Overnight Digest: Top 5 mid and small-cap stocks to watch out for November 10, 2023

The Indian equity market closed on a subdued note today, with the Nifty 50 index slipping by 0.25% to settle at 19,395.3 points. The index opened flat at 19,457.4 points but failed to hold on to its gains throughout the session, touching a low of 19,378.35 points before recovering slightly.

The bearish trend was evident in the price action, with the index making lower highs and lower lows. This suggests that the selling pressure is still strong, and the index could continue to slide in the near term.

Sectoral indices were mixed, with Nifty Bank, Nifty Auto, and Bank Nifty managing to close in the green. However, Nifty FMCG, Nifty Oil and Gas, and Nifty IT tanked the most.

Broad market indices outperformed the benchmark Nifty 50, with Nifty Smallcap 100 down by 0.24% and Nifty Midcap 100 up by 0.22%.

The top gainers today were M&M, Apollo Hospitals, Coal India, Power Grid, and IndusInd Bank. The top losers were Adani Enterprises, Hindustan Unilever, Adani Ports, Tata Consumer, and ONGC.

The Nifty 50 is currently in a bearish trend, and the selling pressure persists. The index could continue to slide in the near term. However, the broad market indices have outperformed the benchmark, suggesting that there may be some pockets of strength. Investors should continue to exercise caution and avoid taking on excessive risk.

Here are the Top 5 Mid and Small-cap Stocks to Watch for Tomorrow, 10 November 2023

1. GMM Pfaudler Ltd (CMP Rs 1750.25) The company’s recent board decision gives the green light for an interim dividend of Rs 1 per share for the 2023-24 financial year. Their trailing twelve months (TTM) sales and profit have seen a remarkable growth of 23% and 46%, respectively. With a median sales growth of 20.9% over the last decade, this company’s solid financial performance makes it a prime candidate for your watchlist.
2. Time Technoplast (CMP Rs 162.95) Brace yourself for the unveiling of Q2FY2024 results by Time Technoplast on November 10, scheduled during market hours. Investors have reason to smile, as the stock has yielded a substantial 53% return in the past year, making it a compelling choice for your watchlist.
3. Techno Electric & Engineering Company Ltd (CMP Rs 576.4) Get ready to include Techno Electric in your watchlist, as the company gears up to reveal its Q2FY2024 results on November 10. The stock has demonstrated an impressive 6.4% surge today, reflecting strong buying interest.
4. BASF India Ltd (CMP Rs 2846) BASF achieved a fresh 52-week high of Rs 2,900 today, accompanied by a substantial 6.86% gain, signalling robust buying activity. Notably, the stock experienced an extraordinary surge in trading volume today, exceeding its average weekly volume by over 22 times. Such an exceptional performance undoubtedly merits a prominent spot on your watchlist.
5. PCBL Ltd (CMP Rs 214.2) Having reached its 52-week high price, PCBL Ltd also witnessed a remarkable volume surge, exceeding five times the average. With an impressive 59% return for investors in the past year, this stock unquestionably deserves a place on your 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.