Market

Market Movers: Smallcaps have no fear, auto stocks zoom and Naukri on fire

MUMBAI: In the kingdom of dogs, yes, those adorable living things you can’t stop drooling over on Instagram, the small guy always packs a punch. Similarly, in our stock market, it is the smallcap stocks that know no fear. The space is on a mission to make up for the lost time and tear ahead even if the big boys drag themselves from side to side.

Even on Thursday, when benchmark indices suffered losses for a fourth straight day, despite positive cues from global markets, it was the smallcap index that ended in the green. Look a little deeper and you will find that 265 out of the 309 stocks on NSE that managed to hit their 52-week highs were from the smallcap segment. That’s some dominance.

And the party may not get over soon. If Sachin Shah of Emkay Investment Managers is right, smallcap stocks are still catching up and the future for earnings growth is looking as good as it ever has. No wonder then the veteran asset manager is launching a fourth series of his Emkay Emerging Stars Fund to cater to the ridiculous levels of demand for smallcap investing.

Auto stocks had a rare good day

The less said about the performance of automobile stocks over the past two months, the better it is. But like every dog has its day, automobile stocks had theirs in glory. The sector was one of the top performers of the day as the June monthly sales data showed that demand for automobiles was coming back on track. rose nearly 2 per cent, Tata Motors closed over 1 per cent higher and clocked a gain of nearly 1 per cent.

Info Edge () flies

These are exciting times for one of India’s earliest Internet companies. While the mothership may still take some time to recover from the impact of the pandemic, the kids it has nurtured in the shape of Zomato and Policy Bazaar are ready to leave the house and chart their own course. Shares of Info Edge spiked 8 per cent on Thursday on buzz that Policy Bazaar, one of the first online portals for insurance distribution, will file for an IPO very soon. Further, the Economic Times reported earlier in the day that Zomato may hit the primary market later this month. Info Edge shareholders must be buzzing.

That said, it’s time for us to let you go so that you can get your own buzz. Come back tomorrow.

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