Overnight Digest: Top 5 Mid and Small-Cap Stocks to watch on October 27, 2023

Over the course of the past six consecutive trading sessions, the Nifty has undergone a cumulative drop of 4.97%. During this period, the index has consistently established new lower lows, painting a clear picture of a bearish trend in the market.

Market sentiment has remained bearish, with 46 stocks experiencing declines, leaving only 4 stocks in the green. Thus the Advance-Decline Ratio standing at 0.08 signals a widespread downturn in the index.

Today, the Nifty 50 encountered a substantial sell-off, commencing at 19027.25 and concluding at 18857.25. This translates to a 1.39% decline from the previous day’s close. The day’s trading range saw the index oscillate between a high of 19041.70 and a low of 18837.85.

Among the top gainers are Axis Bank, HCL Tech, Adani Ports, and Power Grid, while the top losers include M&M, Bajaj Finance, UPL, Asian Paints, and Nestle India.

Here are the top 5 mid and smallcap stocks to watch on October 26, 2023:

1. Prism Johnson Ltd, with a current market price of Rs 135.20, witnessed an impressive 12.43% surge in its share value today, accompanied by a remarkable increase in trading volume, exceeding 15.42 times the average. This stock deserves a spot in your watchlist.
2. GNA Axles Ltd, trading at Rs 427.35, is scheduled to announce its quarterly results tomorrow. The company has consistently demonstrated strong profit growth, with a 20.7% Compound Annual Growth Rate (CAGR) over the past 5 years. Therefore, it is advisable to closely monitor this stock.
3. Datamatics Global Ltd, trading at Rs 606, announced today that it is providing comprehensive services for India’s first Regional Rapid Transit System (RRTS), facilitating an end-to-end Automatic Fare Collection (AFC) system for the Namo Bharat RapidX train by NCRTC, serving the Delhi-Meerut priority Corridor. This initiative was inaugurated by Honourable Prime Minister Shri Narendra Modi on October 20, 2023.
4. Firstsource Solutions Ltd, with a current market price of Rs 153.15, has achieved notable recognition in the Everest Group Banking Operations – Services PEAK Matrix Assessment 2023. This assessment evaluated 34 leading banking operations service providers based on their market impact and their ability to effectively deliver services through vision and capability. Firstsource Solutions, a global provider of Business Process Management (BPM) services and part of the RP-Sanjiv Goenka Group, is distinguished as a ‘Major Contender’ and a ‘Star Performer’ in this assessment.
5. Nuvama Wealth Management Ltd, currently priced at Rs 2701.5, experienced a substantial 6.95% increase in its stock value today. The company is set to release its quarterly results on October 27, boasting an impressive three-year sales Compound Annual Growth Rate (CAGR) of 42%. Make sure 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.