While the broader Sensex ended the week down 0.47% as traders remained risk-averse amid fears of a global recession, 16 small-cap stocks posted double-digit returns.

Atul Auto was the biggest gainer among small caps, up 30.44% on the BSE in the past five sessions. Infrastructure stocks Gayatri Projects rose more than 12%, and Jindal Drilling rose 18.8%.

PSU stock GRSE, which has rallied over the past few days on a solid outlook and low valuations, is up another 18% this week. The stock has doubled so far in the calendar year 2022.

Other small-cap gainers included EKI Energy, Black Box, Ugar Sugar, Pennar Industries, JMC Projects and Indo Amines.

In the BSE500 portfolio, Rajesh Exports, Brightcom, Castrol and Angel One were the top gainers. On the other hand, the biggest losers include India Cements, Suzlon Energy, Welspun and Vakrangee. Adani Power and Zomato fell 10-11% each.

BSE Realty was the biggest loser at the industry level, losing 4.2% of its wealth. BSE Utilities and BSE Power fell about 4% each. BSE Teck, IT and Bankex were the only three sectors to gain this week.

Analysts expect Friday’s 685-point rally to continue soon, led by holiday demand, second-quarter results and positive trends in global markets. “Buying the dip is the best strategy in this situation, focusing on stocks and sectors driven by the domestic economy. Sectors expected to outperform include IT, pharma, FMCG, durable goods, green initiatives, speciality Chemicals and value-buying themed mass manufacturers,” said Vinod Nair, head of research at Geojit Financial Services.

In the week ahead, second-quarter results could determine the direction of particular stocks, even as domestic indexes may dance to global cues.

“Around 17,000 and Sensex in the 57,300-500 range are good levels to start investing. Staggered investments will deal with volatility,” said Sumit Chanda, CEO and founder of AI-based investment advisory platform JARVIS Invest.