Overnight Digest: Top 5 mid and small-cap stocks to watch out for November 3, 2023

The Nifty50 index commenced the trading session on a positive note, displaying a notable gap up at 19,120, after the Federal Reserve’s decision to maintain the current interest rates which provided a boost to investor confidence. During the trading day, the index reached a high of 19,175.25 and touched a low of 19,064.15, reflecting the dynamic nature of the market.

At the close, the Nifty50 stood at 19,133.25, marking a substantial gain of 144.1 points, equivalent to a 0.76% increase from the previous day’s closing level. Notably, the candlestick pattern formed by the Nifty50 presented a small body and long wicks on both sides. Such a candlestick pattern is often interpreted as indicative of market indecision, reflecting the mixed sentiment among market participants.

Within the index, the day’s top gainers included prominent names such as Britannia, Hindalco, IndusInd Bank, Apollo Hospitals, and Eicher Motors. Conversely, the top losers featured Hero Motocorp, Bajaj Auto, HDFC Life, ONGC, and Adani Enterprises, reflecting the diversity of movements within the Nifty50 components.

Broad market indices outperformed the benchmark Nifty50, with the Nifty Smallcap 100 index registering a notable upside of 169.15 points, representing a robust 1.34% gain. Similarly, the Nifty Midcap 100 index saw a significant increase of 537.35 points, translating to a 1.39% rise in value. This trend underscores the broader market’s strength and resilience during the trading session.

Here are the Top 5 Mid and Small-Cap Stocks to Monitor Tomorrow: 

1. Electronics Mart India Ltd (Current Market Price: Rs 182.60) The company is scheduled to announce its Q2FY2024 results on November 3 during trading hours. The stock experienced a notable 3.84% increase today, signifying strong buying interest. Over the past year, the company has delivered an impressive 82% return to investors, making it a compelling addition to your watchlist.
2. Godawari Power & Ispat Ltd (Current Market Price: Rs 608.35) With a 3-year compounded sales and profit growth rate of 21% and 67%, respectively, this company is set to release its Q2FY24 results tomorrow during trading hours. It is highly advisable to include this stock in your watchlist.
3. SEPC Ltd (Current Market Price: Rs 22) This stock was locked in an upper circuit today, closing at its new 52-week high. With a trailing twelve-month sales and profit growth of 44% and 52%, respectively, it is prudent to include this stock in your watchlist.
4. Advait Infratech Ltd (Current Market Price: Rs 357.70) The company announced today that they have entered into a Memorandum of Understanding (MOU) with the Government of Uttarakhand and KPI Green Energy Limited to jointly develop a solar park in the state of Uttarakhand. This MOU has a 12-month validity and presents an intriguing opportunity.
5. Saurashtra Cement Ltd (Current Market Price: Rs 82) In a recent press release, the company announced the launch of a new product variant called ‘Hathi Prime,’ which is a premium Portland Pozzolana Cement. The launch is scheduled for November 7, 2023, making it a stock worthy of inclusion 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.