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    NIFTY SMLCAP 100

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    NIFTY SMLCAP 100 Overview

    Today’s low

    Today’s high

    ₹ 19153.70 ₹ 19277.35
    ₹ 19175.10

    52 week low

    52 week high

    ₹ 14986.00 ₹ 19277.35
    ₹ 19175.10


     

    Companies

    COMPANY PRICE CHANGE CHANGE % PREVIOUS CLOSE
    AARTI INDUSTRIES LTD 487.7 5.65 1.17% 482.05
    AEGIS LOGISTICS LIMITED 1325.4 3.5 0.26% 1321.9
    AMARA RAJA ENERGY MOB LTD 855.15 -7.60 -0.88% 862.75
    INDIAN ENERGY EXC LTD 123.94 0.44 0.36% 123.5
    ATUL LTD 6593 123.5 1.91% 6469.5
    ANGEL ONE LIMITED 352.25 6.10 1.76% 346.15
    COMPUTER AGE MNGT SER LTD 798.35 0.20 0.03% 798.15
    BATA INDIA LTD 696.6 -1.95 -0.28% 698.55
    BEML LIMITED 1864.7 -2.3 -0.12% 1867
    ADITYA BIRLA REAL EST LTD 1405.6 -18.5 -1.3% 1424.1
    CESC LTD 169.7 -0.5 -0.29% 170.2
    CHAMBAL FERTILIZERS LTD 481.55 4.50 0.94% 477.05
    DEEPAK FERTILIZERS & PETR 1649.3 -15.0 -0.9% 1664.3
    ZENSAR TECHNOLOGIES LTD 514.5 47.15 10.09% 467.35
    NEWGEN SOFTWARE TECH LTD 481.9 1.0 0.21% 480.9
    GODFREY PHILLIPS INDIA LT 2170.1 -1.3 -0.06% 2171.4
    AMBER ENTERPRISES (I) LTD 7484.5 81.0 1.09% 7403.5
    GLAND PHARMA LIMITED 2462.3 16.1 0.66% 2446.2
    CASTROL INDIA LIMITED 184.37 -0.08 -0.04% 184.45
    IDBI BANK LIMITED 83.84 -0.57 -0.68% 84.41
    IFCI LTD 75.91 -0.90 -1.17% 76.81
    ASTER DM HEALTHCARE LTD. 793.2 2.25 0.28% 790.95
    GILLETTE INDIA LTD 7610.5 -3.0 -0.04% 7613.5
    ITI LTD 297.95 -1.75 -0.58% 299.7
    J B CHEMICALS AND PHARMA 2364.6 43.4 1.87% 2321.2
    KAJARIA CERAMICS LTD 1202.3 -1.7 -0.14% 1204
    KALPATARU PROJECT INT LTD 1384 13.8 1.01% 1370.2
    KARUR VYSYA BANK LTD 291.8 -2.15 -0.73% 293.95
    THE RAMCO CEMENTS LIMITED 947.55 4.40 0.47% 943.15
    BANDHAN BANK LIMITED 200.6 -4.5 -2.19% 205.1
    MRPL 150.19 0.19 0.13% 150
    NCC LIMITED 149.51 -1.07 -0.71% 150.58
    NEULAND LAB LTD. 18944 -44 -0.23% 18988
    RAILTEL CORP OF IND LTD 314.5 -1.15 -0.36% 315.65
    PCBL CHEMICAL LIMITED 321.15 2.75 0.86% 318.4
    JINDAL SAW LIMITED 260.95 -1.95 -0.74% 262.9
    TATA CHEMICALS LTD 693.1 4.35 0.63% 688.75
    RITES LIMITED 218.17 -6.76 -3.01% 224.93
    NATCO PHARMA LTD. 931.4 -3.1 -0.33% 934.5
    CREDITACCESS GRAMEEN LTD 1557.4 14.1 0.91% 1543.3
    SONA BLW PRECISION FRGS L 660.1 -2.2 -0.33% 662.3
    SHYAM METALICS AND ENGY L 955.1 -7.25 -0.75% 962.35
    IRCON INTERNATIONAL LTD 134.14 -0.41 -0.3% 134.55
    GUJARAT MINERAL DEV CORP 603.1 -5.75 -0.94% 608.85
    DEVYANI INTERNATIONAL LTD 114.19 -0.11 -0.1% 114.3
    APTUS VALUE HSG FIN I LTD 287.85 -1.10 -0.38% 288.95
    GARDEN REACH SHIP&ENG LTD 2748.5 -22.8 -0.82% 2771.3
    CITY UNION BANK LTD 216.76 -1.04 -0.48% 217.8
    CYIENT LIMITED 890.35 10.90 1.24% 879.45
    SONATA SOFTWARE LTD 278 4.3 1.57% 273.7
    BIRLASOFT LIMITED 282.55 0.65 0.23% 281.9
    STAR HEALTH & AL INS CO L 580.3 -8.2 -1.39% 588.5
    ANAND RATHI WEALTH LTD 2061.7 72.0 3.62% 1989.7
    DATA PATTERNS INDIA LTD 4507 -149.7 -3.21% 4656.7
    WOCKHARDT LIMITED 1938.5 -11.5 -0.59% 1950
    ZEN TECHNOLOGIES LIMITED 1746.7 -26.5 -1.49% 1773.2
    INOX WIND LIMITED 88 -1.96 -2.18% 89.96
    TATA TELESERV(MAHARASTRA) 42.77 -0.30 -0.7% 43.07
    DELHIVERY LIMITED 507.45 -1.85 -0.36% 509.3
    TRIDENT LIMITED 26.73 -0.07 -0.26% 26.8
    SYNGENE INTERNATIONAL LTD 440 0.1 0.02% 439.9
    INDIAMART INTERMESH LTD 1879.2 -17.7 -0.93% 1896.9
    RADICO KHAITAN LTD 3892.3 -80.1 -2.02% 3972.4
    WELSPUN LIVING LIMITED 170.93 4.10 2.46% 166.83
    INDRAPRASTHA GAS LTD 153.99 -1.81 -1.16% 155.8
    AFFLE 3I LIMITED 1464.6 6.4 0.44% 1458.2
    POONAWALLA FINCORP LTD 460.95 4.05 0.89% 456.9
    RAMKRISHNA FORGINGS LTD 577.35 2.40 0.42% 574.95
    PIRAMAL PHARMA LIMITED 175.95 7.66 4.55% 168.29
    FORCE MOTORS LIMITED 18804 -563 -2.91% 19367
    DR. LAL PATH LABS LTD. 1639.1 -11.2 -0.68% 1650.3
    JBM AUTO LIMITED 703.55 -8.75 -1.23% 712.3
    IIFL FINANCE LIMITED 519.55 0.85 0.16% 518.7
    WELSPUN CORP LIMITED 1439.3 -59.5 -3.97% 1498.8
    NARAYANA HRUDAYALAYA LTD. 2002.8 16.6 0.84% 1986.2
    FIVE-STAR BUS FIN LTD 550.4 6.5 1.2% 543.9
    KAYNES TECHNOLOGY IND LTD 3333.8 175.3 5.55% 3158.5
    PVR INOX LIMITED 1001.25 15.85 1.61% 985.4
    KEC INTL. LIMITED 511 -4.3 -0.83% 515.3
    KFIN TECHNOLOGIES LIMITED 880.05 11.00 1.27% 869.05
    GODAWARI POW & ISP LTD 254.5 -2.55 -0.99% 257.05
    ACTION CONST EQUIP LTD 990 -26.7 -2.63% 1016.7
    ANANT RAJ LIMITED 554.7 17.05 3.17% 537.65
    JM FINANCIAL LIMITED 130.66 1.40 1.08% 129.26
    THE GE SHPG.LTD 1440.4 18.5 1.3% 1421.9
    HBL ENGINEERING LTD 816.95 -6.80 -0.83% 823.75
    REDINGTON LIMITED 275.35 -3.85 -1.38% 279.2
    FIRSTSOURCE SOLU. LTD. 240.33 1.58 0.66% 238.75
    HIMADRI SPECIALITY CHEM L 680.65 18.00 2.72% 662.65
    NAVIN FLUORINE INT. LTD 7552.5 -94.0 -1.23% 7646.5
    BRIGADE ENTER. LTD 513.85 12.60 2.51% 501.25
    RELIANCE POWER LTD. 25.7 -0.8 -3.02% 26.5
    TITAGARH RAIL SYSTEMS LTD 877.25 -6.35 -0.72% 883.6
    CROMPT GREA CON ELEC LTD 270.8 -3.35 -1.22% 274.15
    BLS INTL SERVS LTD 253.6 0.9 0.36% 252.7
    NETWEB TECH INDIA LTD 4427.4 -7.6 -0.17% 4435
    MAHANAGAR GAS LTD. 1128.6 -14.8 -1.29% 1143.4
    SARDA ENERGY & MIN LTD 508 7.55 1.51% 500.45
    HINDUSTAN COPPER LTD 499.2 4.25 0.86% 494.95
    COHANCE LIFESCIENCES LTD 454.5 1.9 0.42% 452.6
    WHIRLPOOL OF INDIA LTD 808.15 -3.05 -0.38% 811.2
    RBL BANK LIMITED 361.1 5.6 1.58% 355.5
    NUVAMA WEALTH MANAGE LTD 1887.5 68.4 3.76% 1819.1
    SIGNATUREGLOBAL INDIA LTD 757.65 -5.85 -0.77% 763.5
    PNB HOUSING FIN LTD. 1064.4 8.8 0.83% 1055.6
    MANAPPURAM FINANCE LTD 328.2 5.1 1.58% 323.1
    LAURUS LABS LIMITED 1542.3 14.3 0.94% 1528
    JUPITER WAGONS LIMITED 262.3 -4.15 -1.56% 266.45
    TATA TECHNOLOGIES LIMITED 715.4 3.0 0.42% 712.4
    CAPRI GLOBAL CAPITAL LTD 233.87 6.11 2.68% 227.76
    TEJAS NETWORKS LIMITED 593.6 -8.8 -1.46% 602.4
    CENTRAL DEPO SER (I) LTD 1350.6 -0.2 -0.01% 1350.8
    JYOTI CNC AUTOMATION LTD 770.35 -9.45 -1.21% 779.8
    CHOLAMANDALAM FIN HOL LTD 1673.9 -13.1 -0.78% 1687
    HFCL LIMITED 214.48 9.89 4.83% 204.59
    AADHAR HOUSING FINANCE L 555.6 19.9 3.71% 535.7
    GO DIGIT GENERAL INS LTD 313.8 0.55 0.18% 313.25
    OLA ELECTRIC MOBILITY LTD 44.48 -1.03 -2.26% 45.51
    BRAINBEES SOLUTIONS LTD 219.26 -7.03 -3.11% 226.29
    PG ELECTROPLAST LTD 562.5 1.4 0.25% 561.1
    TRIVENI TURBINE LIMITED 657.9 -6.9 -1.04% 664.8
    AFCONS INFRASTRUCTURE LTD 312.15 -2.25 -0.72% 314.4
    SAGILITY LIMITED 40.98 -0.27 -0.65% 41.25
    SWAN CORP LIMITED 310.9 -1.5 -0.48% 312.4
    SAI LIFE SCIENCES LIMITED 1257.3 19.3 1.56% 1238
    INVENTURUS KNOWLEDGE SO L 1861.2 23.7 1.29% 1837.5
    INTL GEMOLOGICAL INST LTD 359.5 -1.85 -0.51% 361.35
    MULTI COMMODITY EXCHANGE 2814 -109.2 -3.74% 2923.2
    NBCC (INDIA) LIMITED 102.36 -0.70 -0.68% 103.06
    AEGIS VOPAK TERMINALS LTD 257.43 22.70 9.67% 234.73
    ATHER ENERGY LIMITED 1130 -13 -1.14% 1143
    JSW CEMENT LIMITED 136.57 0.33 0.24% 136.24
    URBAN COMPANY LIMITED 131.9 0.01 0.01% 131.89
    PIRAMAL FINANCE LIMITED 2137.7 -43.6 -2% 2181.3
    PHYSICSWALLAH LIMITED 130.16 -3.18 -2.38% 133.34
    PINE LABS LIMITED 156.12 -3.72 -2.33% 159.84
    TENNECO CLEAN AIR INDIA L 607 1.1 0.18% 605.9
    MEESHO LIMITED 186.68 -4.27 -2.24% 190.95

    What is Nifty Smallcap 100?

    The Nifty Smallcap 100 is a stock market index on the National Stock Exchange (NSE) that tracks the performance of 100 small-cap companies. These are firms ranked from 251 to 350 based on full market capitalisation within the Nifty 500 universe. The index is considered a benchmark for investors seeking exposure to the small-cap segment of the Indian equity market.

    It offers a diversified view of businesses operating at the smaller end of the market capitalisation spectrum. The Nifty Smallcap 100 includes companies from multiple sectors, making it an essential tool for assessing the overall performance of small-cap stocks. Investors and analysts use it to track trends, design mutual funds, or benchmark their own portfolios focused on emerging and growth-oriented companies.

    History of Nifty Smallcap 100

    The Nifty Smallcap 100 index was launched by the National Stock Exchange (NSE) in 2005 to provide investors with a reliable measure of the performance of small-cap companies in India. Initially created to complement other broad-market indices like the Nifty 50 and Nifty Midcap 100, it offered a clearer insight into the small-cap segment.

    Over the years, the index has evolved to include sectoral diversification and better representation. The Nifty Smallcap 100 has witnessed several economic and market cycles, including the 2008 financial crisis and the COVID-19 market shock. Its performance often reflects high volatility and growth potential, typical of small-cap investments. Today, it is a crucial barometer for gauging the health of India’s small-cap ecosystem.

    Why do we need Nifty Smallcap 100?

    The Nifty Smallcap 100 helps investors understand how smaller companies are performing within the broader Indian economy. These firms often offer higher growth potential but come with greater risk. The index makes it easier to evaluate small-cap trends without analysing each stock individually, saving time and effort for investors.

    It is also used as a benchmark for small-cap mutual funds, portfolio performance tracking, and economic research. With sectoral diversity and representation, the index captures the dynamism of emerging enterprises. Without it, investors would lack a unified and systematic way to measure the performance of this volatile yet rewarding market segment.

    How does Nifty Smallcap 100 work?

    The Nifty Smallcap 100 functions like most equity indices. It includes 100 small-cap stocks selected based on market capitalisation and liquidity criteria. The stocks are reviewed semi-annually, and changes are made based on eligibility and performance. This ensures that the index stays relevant and representative of the small-cap universe.

    It is calculated using the free-float market capitalisation method. Only actively traded shares held by the public are considered. The performance of the index is tracked on a real-time basis during trading hours and is widely used by asset managers and individual investors to construct small-cap-focused investment strategies.

    How is Nifty Smallcap 100 calculated?

    1. The index is based on the free-float market capitalisation methodology.
    2. Market capitalisation = Share price × Number of outstanding shares (free-float only).
    3. Stocks ranked from 251 to 350 within the Nifty 500 universe are considered.
    4. Liquidity and trading frequency over a 6-month period are checked.
    5. The index is reviewed semi-annually in March and September.
    6. Weightage is given in proportion to each stock’s market capitalisation.
    7. The base value is fixed for reference, and index values change with market movement.
    8. Only stocks listed on the NSE are eligible.
    9. The inclusion and exclusion of stocks depend on free-float changes and volume data.
    10. Adjustments are made for corporate actions like mergers, splits, and rights issues.

    Interpreting India Nifty Smallcap 100

    1. A rising index indicates strong performance among small-cap stocks.
    2. A falling index suggests weak investor sentiment in the small-cap space.
    3. High volatility reflects sensitivity to economic and market events.
    4. Useful for tracking early-stage company performance trends.
    5. Helps assess retail investor confidence, as they often favour small-caps.
    6. Can indicate sector-specific momentum in industries dominated by small companies.
    7. A higher return compared to large-cap indices may signal high-growth phases.
    8. A declining index during market rallies may highlight risk aversion.
    9. Analysts use it to gauge speculative interest in the market.
    10. Used alongside other indices to build diversified investment strategies.

    Benefits of Nifty Smallcap 100

    1. Provides a benchmark for assessing small-cap equity performance.
    2. Offers diversification across various small-scale industries and sectors.
    3. Enables easier tracking of the small-cap segment for research and analysis.
    4. Helps mutual fund managers design and benchmark small-cap funds.
    5. Ideal for long-term investors seeking high-growth opportunities.
    6. Offers exposure to companies that may become future mid or large caps.
    7. Tracks investor sentiment toward emerging businesses.
    8. Facilitates passive investment through ETFs and index funds.
    9. Useful for sector rotation and tactical investment strategies.
    10. Enhances portfolio balance by adding high-risk, high-reward assets.

    How to access Nifty Smallcap 100?

    Investors can access the Nifty Smallcap 100 index in several ways. The most common method is through small-cap mutual funds or exchange-traded funds (ETFs) that track the index. These instruments replicate the index composition and aim to deliver similar returns, offering easy entry for retail investors.

    Alternatively, investors may view index performance on financial platforms, the NSE website, or brokerage dashboards. Advanced investors can build customised portfolios based on the index stocks. Real-time and historical data for the Nifty Smallcap 100 are also accessible through financial data providers and trading applications for analysis and strategy building.

    Real-world example

    Consider an investor looking to diversify their portfolio with high-growth stocks in India. Instead of picking individual small-cap shares, they invest in a mutual fund that tracks the Nifty Smallcap 100. Over the years, the fund provides exposure to high-potential businesses across industries, including healthcare, manufacturing, and IT.

    During a market uptrend, the investor observes the fund delivering higher returns than large-cap benchmarks. Even though volatility is high, the long-term growth prospects of small companies pay off. This real-world example illustrates how the index serves as both a performance indicator and a foundation for investment in smaller, fast-growing businesses.

    Tips for investing in Nifty Smallcap 100

    1. Understand that small-cap stocks carry higher risk and potential returns.
    2. Use SIPs or staggered investments to manage volatility.
    3. Stay invested for the long term to ride out market cycles.
    4. Avoid timing the market based on short-term movements.
    5. Monitor index constituents and fund performance regularly.
    6. Diversify beyond small-caps to balance portfolio risk.
    7. Choose funds with low expense ratios when investing via mutual funds or ETFs.
    8. Be cautious during market downturns as small-caps fall harder.
    9. Align investment goals with the risk profile of small-cap exposure.

    Use expert analysis and research tools before making investment decisions.

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    “Investments in securities market are subject to market risk, read all the scheme related documents carefully before investing."

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    Bajaj Financial Securities Limited is a subsidiary of Bajaj Finance Limited and is a corporate trading and clearing member of BSE Ltd. and National Stock Exchange of India Ltd. (NSEIL), and also a Depository participant with National Securities Depository Ltd (“NSDL”) and Central Depository Services Ltd. (“CDSL”).

    Bajaj Financial Securities Limited is engaged in the business of Stock Broking and as a Depository Participant.Bajaj Financial Securities Limited does not provide any advisory services to its clients. Bajaj Financial Securities Limited may share updates from time to time (through various electronic communication modes) which are sourced from public domain and the same are NOT to be construed as any advice or recommendation from Bajaj Financial Securities Limited. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever.

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    1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020

    2. Update your mobile number & email ID with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.

    3. Pay 20% upfront margin of the transaction value to trade in cash market segment.

    4. Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 and BSE vide notice no. 20200731-7 dated July 31, 2020 and 20200831-45 dated August 31, 2020 and other guidelines issued from time to time in this regard.

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    Investments in the securities market are subject to market risk, read all related documents carefully before investing.

    Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | MCX Member ID: 57680 | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403. 

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    RESEARCH DISCLAIMER

    Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014 | CIN: U67120PN2010PLC136026 | Research Analyst SEB I Registration No: INH000010043.

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    Email | Contact No.: 020-4857 4486 

    Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.

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    Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043. 

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    ADDITIONAL DISCLAIMER FOR U.S. PERSONS

    Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.  

    ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS

    Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.  

    This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.  

    DISCLAIMER FOR REPORT

    DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)

    Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

    This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

    This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

    We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

    Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

    Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

    Research analyst has served as an officer, director or employee of subject Company: No  

    Bajaj Financial Securities Limited has financial interest in the subject companies: No  

    Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

    Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

    Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

    Subject company may have been client during twelve months preceding the date of distribution of the research report.  

    There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at NSE

    ANALYST CERTIFICATION

    The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

    RISK DISCLOSURE ON DERIVATIVES

    • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
    • On an average, loss makers registered net trading loss close to ₹ 50,000.
    • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
    • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

    SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

    BROKERAGE DISCLAIMER

    All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : Pricing

    MTF 

    As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

    US INVESTING

    International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

    IPO 

    This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

    SCREENERS 

    Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

    SECURITIES 

    Securities quoted are exemplary and not recommendatory. 

    IPV 

    Account would be open after all procedure relating to IPV and client due diligence is completed. 

    IMAGES 

    The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.

    THIRD PARTY PRODUCT DISCLAIMER

    Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.

    DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

    As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.