Overnight Digest: Top 5 Mid and Small-cap Stocks to Watch Out for May 03

Benchmark indexes had a good trading day on Thursday, with the Sensex closing at 74,611.11 after a modest 0.17 percent increase and the Nifty closing at 22,648.20 after a 0.19 percent gain. In a similar vein, the Broader market saw modest increases as Nifty Mid-cap ended the day up 0.44 percent and Nifty Small-cap saw a little 0.13 percent rise.

Top gainers were Nifty Metal, Nifty Auto, Nifty Energy, and Nifty Pharma; top losers were Nifty Media, Nifty Bank, Nifty PSU Bank, and Nifty Realty.

Among the top gainers from the Nifty 50 were BPCL, Power Grid, and Asian Paints; among the top losers were Kotak Bank, Tata Consumer Products, and Bharti Airtel.

There was a neutral feeling in the overall market, with around 1027 equities rising and 1078 stocks falling.

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

1. Rossari Biotech Ltd (Rs 733.20)

Rossari Biotech operates as a specialty chemical manufacturing company. It operates in the following divisions: Home, Personal Care and Performance Chemicals, Textile Specialty Chemicals and Animal Health and Nutrition, providing intelligent and sustainable solutions for customers across industries. The shares of the company experienced a significant surge in trading volume today, surpassing its daily average by almost 68 times. Considering this positive signal, it’s advisable to consider adding this stock to your watchlist.

2. Netweb Technologies India Ltd (Rs 1,764.45)

Netweb Technologies India engages in the computer server business. Its services include transforming storage and computing with innovative servers, workstations, storage, cloud, and big data solutions. Shares of the company were locked in an upper circuit of 5% for the day indicating increased buyer interest. The stock has delivered a 114.39% return in the past 6 months. Hence given such momentum, keep this stock on your radar.

3. Ashok Leyland Ltd (Rs 201.35)

Today, the shares of Ashok Leyland Ltd reached a new 52-week high price of Rs 201.95, signalling bullish momentum. Ashok Leyland Ltd engages in the manufacture and sale of commercial, defense vehicles, and power solutions. The company was founded by Raghunandan Saran on September 7, 1948 and is headquartered in Chennai, India.

4. Happy Forgings Ltd (Rs 956.90)

Happy Forgings Ltd is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components. The company has awarded a contract for the supply of machined Axle Seats and Steering Knuckles for Electric SUVs. The significant terms include meeting supply terms and conditions, with the order awarded through an international entity’s domestic affiliate. This supply contract, deemed international, entails commencement from Q3 FY25 up to FY2032. The annual consideration is approximately Rs. 50 Cr. at full supply volume, totaling around Rs. 320-350 crores over the entire contract period.

5. Waaree Technologies Ltd (Rs 2,604.50)

Waaree Renewable Technologies Ltd. engages in the generation of power through renewable energy resources. The Company was founded on June 22, 1999, and is headquartered in Mumbai, India. The company is set to release its Q4FY24 results on Friday. The stock closed up by 5% today. 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.