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Focus turns to small and mid-cap stocks

MUMBAI: The small and mid-cap stocks on the Bombay Stock Exchange (BSE) extended their gains to the fourth straight day on Friday even as the benchmark Sensex shed another nearly 74 points on weak cues from other Asian markets.

Frontline shares came under selling pressure from foreign institutional investors pulling down the 30-share BSE barometer from its early high of 20171.57.

The Sensex finally closed at 20030.83, a net fall of 73.56 points over its last close.

Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange fell by 10.40 points to close at 6047.70 points.

Market players said investors have shifted their attention to small and mid cap segments, which provide excellent investment opportunity.

“Several second-line stocks were stuck in upper price band,” they added.

However, heavyweight and petro-chem giant Reliance scored impressive gains, mitigating the Sensex’s slide.

Reflecting investors’ interest, the BSE small-cap and the BSE mid-cap indices hit new life-time trading highs of 12262.12 and 9518.86 respectively.

The rupee recovered from early lows and finished higher at 39.35 on Friday against 39.4050 on Thursday at the interbank foreign exchange market.

It opened weak at 39.44 and quoted three paise higher in early deals. It moved in a range of 39.32-39.44. — PTI

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