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Macedonian (MK) The Budget week has not sparked any significant excitement in the market as the government measures were both populist and prudent. The increase in short- and long-term capital gains taxes added to the volatility.
During the week, as many as 132 smallcap stocks delivered double digit weekly returns with eight of them offering over 25% returns.
Antony Waste Handling Cell was the top gainer in the smallcap pack with 49.4% return, followed by MTNL (40%), Bhagiradha Chemicals and Industries (35.4%), and PC Jewellers (27.5%).
About 12 stocks including Indian Hume Pipe, GHCL Textile, Thyrocare Technologies, Associated Alcohols, Associated Alcohols, RSWM, Ambika Cotton Mills, IFCI among others have offered returns between 20-25% during the week.
In the midcap segment, five stocks including IDBI Bank, Indian Hotels, Hindustan Petroleum Corp, among others have risen in double digits. While IDBI Bank has gained 17.21%, Indian Hotels and Hindustan Petroleum were up 12% and 12%, respectively.
Among the Sensex pack, Tata Motors topped the charts with nearly 13% returns, followed by Sun Pharma at 9.2% and NTPC at 8.8%.
What should investors do?
Despite the volatility induced by the budget, the market has now recovered its losses from budget day, driven by positive US GDP data and expectations of improved global demand.
Analysts said the direction of the domestic market will likely be influenced by the progress of the earnings season going forward.
Additionally, global economic updates, including US Fed and BoE monetary policies, US employment data, and Eurozone GDP figures, are expected to impact market trends.
"The current trend suggests that bulls are in control, and we are likely to see further advances in the coming sessions. However, it is advised to remain selective, focusing on index majors and large midcaps," said Ajit Mishra – SVP, Research, Religare Broking.
Technically, the index formed a significant bullish candle on both the daily and weekly scales, indicating underlying strength. Analysts said if the index sustains above 24,860, it may attempt to test the psychological level of 25,000.
"The current up move can extend towards 25350-25530. Support base now stands at 24400 which is the 20-day moving average. The daily momentum indicator still has a negative crossover, however we shall assign more weightage to the price action and ride the up move," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
