The shares of small and midcap companies extended gains on March 6, with the broader market indices outperforming the benchmark Sensex and Nifty on bargain buying, benign crude price and a temporary tariff relief for US automakers.
The BSE Smallcap index closed nearly 2 percent higher at 45,253, while the BSE Midcap index ended nearly a percent higher at 40,003. The broader market indices have now stayed in the green for a third consecutive session.
Smallcap Stocks
The shares of Wendt jumped nearly 15 percent to remain the top gainer on the small-cap index. The stock closed at Rs 9,830 per share. It was followed by Sportking India (over 13 percent), Manoj Vaibhav Gems (over 12 percent), Bharat Wire Ropes (over 11 percent), Chennai Petroleum Corporation (over 11 percent), Neogen Chemicals (nearly 11 percent), Jyoti CNC Automation (nearly 11 percent) and Prism Johnson (nearly 10 percent).
However, some notable stocks bucked the trend to close in the deep red. Gensol Engineering shares were the top loser on the BSE Smallcap index. The stock tumbled 10 percent to remain locked in the lower circuit amid relentless selling. This came after a downgrade by ICRA citing 'falsification' of data. The company however has denied any wrongdoing.
Midcap Stocks
Castrol shares were the top gainer among the mid-cap pack. The shares of the company rose over 10 percent to close at Rs 245 apiece, posting their biggest single day rise in over eight months. This comes amid buzz of Saudi Aramco considering a potential offer for lubricant assets being sold by BP Plc.
The world’s biggest energy company is mulling whether to bid for part or all of the business, which operates under the Castrol brand name, Bloomberg reported on March 5 citing people familiar with the matter.
The shares of Castrol were followed by JSW Infrastructure and Jindal Stainless, whose shares rose over 6 percent each. The rise in the latter share price came as metal stocks surged amid optimism over China's stimulus package and decline in the strength of the US dollar.
Other midcap stocks which recorded strong gains of up to 4 percent included Hindustan Petroleum Corp, PI Industries, KPIT Technologies, Indraprastha Gas (IGL), Gland Pharma and others.
Amid the upturn, Kalyan Jewellers, Coforge, Bharti Hexacom, Max Healthcare and Persistent were the top losers, recording up to 4 percent losses.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
