Business

9 months ago

Small Caps Surge as Sensex Hits Fresh Record High

Indian stock market (symbolic picture)
Indian stock market (symbolic picture)

 

IIE Digital Desk : The Indian stock market was on a tear on June 22, 2023, with the Sensex hitting a fresh record high. The gains were broad-based, with all sectors participating. However, small caps were the star performers, with the Nifty Smallcap index rising 1.5%. Some of the top-performing small caps included Aarti Industries, which rose 10%, Jubilant FoodWorks, which rose 8%, and Ashok Leyland, which rose 7%. The gains were driven by positive sentiment in the market, as well as strong earnings reports from some small cap companies.

Aarti Industries reported a 28% increase in net profit for the quarter ended March 2023, while Jubilant FoodWorks reported a 20% increase in net profit. Ashok Leyland reported a 12% increase in net profit. The gains in small caps are a positive sign for the Indian stock market. It suggests that investors are confident in the long-term prospects of small cap companies.


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