This week, Indian stock markets showed some stability despite earlier concerns about the Hindenburg-Adani situation. Positive news from the US, like better retail sales and fewer jobless claims, helped the Sensex rise by nearly 1%.
During this period, 43 smallcap stocks achieved double-digit gains, with three of them climbing more than 25%. Inox Wind Energy led the pack with a 35% gain, followed by Kitex Garments at 34.2% and Suprajit Engineering at 25.27%. Other notable performers, including Gravita India, Panacea Biotech, and Sarda Energy, saw returns between 20% and 25%.
In the midcap category, PB Fintech and Uno Minda posted gains of 16.55% and nearly 15%, respectively. Among Sensex stocks, Tech Mahindra led with a 5.2% increase, followed closely by Infosys and HCL Tech, both rising by 5%.
The IT sector stood out with a 5% gain, thanks to expectations of a possible shift in US Federal Reserve policy. While quarterly results were mostly as expected with modest growth, weak performances in oil and cement sectors could lead to adjustments in future earnings forecasts.
Looking ahead, the market will focus on the upcoming speech from the Fed chair at Jackson Hole and minutes from the Federal Open Market Committee (FOMC) meeting. Investors are advised to stay cautious and consider focusing on value stocks in sectors like FMCG, IT, pharma, and telecom.
Technically, the Nifty index is approaching a key resistance level from early August and could soon test levels around 24,700 and 25,000. Immediate support is seen at 24,350.
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