Top midcap, smallcap gainers: These stocks rally up to 20% today, beat Sensex, Nifty

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September 14, 2020 3:05 PM

S&P BSE SmallCap jumped as much as 4.29 per cent to 15,184.11, which is a fresh 52-week high level. In March this year, the SmallCap index plunged to an all-time low of 8622.25.

Sensex, NiftyParticipants should keep a close watch on earnings announcements as well as global markets for cues

Following SEBI’s ruling on multicap funds, the broader markets beat the equity benchmarks BSE Sensex and Nifty 50 today. S&P BSE SmallCap jumped as much as 4.29 per cent to 15,184.11, which is a fresh 52-week high level. In March this year, the SmallCap index plunged to an all-time low of 8622.25 on the back of global uncertainty in the wake of the coronavirus pandemic. Since then, the index has been surging and has rallied around 76 per cent so far. The S&P BSE MidCap index managed to gain 2.3 per cent to touch the day’s high of 14,999.46. With today’s gain in the index, midcaps are now 5.8 per cent away from a 52-week high of 15,930.78, touched in February this year. Four out of 30 BSE Smallcap stocks were locked in the 20 per cent upper circuit today. 

In 2018, BSE MidCap index scaled an all-time high of 18,821.37 and tumbled a massive 91.74 per cent to 9,555 this year in March. According to the latest ruling by the capital market regulator, multi-cap funds have to invest at least 25 per cent of their corpuses each in large-cap, mid-caps and small-cap stocks. In today’s trade, the top performer in smallcap index was Ramkrishna Forgings, which hit a 20 per cent upper circuit at Rs 272.40 apiece. The stock has more than doubled investors’ money from March low of Rs 135.45. It was followed by KPIT Technologies Ltd, which also hit 20 per cent upper cent at Rs 106.65 apiece, rising massive 209.57 per cent in less than six months. Similarly, Indoco Remedies Ltd and Persistent Systems too were locked in the 20 per cent upper circuit, at Rs 265 and Rs 1,188.60, respectively. Another gainer in the smallcap index was Birla Corporation, which soared 14.13 per cent in today’s trade. 

From BSE Midcap index, IT consulting and software firm Mphasis share price climbed up to scale a fresh 52-week high of Rs 1,297.50 apiece in today’s trade. The other index gainers were Oberoi Realty, Shriram City Union Finance, Kansai Nerolac Paints, each up in the range of 6-7 per cent. Around 2.45 PM, BSE MidCap index was trading 1.50 per cent higher at 14,862.01, as compared to half a per cent fall in the benchmark S&P BSE Sensex. While the losers on this pack were IDBI Bank, Central Bank of India, Torrent Pharmaceuticals, Hindustan Aeronautics, Bharat Heavy Electricals Ltd (BHEL) and Future Retail, down between 1.2-5 per cent. 

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