Overnight Digest: Top 5 mid and small-cap stocks to watch out for May 8

On Tuesday, the market experienced its third consecutive decline, resulting in a total market capitalization loss of Rs 10 lakh crore over the past three days. The Sensex decreased moderately by 0.52%, closing at 73,511.85, while the Nifty dropped by 0.62%, closing at 22,302.50.

Among sectoral indices, Nifty FMCG and Nifty IT ended on a positive note, while Nifty Realty, Nifty Metal, Nifty PSU Bank, and Nifty Energy were the top losers.

Leading the gainers were Hindustan Unilever, Tech Mahindra, and Britannia, while Bajaj Auto, Power Grid Corporation, and ONGC were among the top losers in the Nifty 50 index.

In terms of market breadth, 409 stocks advanced compared to 1,714 stocks that declined, suggesting a prevailing negative sentiment in the broader market. The broader market indices, Nifty Midcap and Nifty Smallcap, underperformed the benchmarks, with Nifty Midcap declining by 1.95% and Nifty Smallcap plummeting by 1.89%.

Here is the list of the top 5 mid and small-cap stocks to watch

1. Selan Exploration Technology Ltd (Rs 705)
   

   Selan Exploration Technology Ltd, incorporated in 1985, is engaged in the business of Oil & Gas exploration and production. Shares of the company experienced a significant surge in trading volume today, surpassing its weekly average by 32 times. Considering this positive signal, it’s advisable to consider adding this stock to your watchlist.

2. KPI Green Energy Ltd (Rs 2,061.65)
   

   KPI Green Energy Ltd develop, build, own, manage, and maintain renewable power facilities (solar and wind solar hybrid power project) as an Independent Power Producer and as a service provider to Captive Power Producers under the ‘Solarism’ brand. of the company were locked in an upper circuit of 5% for the day indicating increased buyer interest. The stock has delivered 108.19% return since year till date. Hence given such momentum, keep this stock in your radar.

3. Balmer Lawrie & Company Ltd (Rs 282)
   

   Today, the shares of Balmer Lawrie & Company Ltd reached a new 52-week high price of Rs 293.95, signalling bullish momentum. The company is engaged in the business of Industrial Packaging, Greases & Lubricants, Leather Chemicals, Logistic Services and Infrastructure, Refinery & Oil Field and Travel & Vacation Services in India. Add this stock to the watchlist.

4. Flair Writing Industries Ltd (Rs 285)
   

   Flair Writing Industries Ltd is engaged in developing and manufacturing writing instruments and is among the Top 3 players in the overall writing instruments industry. Today, the company announced that it has won the prestigious Export Award- FIRST Position in the Writing Instruments Category by The Plastics Export Promotion Council (sponsored by the Ministry of Commerce & Industry, Dept. of Commerce, Government of India). Given this development it warrants inclusion in tomorrow’s stock watchlist.

5. J.G Chemicals Ltd (Rs 256.90)
   

   J.G Chemicals Ltd is a leading Zinc Oxide Manufacturer having the capability to produce up to 80 grades of Zinc oxide. The company is set to release its Q4FY24 results on Wednesday. The stock closed up by 6.12% today. Given this positive development, it is prudent to closely monitor the stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.