Overnight Digest: Top 5 mid and small-cap stocks to watch out for May 22

On Tuesday, the market closed mixed amid volatility, with the Nifty holding above 22,500. The market cap of BSE-listed companies crossed USD 5 trillion. The Sensex slightly declined by 0.07%, closing at 73,953.31, while the Nifty gained 0.12% to close at 22,529.05.

Nifty Metal, Nifty PSU Bank, and Nifty Energy closed positively, whereas Nifty FMCG, Nifty Bank, and Nifty Financial Services underperformed.

Top gainers included Hindalco, Coal India, and Tata Steel, while Nestle India, Hero Motocorp, and Maruti were among the top losers in the Nifty 50.

In the broader market, 812 stocks advanced compared to 1,312 stocks that declined, indicating a generally positive sentiment. The Nifty Midcap index rose by 0.38%, while the Nifty Smallcap index fell by 0.41%.

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

1. Star Cements Ltd (Rs 240.90)
   

   Star Cements Ltd is engaged in manufacturing and selling of Cement Clinker & Cement. It sells its products across north-eastern and eastern states in India. It is the largest cement manufacturer in North-east India. The company is set to release its Q4FY24 results tomorrow and the stock has closed up % from its yesterday’s closing price. Given this positive development, it is prudent to closely monitor the stock.

2. Pokarna Ltd (Rs 581)
   

   Today, the shares of Pokarna Ltd reached a new 52-week high price of Rs 608.80 signalling bullish momentum. The stock has delivered 27.45% returns in past 1 month. Pokarna Ltd exports granites from its quarries in Andhra Pradesh, Telangana and Tamil Nadu. It also manufactures ready-made garments under the Stanza brand. It also manufactures engineered quartz also known as engineered stone under the Quantra brand. Add this stock to the watchlist.

3. Wheels India Ltd (Rs 707.25)
   

   Wheels India Ltd is engaged in the business of manufacture of road wheels , parts & accessories for machinery / equipments used by construction and mining industries and wind turbine parts. Shares of the company experienced a significant surge in trading volume today, surpassing its weekly average by whopping 70 times. Considering this positive signal, it’s advisable to consider adding this stock to your watchlist.

4. Dredging Corporation of India Ltd (Rs 892.15)
   

   Dredging Corporation of India Ltd is engaged in providing integrated dredging services to ports, Indian Navy and other maritime organizations in India. Shares of the company were locked in an upper circuit of 5% for the day indicating increased buyer interest. The stock has delivered 48.44% return for the year till date. Hence given such momentum, keep this stock in your radar.

5. Ashoka Buildcon Ltd (Rs 181.95)
   

   Ashoka Buildcon Ltd is engaged in the business of construction and infrastructure facilities on EPC and BOT basis. It is also involved in the sale of RMC (ready mix concrete). The company is set to release its Q4FY24 results tomorrow. Hence, keep this stock in watchlist.

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.