Hello User
Sign in
Sign Out
Next Story
Business News/ Markets / Stock Markets/  Nifty Smallcap 100 index jumps 12% in November; MCX, Suzlon Energy, NLC India among top gainers

Nifty Smallcap 100 index jumps 12% in November; MCX, Suzlon Energy, NLC India among top gainers

Nifty Smallcap 100 index jumped 12 per cent in November, driven by strong Q2 earnings, the resurgence of foreign investor participation, and India's growth prospects.

Business Team Investment Entrepreneur Trading discussing and analysis graph stock market trading,stock chart concept

As many as 42 stocks from the Nifty Smallcap 100 index jumped over 10 per cent in November, with stocks such as Multi Commodity Exchange (MCX), Suzlon Energy, NLC India, Aegis Logistics and Cochin Shipyard rising over 25 per cent each, data from Capitalmarket showed.

Stocks such as Cams Services, Radico Khaitan, Latent View, Granules India and Global Health jumped over 20 per cent in the Nifty Smallcap 100 index in November.

Top gainers in the Nifty Smallcap 100 index in November.

On the other hand, Raymond, KEC International, Tejas Networks and KRBL were among the stocks that ended as the top losers in the Nifty Smallcap 100 index.

Some 17 stocks closed in the red in the index, according to Capitalmarket data.

Top laggards in the Nifty Smallcap 100 index in November

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!)

Ascend to extend

Throughout November, key equity indices experienced a remarkable surge, propelled by robust retail investor activity driven by anticipated global interest rates reaching their peak.

The Nifty Smallcap 100 index jumped 12 per cent in November while the benchmark Nifty 50 rose 5.5 per cent. On the other hand, the Nifty Midcap 100 index rose 10.4 per cent in November.

The market's upward trajectory was crafted by a confluence of factors including strong Q2 earnings, the resurgence of foreign investor participation following two months of divestment, and India's promising growth prospects. These catalysts collectively orchestrated the impressive ascent of the domestic market during the last month.

Meanwhile, the Nifty 50 hit its fresh record high of 20,272.75 in morning trade on Friday, December 1. The Sensex, however, is yet to breach its last high of 67,927.23 which it hit on September 15 this year. Sensex hit its intraday high of 67,485 in Friday's trade so far.

Also Read: Nifty 50 hits all-time high led by banks, metals, auto stocks; small, midcaps support rally

Also Read: BSE MidCap and SmallCap hit fresh record highs, up over 35% in CY23 so far

The medium and long-term outlook of the market is positive even though the market may see some volatility in the short term due to General Elections 2024 and geopolitical developments.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services believes the market momentum is likely to sustain since the incoming data and news are positive.

Vijayakumar pointed out that the Q2FY24 GDP growth rate at 7.6 per cent surpassed expectations, particularly, the 13.9 per cent growth in manufacturing and 13.3 per cent growth in construction are impressive numbers. This has the potential to push the FY24 GDP growth rate to above 6.8 per cent, significantly higher than the RBI’s projection of 6.5 per cent, Vijayakumar said.

Moreover, the exit poll results indicate a high possibility of political stability after the General Elections. The market will appreciate this, said Vijayakumar.

Also Read: India Q2 GDP: Indian economy poised for strong growth in FY24? Here's what top economists say

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Get the latest financial, economic and market news, instantly.