Overnight Digest: Small and Mid-Cap Stocks to Watch on October 16, 2023

Today, the benchmark indexes ended on a slightly negative note with a modest loss. The Nifty 50 exhibited a relatively flat performance, commencing the session at 19,654.55 and concluding at 19751.05, marking a marginal 0.22% decline from the previous day’s close. The index’s intraday journey saw it reaching a high of 19,805.40 and a low of 19,635.33.

Among the Nifty 50 constituents, 23 stocks witnessed gains, while 27 experienced declines. Notable among the top gainers were Tata Motors, HCL Tech, IndusInd Bank, Tata Consumer, and Nestle India, while Axis Bank, Adani Enterprises, Infosys, State Bank of India, and Wipro were among the top losers.

In parallel, the Sensex remained flat, the Nifty Midcap 100 reported a marginal downturn of -0.12%, and the Nifty SmallCap 100 concluded the day with a notable decrease of -0.44%.

These dynamics reflected a mixed performance with investors closely monitoring the diverse movements among blue-chip and mid/small-cap stocks.

Here are the top 5 Small and Mid-Cap stocks to watch on October 16, 2023:

• Intellect Design Ltd. (CMP Rs 676.60)

The company has signed a comprehensive digital transformation partnership with a premier bank in the Philippines. This partnership represents one of the largest bank-wide transformation programs in the Asia-Pacific region, spanning across corporate, MSME, and retail banking. Stock is also trading down 10% from its 52-week high of Rs. 747.

• Jamna Auto Ltd (CMP Rs. 120.25)

The company stock is trading near its 52-week high of Rs. 127.10. Total shares volume today was around 26 lakh from which nearly 50% of total traded volume was seen in the last hour of the trade.

• Sequent Scientific Ltd (CMP Rs. 103.2)

The company’s stock is trading down 7% from its 52-week high of Rs. 110.75 and has seen a volume surge in the last trading session. Keep this stock on your watchlist.

• Kolte Patil Developers Ltd (CMP Rs. 507.65)

In the first half of FY24, Kolte-Patil reported strong sales growth, with H1 sales reaching Rs. 1,333 crore, representing a substantial 64% increase. Notably, Life Republic sales volumes reached 1.3 million sq. ft., demonstrating the long-term value prospects of their projects. Additionally, the company achieved a 12% year-on-year increase in collections, totalling Rs. 985 crore for H1 FY24, driven by robust sales momentum and ongoing construction activities, while strategic investments and prudent financial operations have positioned Kolte-Patil for continued success in the real estate sector.

• Texmaco Rail & Engineering Ltd (CMP Rs. 133.65)

The company has announced to give its quarterly results on October 14, 2023. Promoter holding on a quarterly basis has increased from 58.38% in December 2022 to 58.7% in September 2023.

 Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.