As many as nine smallcap stocks including Nucleus Software Exports, Zen Technologies, rallied up to 39% and touched their fresh 52-week highs, data showed.
The nine stocks are Nuclear Software Exports, Finolex Cables, Waaree Renewable Technologies, Chaman Lal Setia Exports, PG Electroplast, Ganesh Benzoplast, WPIL, Zen Technologies, and Apar Industries.
Nuclear Software Exports hit its 52-week high on February 16. The stock has rallied 39% in the past week. So far this year, the shares have surged 42% on a year-to-date basis. On Friday, the stock closed 2.5% higher at Rs 557.20 apiece on NSE.
Meanwhile, Finolex Cables jumped 21% in the last one week to touch its 52-week high on February 15. On a year-to-date basis, the shares rose 22.38%. In the last one year, the company’s scrip surged about 47%.
The company has an average target of Rs 651.50, and the consensus estimate represents a downside of 4.38% from the last traded price, according to trendlyne data.
Seven companies including Waaree Renewable Technologies (17.26%), Chaman Lal Setia Exports (12.80%), PG Electroplast (11.83%), Ganesh Benzoplast (11.12%), WPIL (10.94%), Zen Technologies (10.83%), Apar Industries (10.37%) logged gains between 10% to 20% in the last one week to hit their respective 52-week highs.
In the upcoming week, the markets are likely to be driven by global factors as there are no fresh domestic triggers.”Lack of major triggers in the domestic market is attracting global cues to dictate the market trend. The US market is facing an unfavourable combination of higher-than-expected inflation and a stronger job market. The PPI (Producer Price Index) in the US came in at 6.0%, in contrast to the expectation of 5.4%. This suggests that interest rates have not yet peaked and will remain elevated for a long period,” said Vinod Nair, Head of Research at Geojit Financial Services.
Markets may remain volatile close to the scheduled monthly expiry of February monthly derivatives contracts and hence investors are advised to focus on overnight risk management and prefer quality picks.
(With data inputs from Ritesh Presswala)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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