However, the index rose for the second straight week, even as returns were dampened by an uncertain global economic outlook and stock-specific movements.
BSE Sensex were up 360 points while Nifty scored 71 points on a weekly basis. However, the BSE SmallCap Index has fallen more than 1% over the same period.
“Poor third quarter results, low budget expectations, a slowing economy, FII divestitures and concerns over rising global interest rates dominated the market this past week.
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In the weaker market, 28 small caps, including SEPC, and many others delivered double-digit weekly returns, with some up to 26%. SPEC’s share increased by more than 25% over the same period.
On Friday, SPEC shares closed 2.65% higher at Rs 58, while Goodluck India’s shares fell about 0.31% at Rs 486.80.
About 25 stocks in the small-cap category, including , , and , were up 10-20%. (10.95%), (10.73%), (10.62%), (10.54%), (10.44%), and a few other companies have returned just over 10%.
Analysts expect the second phase of quarterly results and global markets to determine market trends. “Although we have started the third quarter on a volatile tone, the latest series of financial announcements from blue chip IT and banking companies is encouraging,” said Vinod Nair.
“While it is very likely that the Fed will raise rates further to kill the inflation demon, it is on the minds of investors that rate hikes over a period of time will result in an economic slowdown,” said Joseph Thomas. Head of Research at Emkay Global Financial Services.
(with data input from Ritesh Presswala)
(Disclaimer: Professional recommendations, suggestions, views and opinions are their own and do not represent the views of The Economic Times)
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