A long-time favorite of FIIs, financials alone attracted Rs 22,891 crore worth of funds in the first 15 days of the month, shows data pulled from NSDL. Healthcare stocks, which have also been among the list of underdogs, saw the second highest sectoral buying at Rs 3,449 crore.
“While the majority of stocks trading above their 200-DMAs is a good sign, it also reflects the market breadth hovering in the overbought territory. This, however, does not show individual stocks are in an overbought zone, as that will be reflected by momentum indicators like RSI and MACD,” Gaurav Bissa of InCred Equities said.
During the week, 58 smallcap stocks delivered double-digit weekly returns with Spencer Retail surging as high as 51%. It was followed by BCL Industries (35.6%), 63 Moons Tech (27.6%), and Inox Wind (26.4%).