Overnight Digest: Top 5 mid and small-cap stocks to watch out for November 2, 2023

In the last two trading sessions, the Nifty50 experienced a sharp downturn, succumbing to substantial selling pressure. At the day’s commencement, the Nifty opened at 19,064.05, reaching a high of 19,096.05 during the session, but subsequently plummeted to a low of 18,973.70. By the trading day’s conclusion, the Nifty settled at 18,989.15, marking a noteworthy decline of 90.45 points, equivalent to a 0.47% decrease compared to the previous day’s closing figure.

Upon dissecting the market’s key movers and shakers, intriguing patterns emerged. Among the top gainers were Sun Pharma, BPCL, and HDFC Life, highlighting their resilience amidst the broader market turmoil. Conversely, Adani Enterprises, Coal India, and Tata Steel found themselves in the losing category, grappling with substantial setbacks.

Broadening our perspective to encompass the broader market indices, the Nifty Smallcap 100 recorded a relatively modest decrease, closing with a dip of 9.15 points, translating to -0.07%. Similarly, the Nifty Midcap 100 experienced a decline of 101.85 points, corresponding to a -0.26% decrease, reflecting the prevailing cautious sentiment across various market segments.

As market participants navigate these challenging conditions, they will closely monitor crucial developments, both domestically and globally, with the potential to steer the market’s course in the days ahead.

Here are the Top 5 Mid and Small-cap Stocks to Watch for Tomorrow:

1. Minda Corporation Ltd (CMP Rs 339.20)

   The Minda Corporation ltd is set to release its Q2FY2024 results on November 2. With TTM compounded profit and sales growth at 32% and 27%, respectively, it’s advisable to include this stock in your watchlist.

2. GFL Ltd (CMP Rs 100.7)

   The GFL Ltd. is scheduled to disclose its Q2FY2024 results on November 2. The stock exhibited an 11% increase today, indicating heavy buying. Over the past year, the company’s stock has delivered a 32% return to investors, making it a noteworthy addition to your watchlist.

3. Geojit Financial Services Ltd (CMP Rs 64.7)

   The Geojit financial services achieved a new 52-week high today at Rs 69.20 and managed to close with a 7.67% gain, signaling significant buying activity. Trading volume surged by more than 11 times. Be sure to add it to your watchlist.

4. Peninsula Land Ltd (CMP Rs 47.75)

   The Peninsula land ltd stock has reached its all-time high price and has delivered an impressive 237.26% return to investors over one year. This multibagger stock undoubtedly deserves a spot on your watchlist for tomorrow.

5. Sundaram Finance Holdings Ltd (CMP Rs 129.85)

   The Sundaram finance holdings ltd is set to release its Q2FY24 results tomorrow. With the company being almost debt-free, a TTM profit growth of 45%, and a 3-year Stock price CAGR of 39%, it is highly recommended to include this stock in 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.