There are 85 smallcap stocks in BSE which have hit their fresh all-time high in October so far. The list includes stocks such as Delta Corp, Steel Strips Wheels, Sagar Cement, JK Paper, Tamil Nadu Newsprint, Indraprastha Gas, JK Cement, Nesco, Essel Propack, Swan Energy, Goodyear India and Shilpa Medicare etc. On the other hand, the BSE Smallcap index is still 983 points away from its all-time high level (14,239.24) which it hit on January 8, 2008.
Out of the 85 stocks, Thirumalai Chemicals surged the most 225.35 per cent since the beginning of the ongoing financial year till October 10, followed by Rushil Decor (up 191.67 per cent), Escorts (up 186.23 per cent), Delta Corp (up 153.98 per cent), Dalmia Bharat (up 135 per cent), Borosil Glass Works (up 130 per cent), Astec Lifesciences (up 127.32 per cent), IP Petrochemicals (up 123 per cent) and GHCL (up 122.28 per cent), whereas the BSE Smallcap index jumped 24.59 per cent during the same period.
Benchmark BSE Sensex has rallied 11.13 per cent to 28,082.34 till October 10 from 25,269.64 on April 1. Earlier in the year, market sentiment was affected by by volatility in crude oil prices and concerns over the health of the Chinese economy. However, the post-Budget rally in the stock market in March helped cushion some of the losses.
In the smallcap space, brokerage firm Angel Broking is bullish on Mahindra Lifespace Developers and Jagran Prakashan with a target price of Rs 522 and Rs 225, respectively.