plunged below their key support levels of 60,500 and 17,940 respectively and have closed on a weak note last week.
Interestingly, the smaller stocks have continued to give higher returns to equity investors so far this fiscal, significantly outperforming bigger peers on indices. The BSE smallcap index has zoomed 7,333.47 points or 35.51 per cent, while midcap index has jumped 5,096.41 points or 25.25 per cent so far this fiscal.
Parth Nyati, Founder, Tradingo, said, “We are in a structural bull market where midcap and smallcap stocks tend to outperform and we are seeing the same phenomenon is playing out. The other reason for the outperformance of the broader market is strong participation by retail investors and thanks to technology that is helping the penetration of the stock market in India.”
Meanwhile, here are the top 5 stocks that jumped over 10 per cent last week, according to Moneycontrol.
TTK Prestige: The stock jumped over 15 per cent after the company approved the sub-division/split (stock split) of equity shares of the company.
United Spirits: The stock rose over 13 percent last week. Standalone net profit of the company more than doubled year-on-year (up 113 per cent) to Rs 273 crore, helped by a significant expansion in operating margins.
ABB India: The scrip was up 11 percent after the firm reported a net profit of Rs 85 crore in the quarter ended September 30, 2020. Profit after tax was at Rs 120 crore, a growth of 40 percent over Q3 2020 (July-September 2020).
Ramco Cements: The stock price gained over 10 per cent after the company reported an over two-fold jump in consolidated net profit at Rs 519.12 crore for the quarter ended September, helped by write-back of excess deferred tax and growth in sales.
Adani Power: The scrip shed over 14 percent after the company reported a consolidated net loss of Rs 230.60 crore for the September 2021 quarter, mainly due to lower revenues. Its consolidated net profit stood at Rs 2,228.05 crore in Q2.
(With PTI Inputs)