NEW DELHI: Since the last Dussehra on October 15, 2021, at least 44 smallcaps have given multibagger returns to investors even as the Sensex eroded over 6% during the period amid worries related to the macroeconomic environment and rising interest rates.
ITeS stock
, which has a market cap of less than Rs 1,400 crore, has been the top gainer in the world of smallcaps since Dussehra 2021, with a mindblowing rally of about 1,500%.
KPI Green Energy has also been an outperformer during the period, rising nearly 500%, while
& Adhesives, and have delivered gains of 375-424%.
Other smallcaps that more than doubled during the period include Choice International,
, , DB Realty, , , Rajratan Global Wire and TGV SRACC.
Among mid-and-large caps, Adani Power, Bharat Dynamics,
, And Petrochemicals, and were among the six multibaggers that rallied up to 216%.
On the other hand, the list of top losers includes two stocks from the beleaguered debt-ridden Future Group. has lost over 93% of its value while Future Consumer is down around 76%.
Other worst performers include
, and KBC Global. Old economy sectors like power, utilities, capital goods and industrials were among the top sectoral gainers, with their indices rallying in double-digits up to 31%.
IT stocks were the worst hit as the BSE IT index slumped over 22% during the period amid worries around the impact of the recession on margins as well as demand. The realty index was hit equally badly as interest rates began to rise.
Going ahead, analysts said the current market setup is that of a buy on dips. “We recommend investors maintain good liquidity (10%) to use such dips in a phased manner to build a position in quality companies (where the earnings visibility is very high) and with an investment horizon of 12-18 months,” Axis Securities said in a note to investors.
The brokerage has a positive near-term outlook on IT, telecom, auto, rural and domestic themes in October.
Kotak Securities said: with the upcoming festive season, discretionary sectors and stocks could see some interest from market participants. India’s economic and earnings recovery coupled with the capital expenditure cycle (including the PLI scheme) is expected to keep the Indian market attractive over the long term, he said.
(With data inputs from Ritesh Presswalla)
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