More than 250 smallcaps gain 10-41% in the week as market bounces back

During this week, BSE Small-cap index added 6 percent, Mid-cap index rose 3.6 percent and Large-Cap gained 2.2 percent.

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Indian equity benchmarks bounced back sharply on December 30 to snap 3-week losing streak and gained over 1 percent, as relaxation of Covid restrictions by China boosted investors’ confidence in absence of any major global events.

For the week, BSE Sensex advanced 995.45 points or 1.66 percent to close at 60,840.74, while Nifty50 gained 298.5 points or 1.67 percent to settle at 18,105.3 levels.

However, for the month of December both Sensex and Nifty lost 3.5 percent each.

Among sectoral indices on the NSE, Nifty PSU index recovered previous week losses and rose 11 percent, while Nifty Metal index added 8 percent and Nifty Realty and Oil & Gas indices gained 5 percent each. However, Nifty Healthcare index shed nearly 2 percent.

During the week, BSE Small-cap index gained 6 percent, Mid-cap index rose 3.6 percent and Large-Cap advanced 2.2 percent.

“The domestic market trend during the week was influenced by the movements of its global counterparts. Markets wavered between gains and losses as global woes over the recession and COVID spread continued to persist. US trade deficit data suggested strength in the economy, raising uncertainty about the Fed’s tightening stance,” said Vinod Nair, Head of Research at Geojit Financial Services.

“On the other hand, steps towards the reopening of the Chinese economy increased the prospects for demand recovery. The ongoing volatility is expected to be sustained in the near-term because of high interest rates and a slowing economy.”

“We believe that value buying is the theme of 2023, with a focus on domestically oriented sectors and buying on dips. Fair valuation, steady earnings, and a robust demand scenario will be the cutting parameters,” Nair added.

Also Read: Indian shares rise for seventh year; but slip in final session of 2022

Foreign institutional investors (FIIs) offloaded equities worth Rs 5,761.56 crore, while domestic institutional investors (DIIs) bought equities worth of Rs 5,062.45 crore.

However, in the month of December FIIs sold equities worth Rs 14,231.09 crore and DIIs bought equities worth Rs 24,159.13 crore.

“In the last week the benchmark indices bounced back sharply, the Nifty ended at 1.74 percent higher while the Sensex was up by 997 points. Among Sectors, PSU Banks and Metal indices gained the most, PSU Banks rallied over 11 percent followed by Metal index gained 8 percent. Whereas, despite strong momentum Pharma and Healthcare stocks witnessed profit booking at higher levels,” said Amol Athawale, Deputy Vice President – Technical Research at Kotak Securities.

“Technically, after a sharp correction, the index took the support near 17800/59800 and reversed quickly. However, last Friday witnessed some profit booking at higher levels. A bullish candle on weekly charts and higher bottom formation on daily and intraday charts indicating further uptrend from the current levels.”

“For trend following traders now, 18000/60500 would act as a sacrosanct support zone. Above which, the index could move up till the 50-day SMA (Simple Moving Average) or 18300/61400. Further upside may also continue which could lift the index till 20-day SMA or 18400/61750. On the flip side, fresh selloff is possible only after dismissal of 18000/60500, below which the market could slip till 17800-17750/59800-59600 levels,” he added.

The BSE Small-cap index added 6 percent with 267 stocks giving double digit return as GRM Overseas, Lancer Containers Lines, National Fertilizers, Ashapura Minechem, V2 Retail, Rashtriya Chemicals and Fertilisers, GIC Housing Finance and Poonawalla Fincorp adding 25-41 percent.

However, Morepen Laboratories, Nectar Lifesciences, IOL Chemicals and Pharmaceuticals, Syncom Formulations, Nureca, KBC Global and eClerx Services fell between 6-11 percent.

Where is Nifty50 headed?

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services:

As we start the new-year 2023, we expect markets to remain sideways in a range in the near term. While fears of recession and spread of Covid outside China is capping the upside, we are witnessing strong buying at lower levels which are supporting the markets on the downside.

Q3 results and the upcoming Union Budget could provide much needed fresh positive triggers to Indian Equities. Auto sector is likely to be in focus next week on back monthly auto sales data. Metals too will be in focus after China announced to raise export duty on metals.

Apurva Sheth, Head of Market Perspectives, Samco Securities

A few significant data points will be released next week. The United States will publish its November 2022 export and import data, as well as its trade balance figures. As market players attempt to understand the Fed’s stance, Indian markets may respond in lockstep with their international counterparts when the FOMC minutes are made public later this week.

Back home, the New Year is poised to begin with Auto numbers, which will be noteworthy because a mixed set of numbers is expected. The demand in rural regions will be watched, along with growth rates across categories.

Investors should organise their portfolios correctly during volatile periods and focus on the long view rather than the immediate problems.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.