Several major companies, such as Vodafone Idea, Hindustan Aeronautics (HAL), Mazagon Dock, Hero MotoCorp, IRFC, IRCTC, HUDCO, Apollo Hospitals, Samvardhana Motherson, GMR Airports Infrastructure, Nykaa, and Ola Electric, are set to release their June quarter earnings reports this week.
The 30-share BSE Sensex pack surged more than 800 points to hit an all-time high of 81,522.55 and the broader NSE Nifty index moved over 200 points to trade at a fresh record peak of 24,837.75.
Micro-cap stocks are in the line of fire as market regulator Securities and Exchange Board of India (Sebi) is tightening its noose around investment in small-cap stocks.
Given this, analysts suggest investors exit the segment, at least, for the time being.
Independent market analyst, Ambareesh Baliga, for instance, said that regulators have gotten worried on the valuation front, though belated, which could prove to be the last straw on the camel's back.
BSE 500 stocks such as EIH, VMart Retail, KIOCL, Paytm, NBCC, JB Chemicals, Nykaa and YES Bank jumped up to 12.21 per cent. In contrast, GSFC, Navin Fluorine, Redington, EID Parry, Jindal Wordwide and NLC India cracked up to 4.79 per cent.
Jai Balaji Industries shares climbed 999 per cent to close at Rs 600.10 on Friday compared with Rs 54.60 on December 30, 2022, joining the billion dollar club. This iron & steel sector company commanded a m-cap of $1.15 billion
Nifty50 was largely in line with global indices in August, but remains a laggard YTD, the report said. Most major global indices were under pressure during August with Chinese indices among the worst performing indices.
Market watchers believe that subdued global cues, intense selling by foreign institutional investors (FIIs) and risk-off sentiment across the globe amid fear of tightening by the US Fed dampened the mood in the domestic equity market.
Domestic markets continued to be dominated by bears on Tuesday, extending their losses even though Wall Street equity indices staged a smart recovery on Monday.