Overnight Digest: Top 5 mid and small-cap stocks to watch out for April 15

On Friday, the frontline indices witnessed a notable downturn with both benchmarks lagging behind the broader markets.

The Sensex, representing the top 30 stocks, saw a substantial decline of 1.06%, settling at 74,244.90 points, while the Nifty, comprising 50 major stocks, also experienced a significant drop of 1.03%, closing at 22,519.40 points.

All major sectors underperformed, with notable declines observed in Nifty Pharma, Nifty PSU Bank, Nifty Media, and Nifty FMCG.

Among the Nifty stocks, 43 out of 50 witnessed a slip in their values. Notably, Divi’s Laboratories, Bajaj Auto, and Tata Motors emerged as top gainers, while Sun Pharma, Maruti, and Power Grid were among the top losers within the Nifty 50 index.

The negative sentiment extended to the broader market as well. The Nifty Midcap index experienced a moderate decline of 0.62%, reflecting the performance of mid-sized companies, while the Nifty Smallcap index plummeted by the same percentage, indicating a similar trend among smaller companies.

Here is the list of the top 5 mid and small-cap stocks to watch

• Rajoo Engineering Ltd (Rs 30.90)

Rajoo Engineers Ltd specializes in designing and manufacturing machines, providing tailored solutions to meet the unique needs of its customers. Scheduled to unveil its financial results for the fourth quarter of FY24 on April 15, 2024, the company’s stock surged to the upper circuit by 5% today. Additionally, the stock broke out of the box pattern on the daily time frame chart, signalling robust technical momentum ahead of the results. Given these positive indicators, it is prudent to closely monitor the stock.

• Maharashtra Seamless Ltd (Rs 896.90)

Maharashtra Seamless Limited is engaged in the business of manufacturing of Steel Pipes and Tubes. It is also engaged in power generation. The shares of the company experienced a significant surge in trading volume today, surpassing its weekly average by almost 22 times. Considering this positive signal, it’s advisable to consider adding this stock to your watchlist.

• Puravankara Ltd (Rs 324.05)

PuravankaraLtd is in the business of development and sale of real estate. Projects in metro cities like Bengaluru, Hyderabad, Chennai, Kolkata, Mumbai, Pune and Goa. The shares of the company were locked in an upper circuit of 20% for the day indicating increased buyer interest. The stock has delivered 33.5% return in past 1 week. Hence given such price momentum, keep this stock in your radar.

• Quess Corp Ltd (Rs 611.25)

Today, the shares of Quess Corp Ltd reached a new 52-week high price of Rs 623.20, signalling bullish momentum. The company is India’s leading business services provider, leveraging its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions. Thus, add this stock to the watchlist.

• GTPL Hathway Ltd (Rs 184.45)

GTPL Hathway Ltd provides services such as analogue cable TV, digital cable TV, and broadband internet in states such as Gujarat, West Bengal, and Maharashtra. The company is set to release its Q4FY24 results on Monday. The stock closed 1.85% up from its yesterday’s closing indicating pre-result positive momentum in the stock . Thus, keep this stock in your radar.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.