Wednesday, May 20, 2009

Midcaps, smallcaps outperform Sensex

. Wednesday, May 20, 2009

By stockOzone team

After benchmarks, it was the turn of broader markets to catch up with the euphoria of UPA electoral win. As most frontline stocks look overstretched, investors have shifted their focus on tier II stocks which are available at attractive prices, said a dealer from local brokerage firm.

At 12 pm, BSE Midcap Index was up 5.28 per cent and BSE Smallcap Index gained 5.28 percent while BSE Sensex was flat-to-positive at 14365.52, up 63.49 points or 0.44 per cent. NSE’s Nifty was 4338.65, up 20.2 points or 0.47 per cent.

“The market has next major support in the range of 4260/4250 and sustenance below the same may drag down trading momentum and market may even fall to 4150/4130 (13850/13700),” said Kotak Securities report.

14 stocks in the midcap space were locked at upper circuit. These included Godrej Industries, Indiabulls, BGR Energy and Gammon Infrstructure. Whereas, in the smallcap space, 80 scrips were locked on the upper circuit. Genus Power, United Breweries, Cinemax and Bajaj Hindustan Sugar were a few to name.

Amongst the sectoral indices BSE Metal Index was up 5.45 per cent, BSE Auto Index gained 5.29 per cent and BSE Realty Index moved 2.75 per cent higher. BSE Bankex was down 0.90 per cent.

Tata Motors (12.93%), Tata Steel (11.65%), Hindalco Industries (7.54%), Mahindra & Mahindra (6.32%) and Jaiprakash Associates (5.50%) were top Sensex gainers.

DLF (-7.36%), Sun Pharmaceuticals (-6.14%), ICICI Bank (-6.02%), BHEL (-5.42%) and Bharti Airtel (-4.8%) were amongst the Sensex losers.

Hindustan Construction (20.13%), Simplex Infrastructure (20%), Omaxe (19.96%), Tulip Telecom (18.57%) and Patel Engineering (15.92%) were the midcap gainers.

Ruby Mills (20%), UNITED BREWeries (19.99%), Unity Infrastructure (19.98%) and Swan Mills (19.98%) were amongst the smallcap gainers.

Market breadth was positive on the BSE with 2077 advances and 359 declines.

Disclosure: Author does not own any of the stocks discussed here.

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