Overnight Digest: Top 5 mid and small-cap stocks to watch out for November 24, 2023

The Nifty 50 index closed at 19802, down 0.05%, indicating a virtually flat rangebound performance and minimal directional movement in the benchmark. For the fourth consecutive day, the NSE benchmark Nifty 50 index traded within the range of the November 16, 2023, candle.

In terms of sectoral indices, Nifty Realty and Nifty Oil and Gas outperformed the majority of sectors and the benchmark index, while significant profit-booking was observed in Nifty Pharma and Nifty Healthcare.

In the broader market, the Nifty Midcap Index touched a record intraday high but failed to sustain it and witnessed selling pressure for most of the day before ending unchanged. Meanwhile, the Nifty Smallcap Index gained 0.70%, demonstrating resilience amidst the uncertain markets.

Top 5 Mid and Small-Cap Stocks to Watch Out for on Wednesday, 24 November 2023

1. Dalmia Bharat Sugar & Industries Ltd (CMP RS 478.55)
   Dalmia Bharat Sugar & Industries is mainly engaged in manufacturing of sugar, generation of power, manufacturing of Industrial alcohol and manufacturing of refractory products. The stock today closed up by 9.66% and witnessed a significant upsurge in volume by more than 19 times. Hence, this stock demands attention.
2. Sterling & Wilson Renewable Energy (CMP Rs 330.50)
   Sterling & Wilson Renewable Energy stock jumped by 5% for the day locking in the upper circuit and showcasing an increase in buying interest for the stock. The company is one of the leading end-to-end solar engineering, procurement and construction (EPC) solutions providers globally and is also engaged in the operation and maintenance (O&M) of solar power projects. The company is backed by the strong parentage of Reliance Industries.
3. Karnataka Bank Ltd (CMP Rs 215.80)
   Karnataka Bank has announced a strategic corporate tie-up with Bajaj Allianz Life Insurance Co Ltd, one of India’s leading private life insurers to distribute life insurance products to its customers. This collaboration is designed to leverage the strength of BALIC’ s product capabilities and Karnataka Bank’s large customer base with wide distribution of over 900+ Branches across India. These offerings will cater to various life stages and financial needs, ensuring that customers receive structured insurance solutions aligned with their requirements.
4. Vishnu Chemicals Ltd (CMP Rs 323.05)
   Vishnu Chemicals Ltd in its press release informed that the Company has incorporated Vishnu International Trading FZE, a wholly-owned subsidiary in Dubai, UAE. Vishnu International Trading FZE is engaged in business of trading chemicals and the main objective of the new subsidiary is to distribute, transmit and sell chemicals.
5. Peninsula Land Ltd (CMP Rs 46)
   Peninsula Land is an integrated real estate company. It is a part of the Ashok Piramal Group. The co is engaged in developing retail ventures, commercial projects and residential complexes. The stock was locked in a 5% upper circuit today before closing up by 4.9% for the day. The company’s PE of 19x stands below the Median Industry PE of 28.37.

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.