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The sentiments on D-Street was bearish this week due to rising coronavirus cases and new restrictions imposed in different parts of the country. Some investors, however, managed to make gains from their investments.
The 30-share BSE Sensex slipped 438.51 points, or 0.88%, to 49,591.32 for the week ended April 9. Likewise, the 50-share Nifty index declined 32.50 points, or 0.22%, to 14,834.85.
On the other hand, the broader BSE Midcap gained 245.77 points, or 1.20%, to 20,762.17 during the week. The BSE Smallcap index also climbed 525 points, or 2.49%, to 21,596.85. As many as 93 stocks in the mid and smallcap space delivered a double-digit return to investors last week. With a gain of 56.54%, Aarti Surfactants emerged as the top gainer in the list. It was followed by HEG (up 43.67%), Orient Refractories (up 27.70%), Axiscades Technologies (up 27.79%) and National Peroxide (up 24.46%).
“Surging Covid cases have become an area of serious concern with an increasing number of cities and towns declaring night curfews. Unless this second wave peaks soon and subside, economic activity will be impacted and the market assumptions of above 10% GDP growth and above 30% earnings growth will be challenged,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
He further added that this big uncertainty will weigh on market sentiments for some time. Activity has now moved to mid-small-caps. Nifty Midcap and Nifty Smallcap indices are up by 17.4% and 20% respectively for the year against a 6.4% gain for the Nifty. Bulls are chasing value in these segments.
Vimta Lab (up 24%), Cigniti Technologies (up 23%), Panacea Biotec (up 22%), Subex (up 21.76%), Prince Pipes (up 21.59%), 63 Moons (up 21.29%), Sandur Manganese (up 20.68%) and Onmobile Global (up 20.53%) stood among other major gainer in the broader market.