BSE small-cap stocks least hit

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Mumbai, Aug 8: While all the indices of The Stock Exchange, Mumbai (BSE) ended in the red, there were a few stocks which bucked the overall negative trend in the market and closed the day in the black.

Most sectoral indices, including the benchmark indices, suffered heavy losses, but the least-affected among them was the BSE Small-cap. The two Sensex stocks —NTPC and ONGC— managed to post some gains and resist the intense downward pull as all the other 28 Sensex constituents declined on the day. Outside the Sensex pack, there were quite a few stocks that made handsome gains on a day of falls.

VK Sharma, vice president and head of research, Anagram Stock Broking Ltd said, “ When the Sensex partied, small-caps were just hovering around without much movement. On a number of occasions, even as the Sensex made considerable jumps, the overall market breadth used to be negative. Many of the small-caps were moving down then and most of them have bottomed out.” While the average of percentage slides of all the indices stood at 1.64%, the BSE Small-cap index slid only 0.4%. The growth of the BSE Small-cap index was at a slower pace than most of the indices on BSE, as they furthered up with the Sensex’s record-breaking journey. But it was a stock-specific rally inside the small-cap pack as the negative market breadth indicates. Declines at 270 outnumbered advances at 145, and seven remained unchanged.

On some of the stocks bucking the trend, the head of equities of a domestic brokerage firm said, “Many stocks have gone up because on a day of falls, the attractive ones see more demand. It is more of a demand-supply function that the prices of these stocks have gone up.”