Overnight Digest: Top 5 mid and small-cap stocks to watch out for November 16, 2023

In today’s market session, the Nifty 50 exhibited a robust performance, commencing the trading day with a notable gap up at 19,651.40 and reaching an impressive high of 19,693.2. The index experienced a brief dip to a low of 19579.65 but ultimately closed at a commendable 19,675.45, reflecting a substantial gain of 231.90 points or 1.19% from the preceding session’s closing level.

The prevailing bullish sentiment was predominantly driven by the release of US Consumer Price Index (CPI) data, which reported a deviation of 0.1% below consensus expectations. This outcome contributed to an optimistic market atmosphere, as investors interpreted the subdued inflationary figures as conducive to sustained economic stability.

Among the notable performers within the Nifty 50, Eicher Motors, Tech Mahindra, Hindalco, Infosys, and Tata Motors emerged as top gainers, showcasing robust price appreciation and underlining sector-specific resilience.

Conversely, Bajaj Finance, Power Grid, IndusInd Bank, Dr. Reddy, and Cipla encountered downward price movements, positioning them as the top losers for the day.

Sectoral indices uniformly contributed to the positive market sentiment, with all segments concluding the day in the green. Particularly noteworthy were the standout performances of Nifty Realty and Nifty IT, which demonstrated notable strength and emerged as notable gainers within their respective sectors.

Turning attention to the broader market indices, Nifty Smallcap 100 closed with a substantial gain of 1.32%, while Nifty Midcap 100 registered a commendable increase of 0.96%. This reflects a broad-based uptrend across market segments, reinforcing the day’s overall positive market sentiment.

Here are the Top 5 Mid and Small-cap Stocks to Watch for Tomorrow, 15 November 2023

1. Marine Electricals (India) Limited (Current Market Price: Rs 84.85)
   The company has secured an order worth Rs. 5.05 crore (excluding taxes) from Princeton Digital Group, Mumbai, for the supply of LV panels. The delivery, scheduled over the next three months, adds a compelling reason to include this stock in your watchlist.
2. Kennametal India Limited (Current Market Price: Rs 2476.10)
   In a strategic move, the company has introduced a new product under the “WIDMA Brand” (VT850) – a standard ‘plug-and-play’ vertical turning lathe tailored for machining large components requiring substantial metal removal and unparalleled accuracy. This launch not only expands our standard products portfolio but also promises to impact customer turnaround time and ensure consistent performance.
3. International Conveyors Ltd (Current Market Price: Rs 93.40)
   Hovering near its 52-week high, the stock has witnessed an extraordinary surge in trading volume, surpassing 28 times its average. This substantial increase positions it as a potential candidate for inclusion in your watchlist.
4. Apollo Micro Systems Ltd (Current Market Price: Rs 133.39)
   With the stock hitting the upper circuit and closing at its all-time high, significant buying interest makes it a strong contender for your watchlist.
5. Himatsingka Seide Ltd (Current Market Price: Rs 168.65)
   Noteworthy for its remarkable daily price surge of more than 8%, the stock is trading a mere Rs 3.30 below its 52-week high of Rs 171.95. Be sure to consider adding it to 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.