Overnight Digest: Top 5 mid and small-cap stocks to watch out for April 24

On Tuesday, the market saw its third consecutive session of gains but closed below its peak levels.

The Sensex recorded a marginal increase of 0.12%, reaching a closing level of 73,738.46, while the Nifty also saw a gain of 0.14%, closing at 22,368.

The Volatility Index experienced a significant slide of 20%, marking its largest single-day decline since May 2019.

Among the top gainers were Nifty Realty, Nifty FMCG, Nifty Media, and Nifty IT, whereas Nifty Pharma, Nifty Metal, and Nifty Energy were among the top losers.

Notable gainers from the Nifty 50 included Grasim, Bharti Airtel, and Nestle India, while Sun Pharma, BPCL, and Reliance witnessed declines.

The broader market sentiment remained positive with 1324 stocks advancing compared to 779 stocks declining. Nifty Midcap closed substantially higher by 1.12%, while Nifty Smallcap significantly gained by 1.21%.

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

• Hatsun Agro Product Ltd (Rs 1,116.4)
  

  Hatsun Agro Product Ltd has been in business for over 5 decades and achieved the position of the largest private-sector industry in the Dairy sector manufacturing and marketing Milk and Milk products, Ice-Cream, etc. The shares of the company experienced a significant surge in trading volume today, surpassing its weekly average by almost 64.6 times. Considering this positive signal, it’s advisable to consider adding this stock to your watchlist.

• Tejas Networks Ltd (Rs 1,088.25)
  

  Tejas Networks Ltd designs and manufactures wireline and wireless networking products, with a focus on technology, innovation and R&D. Shares of the company were locked in an upper circuit of 5% for the day indicating increased buyer interest. The company turned profitable in Q4, as it reported a PAT of Rs 147 crore for the March quarter against a loss of Rs 11.5 crore in the same quarter last year. The stock has delivered 58% return in past 1 month. Hence given such momentum, keep this stock in your radar.

• Centum Electronics Ltd (Rs 2,016.90)
  

  Today, the shares of Centum Electronics Ltd reached a new 52-week high price of Rs 2,035.85, signalling bullish momentum. The company is one of the largest Electronics System Design and Manufacturing (ESDM) companies in India. It offers entire spectrum of design services and manufacturing of systems, subsystems for mission critical products in Defence, Space, Aerospace, Industrial, Transportation and Medical sectors Add this stock to the watchlist.

• Eraaya Lifespaces Ltd (Rs 519.45)
  

  Eraaya Lifespaces, a lifestyle and hospitality firm, announces two significant developments in its business: (i) acquiring a luxury Staycation property in Lonavala with an investment of around Rs 3 crore, and (ii) acquiring commercial retail spaces near the International Airport in Mohali, Punjab, with an investment of about Rs 47 crore. These moves underscore Eraaya’s commitment to expanding its hospitality sector and diversifying its portfolio in high-growth areas. Thus, keep this stock in your radar.

• Equitas Small Finance Bank Ltd (Rs 100.55)
  

  Equitas Small Finance Bank Ltd provides various banking products and services to for individuals and corporates, as well as micro, small, and medium enterprises in India. The bank operates through Treasury, Corporate / Wholesale Banking, Retail Banking, and Other Banking Operations segments. The company is set to release its Q4FY24 results on Wednesday and the stock closed up 2.12% for the day. Given this positive development, it is prudent to closely monitor the stock.

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.