Overnight Digest: Top 5 mid and small-cap stocks to watch for October 31, 2023

Throughout the session, the index demonstrated intraday volatility, reaching a high of 19,158.5 and a low of 18,940. However, the day concluded on a positive note, with Nifty closing at 19,140.9. This represented a notable gain of 93.65 points, equivalent to a 0.49% increase.

Among the top performers for the day were BPCL, Ultratech Cement, ONGC, Reliance Industries, and SBI Life. Conversely, UPL, Tata Motors, Maruti, Eicher Motors, and Axis Bank were among the top losers.

Turning to sectoral indices, Nifty Realty emerged as a standout performer, registering a significant gain of 2.14% for the day. It was closely followed by Nifty Infra, which achieved a remarkable uptick of 1.09%. In contrast, Nifty Auto faced headwinds and experienced a decline of 0.90% during the session.

In the broader market, the performance was more nuanced. Nifty Smallcap 100 recorded a modest upside, with an increase of 18.5 points, equivalent to a 0.15% gain. Nifty Midcap 100 followed suit with a minor rise of 33.35 points, or 0.09%, maintaining a near-flat trajectory.

One notable development was the rise in India VIX, which increased by 5.36% on this trading day. This uptick indicated an escalation in the expected level of volatility within the Indian stock market.

Here are the top 5 Midcap and Smallcap stocks to keep an eye on: 

1. Praj Industries (CMP Rs 5,30.7) The company has delivered impressive profit growth and sales growth of 47.1% and 31% CAGR over the last 5 years. With the company set to announce its Q2FY2024 financial results tomorrow, it is advisable to keep this stock on your watchlist.
2. The Anup Engineering Ltd (CMP Rs 2460.65) This stock traded at a new 52-week high value of Rs 2550 and closed up by 318.5 points (+14.38%). There was a significant increase in trading volume, more than 14.92 times, for this stock. Don’t forget to include it in your watchlist.
3. Archean Chemical Industries Ltd (CMP Rs 530.7) The company boasts an impressive return on equity (ROE) track record of 60.0% over 3 years, and it is virtually debt-free. On October 31, the company is set to release its Q2FY2024 financial results.
4. HFCL Ltd (CMP Rs 65.16) The company has successfully launched a comprehensive suite of next-gen connectivity products and solutions at the India Mobile Congress 2023, one of Asia’s largest telecom and digital technology forums for international markets. This includes 5G Fixed Wireless Access, Customer Premise Equipment, IP Routers, 2 Gbps Unlicensed Band Radio, and 1728-high fibre count IBR Optical Fibre Cable.
5. Krishna Institute of Medical Sciences Ltd (CMP Rs 1896.65) The company has made a further investment by acquiring an additional equity stake of 5.72% in M/s. SPANV Medisearch Lifesciences Private Limited, its subsidiary company. Consequently, the company now holds 62.44% of the total paid-up Equity Share capital of M/s. SPANV Medisearch Lifesciences Private Limited. 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.