Overnight Digest: Top 5 mid and small-cap stocks to watch out for January 12, 2024

Indian stocks finished the day a tad higher on Thursday, after a day of ups and downs. The main Sensex index edged up 0.09% to close at 71,721, while the Nifty 50 ticked up 0.13% to 21,647.

Market volatility, which is like a measure of nervousness, also went down. The India VIX index fell 1.56%, indicating that investors were feeling less jittery.

Some sectors did better than others. Energy, auto, PSU bank and regular bank stocks were the big winners, while media, IT, consumer goods and pharma shares ended up on the losing side.

Hero Motocorp, Bajaj Auto and Reliance were the top gainers from the Nifty 50, while Infosys, Dr Reddy’s Labs and SBI Life lost the most ground.

Midcap and smallcap stocks fared better, with Nifty Midcap jumping 0.49% and Nifty Smallcap rising 0.58%. This shows that investor sentiment was more positive for smaller companies.

Here are the Top 5 Mid and Small-cap Stocks to watch for the next trading session:

Anand Rathi Wealth Ltd (CMP Rs 2,802.60)
Anand Rathi Wealth Ltd is an AMFI registered mutual fund distributor and is one of the leading non-bank wealth solutions firms in India, being ranked amongst the top three non-bank mutual fund distributors in the country. The company is set to announce its Q3FY24 results on January 12. Thus, keep this stock on your watchlist.
Oriental Aromatics Ltd (CMP Rs 416.95)
OAL is one of the largest manufacturers of speciality-based aroma chemicals, and camphor, with a product range including Synthetic Camphor, Terpineols, Pine Oils, Astromusk & other speciality aroma chemicals which is used in various industries like Cosmetics, Soaps, Pharmaceuticals etc. The stock experienced a significant surge in trading volume today, surpassing its weekly average by over 32 times. Considering this positive signal, it’s advisable to consider adding this stock to your watchlist.

Imagicaaworld Entertainment Ltd (CMP Rs 71.45)
Today, the shares of Imagicaaworld Entertainment Ltd were locked in an upper circuit of 20% signalling bullish momentum. It is India’s 1st Global Scale Theme Leisure & Entertainment Destination. Its flagship Imagicaa park at Khopoli is spread over 110 acres, an all-weather family entertainment destination comprising a Theme Park, Water Park, Snow Park, and a 5-star Hotel – Novotel Imagica Khopoli. Add the stock to the watchlist.

Aarti Pharmalabs Ltd (CMP Rs 553.05)
Aarti Pharmalabs Ltd is a manufacturer of Pharmaceuticals and Nutraceuticals. Today, the shares of the company have achieved a new 52-week high price of Rs 559 per share signalling strong buying momentum in the stock.

Hi-Tech Pipes Ltd (CMP Rs 149.50)
Hi-Tech Pipes business of manufacturing of ERW Steel Round & Section Pipes, cold Rolled Strips & Engineering Products and distribution of the same across India. The company is set to release Q3FY24 financial results on January 12. Hence, It is advised to keep this stock on the watchlist.

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.