10-65% Gain Indian 80 Small Caps in the Market
BSC’s 80 small caps indices, mid-cap indices, and large-cap indices all surged by about 3% in this time period. A gain of 2,732.05 was recorded by BSC, recording the closing to be at 76,693.36 points. Similarly, around 759.5 points were gained by NIFTY50, recording the closing to be at 23290.20 points.
The general elections played a pivotal role in influencing the performance of broader market indices than the exit polls, this week, by 7th June. The investors’ confidence was collectively boosted by various positive factors including the upward reversion of RBI’s GDP forecast, decline in oil prices, monsoon rainfall progression, and rate cuts for the European Central Bank (ECB).
Heritage Foods, PTC Industries, Moschip Technologies, Authum Investment & Infrastructure, BL Kashyap & Sons, V-Mart Retail, Bhagiradh Chemicals and Industries, IFB Industries, Ganesh Housing Corporation, Pokarna, NAVA, Marathon Nextgen Realty, Universal Cables raised upto 64%; the small-cap index, raised by 3%.
However, Jaiprakash Associates, Techno Electric & Engineering Company, Titagarh Rail Systems, Cressanda Solution, TruCap Finance, and Data Patterns (India) fell by 11% to 30%.
The daily charts show that the Nifty has been inching higher after a sharp decline on Tuesday earlier this week. It has recovered all the lost ground and is near the previous all-time high of 23338. The V shape recovery has put the structure in the Favor of bulls and dips towards support zone 22800 – 22700 should be used as a buying opportunity. On the upside, the psychological level of 23500 will likely attract some higher-level profit booking.
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