Small-Cap Stock Below Rs 20 stuns market with incredible 17 per cent surge and record-breaking volume!

In fact, total traded volume on Wednesday witnessed over four-fold jump compared to its 30-day average volume.  

Indian markets opened Wednesday's session with a knee-jerk reaction to US Fed Chairperson Jerome Powell's comments, where he stated that the ultimate level of interest rates is likely to be higher than previously anticipated. Strictly speaking, Powell's testimony points to a 50-bps March rate hike to combat sticky inflation. However, buying emerged at lower levels and the indices not only managed to recoup morning losses but also ended the day in the green with gains of 0.25 per cent.  

Regarding the broader market indices, there was buying interest as well, with the Nifty Midcap index outperforming the frontline indices as it jumped 0.51 per cent, while the Small-Cap index kept pace with the NSE benchmark Nifty50 index as it added 0.21 per cent.   

So, get ready for some exciting news from the small-cap segment! Patel Engineering has taken everyone by surprise with its massive up-move. Despite being a small-cap stock with a market cap of Rs 1,382 crore, the stock skyrocketed nearly 17 per cent on Wednesday, backed by robust volume. In fact, total traded volume on Wednesday witnessed over four-fold jump compared to its 30-day average volume.  

If you look at the daily chart, you will notice that the stock had formed an opening bullish Marubozu candle. This is a bullish pattern where the candle has no lower shadow, indicating extreme bullishness. After opening, the price starts to trend higher, forming a long body without lower shadow.  

But that's not all! The company recently announced that, along with its joint venture (JV) partners, it has received a letter of award for the Rihand Micro Irrigation Project from the Department of Water Resources, Madhya Pradesh. This project was declared L1 earlier and since the company is an 80 per cent partner in the JV, its share in the project amounts to a whopping Rs 512 crore.  

So, if you're looking for a small-cap stock with huge potential, Patel Engineering could be the one to watch out for!