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But, bucking the downturn, about 37 smallcap stocks delivered double-digit weekly returns during the week, with three of them offering over 25% returns.
JSW Holdings was the top gainer in the smallcap pack with nearly 57% returns, followed by Avalon Technologies (34%) and ITI (33.2%).
About 31 stocks including Innova Captab, Tilaknagar, Dhami Services, DCM Shriram, Raghav Productivity Enhancers, Vijaya Diagnostic Centre, NIIT, CarTrade Tech, Ramco Industries, Indian Metals and Ferro Alloys have offered returns between 10% and 20% during the week.
Only three stocks in the midcap segment — Paytm, Dixon Technologies, and Page Industries — have risen in double digits. While Paytm has gained 11%, Dixon and Page were up just over 10% each.
From the Sensex pack, M&M topped the charts with nearly 6% returns, followed by Tech Mahindra at 4.9% and HCL Tech at 4.5%.Analysts said the ongoing broad-based correction is particularly evident in sectors with excessive valuations. Additionally, the anticipated slowdown in domestic Q2 GDP growth has further dampened market sentiment.
What should investors do?
In the coming week, key economic data points to watch include the Index of Industrial Production (IIP) and inflation. The market will continue to be influenced by Q2 earnings, Trumponomic policies, and actions by FIIs.
FIIs have been selling equities for the last 29 consecutive days, amounting to Rs1.41 lakh crore, denting investor sentiments.
“Markets are expected to remain sideways on the back of mixed global factors and subdued quarterly results. However there could be stock-specific action on account of the last leg of Q2 earnings to be announced next week,” said Siddhartha Khemka, Head of Research at Wealth Management.
Technically, the short-term trend of Nifty continues to be choppy and this consolidation is likely to continue for the coming session.
“The next lower supports to be watched are around 23,800 levels. Immediate resistance is placed at 24,250 levels,” said Nagaraj Shetti of HDFC Securities
(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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