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“The cement market has changed quite a lot. And the larger companies are becoming more and more powerful. They are the ones who are setting the price. They are the ones who are growing the fastest. So it is best to stick with the large companies who are growing at a good pace.”

Meanwhile, the European Central Bank (ECB) expects inflation in the euro zone to remain above 3% next year, a source said, adding to worries about a tenth consecutive interest rate hike by the ECB on Thursday.

Zaggle operates in the B2B2C segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. The company provides offerings to customers and users that include employees, channel partners and customers, while collaborating with merchants, banks and NBFCs, providing a strong value proposition to each stakeholder.

Stating that it fails to find fundamental reasons behind the steep increase in stock prices of several midcap and smallcap stocks, Kotak said, the primary driver of the rally appears to be irrational exuberance among investors, with high return expectations being driven by the high returns of the past few months.

Suzlon Energy shares have seen heightened investor interest over the last one year as the stock has given returns of over 140% during this time. The six-month return stands in excess of 160%.

The stock quoted a 52-week high of Rs 54262.3 and a 52-week low of Rs 34968.6.

Among the top gainers, MKR rose 125%, followed by OMG with a 35% increase, ZIL with 26%, REEF with 10% and BTG with an 8% gain, Sathvik Vishwanath, Co-Founder & CEO, Unocoin informed while highlighting biggest losers as ENS which is down 69%, WAVES down 64%, COTI down 38%, GNS down 28% and REP down 26%.

“Both the mid and smallcap indices now are coming very close to the 20-day moving average and that is more significant because that is where we will expect them to get support and bounce back over the next couple of days. For example, the Nifty small cap index 20-day average is at 12,242 and the midcap index is at 39,347, both these levels will hold and we will probably see an uptrend. ”

Promoters held 63.62 per cent stake in the company as of 30-Jun-2023, while FII and DII ownership stood at 26.71 per cent and 2.37 per cent, respectively.