The Hindu Business Line : Mid-cap stocks catch market attention

According to dealers and analysts, majority of the 168 stocks, which advanced — against 95 losers on the BSE Midcap — were either driven by growth expectations or by news, confirmed or unconfirmed. However, they hastened to add that activity in many of the counters, largely operated by select bulls, was kept alive by day-traders.

Market Game

"Today's movements in mid-cap stocks do not throw up a trend. It is more of punt than a serious investment call. But that is also a part of the daily market game," said an analyst with a broking firm having an array of institutional clients.

However, Mr Ajay Jaiswal of Angel Broking said that a large number of mid-cap counters remain undervalued and provide opportunity for long-term picks for smart investors. "Though during the last one year, the mid-cap stock indices' returns were lower than the Sensex, in a three-year timeframe they have overtaken the benchmark," he added.

A senior broker also felt that some of these stocks lost substantially in the last couple of months and retail investors were looking for bargain opportunity.

Everest Kanto topped the gainers' list among BSE Midcaps with 13.79 per cent gain and a traded quantity of 6.92 lakh shares.

Balaji Telefilms recorded a volume of 12.31 lakh shares on the BSE as the counter moved up 11.36 per cent.

Moser Baer notched up a gain of 10.44 per cent and 8.83 lakh shares changed hands on the BSE alone.

Other top gainers in the mid-cap space were India Infoline (10 per cent), IL&FS Investsmart (9.25 per cent), Honeywell Auto (8.05 per cent), Adlab Films (6.89 per cent), Cambridge Solutions (6.45 per cent) and Arvind Mills (5.57 per cent).

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