Smallcap stocks demonstrated strong performance on Wednesday, with several companies posting gains of up to 7%. According to reports from The Economic Times, the Nifty Smallcap 100 index gained around 153 points (0.85%) to hover around 18,092 as of 11.45 am. This outperformance occurred despite broader market caution, with the benchmark Nifty 50 index gaining 115 points (0.5%) to reach 23,495 during the same period.
IIFL Finance emerged as one of the leading gainers, with shares jumping 6% during the session. As reported by The Economic Times, Meesho shares meanwhile gained over 4%, while GRSE also posted significant gains. The metal sector showed strong performance with Hindustan Copper shares following the trend, jumping 6% and accompanying its metal peers which recorded sharp gains amid muted market sentiment.
Manappuram Finance shares rose over 3% as gold prices jumped after the government hiked import duty on the precious metal to 15%. According to The Economic Times, the company is one of the major gold loan financiers and benefited from the increased gold prices. HSCL, GMDC, Devyani International and IFCI shares gained around 3%, while GRSE, Data Patterns, Navin Fluorine International, Deepak Fertilisers and Piramal Finance shares gained over 2%.
The rally extended to other smallcap companies with Piramal Pharma, CDSL, Ola Electric Mobility, PhysicsWallah, Urban Company, Dr Lala PathLabs, Sagility, RBL Bank, Sona Comstar and others rising up to 2%. As reported by The Economic Times, experts remain optimistic about mid and smallcap earnings, viewing recent corrections as opportunities for investors.
