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Surge in small and midcap stocks propelled by remarkable expansion in demat accounts

<p>The market structure favors stabilization at present levels and a slow upward trend, according to V.K. Vijayakumar, Geojit Financial Services’ chief investment strategist.<img decoding=”async” class=”alignnone wp-image-271622″ src=”” alt=” images 2023 11 07t134918.583 11zon” width=”855″ height=”479″ srcset=” 300w,×84.jpg 150w” sizes=”(max-width: 855px) 100vw, 855px” title=”Surge in small and midcap stocks propelled by remarkable expansion in demat accounts 3″></p>
<p>The S&P 500’s six-day winning run has stabilized markets throughout the world. According to him, signs of market stability include dropping gold prices, a stable currency, stable oil, and a downward trend in US bond rates.</p>
<p>It is important for investors to recognize that retail purchasing during every drop is the main driver of the small- and midcap stock market surge. The market’s rebound is mostly being driven by the rapid expansion of demat accounts, which have already reached 132 million, he said, while FII selling is putting pressure on the big caps.</p>
<p>The Q2 results have confirmed the underlying strength of major caps, including ICICI Bank, HDFC Bank, RIL, Tata Motors, Bajaj Auto, L&T, and Bajaj Finance. It’s only a matter of time till FIIs start purchasing in India. Large caps will do better than the whole market when that occurs, he said.</p>
<p>Vice President of Technical Research at Prabhudas Lilladher, Vaishali Parekh, stated that Nifty has experienced a respectable retreat over the past three sessions, breaking through the significant barrier zone of 19,250 levels to somewhat improve the bias and prepare for a future rise to 19,500–19,550 levels.</p>
<p>The levels close to 19,200 would serve as the necessary support for the present levels. According to Parekh, the day’s support is located at 19,250, while the resistance is located at 19,550.<br />
On Tuesday, the BSE Sensex is trading at 64,843 points, down 115 points. Powergrid and ICICI Bank are down around 1%.</p>
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