The smallcap stock arena marked a significant day on Friday, September 15 as several major stocks crossed their 100-day Simple Moving Averages (SMA)

The stock market witnessed remarkable developments on September 15, with several major smallcap stocks crossing their 50-day Simple Moving Averages (SMA)

However, sales realisation was affected in the United States market due to temporary disruption caused by the ongoing ERP implementation. The business performance in the Middle East and Africa, Australia and South-East Asian countries were 'satisfactory', the company said.

NCC hit multi-year highs and formed strong bullish candlestick pattern on the daily scale with healthy volumes. The stock has seen a breakout of small consolidation as well as upward sloping resistance trendline adjoining highs of June 5 and July 6, which is a positive sign.

“The range-bound movement in the Indian indices was influenced by the likelihood of subdued IT earnings. While optimism about moderation in US inflation supported the broad index. Further, an uptick in domestic food inflation on the back of mandi prices trending above MSP and muted Kharif sowing forced the investors to be cautious. Monsoon progress and the Kharif sowing trend in July are the keys to the future inflation trend,” said Vinod Nair, Head of Research at Geojit Financial Services

Sectorally, buying was seen in realty, healthcare, and oil & gas stocks, while selling was seen in IT, telecom, utilities, and consumer durable. Stocks that were in focus include names like Elgi Equipments, which was up 7%, J.B Chemicals & Pharmaceuticals, which gained over 6% to hit a fresh 52-week high, and Delta Corp, which fell more than 23% on Wednesday.

The Nifty Auto index was trading 0.1 per cent up at 15633.05.

The Nifty Bank index was trading 0.31 per cent up at 44882.1.

UltraTech Cem., Infosys, HUL, M&M and Adani Ent. were among the top losers on NSE.

In the Nifty pack, 27 stocks were trading in the green, while 22 stocks were trading in the red.

The Nifty Realty index was trading 0.41 per cent down at 524.7.

Elgi Equipments has increased its revenue target under its strategic business plan based on double-digit growth in FY23 and favourable growth outlook in this fiscal.