Small-cap stocks, July 23 -- Laurus Labs, Swan Energy, Godfrey Phillips, Natco Pharma, Delhivery, and Himadri Speciality Chemicals are among more than a dozen small-cap stocks that delivered double-digit returns in the last month, driven largely by renewed investor interest following their June quarter results and positive brokerage upgrades.

Despite the broader Indian stock market lacking clear direction in recent weeks amid investor wait-and-watch mode over a potential mini trade deal with the US, continued overseas investor caution, and earnings disappointments in select heavyweights, the rally in small-cap stocks has helped offset broader market weakness in retail portfolios.

Among the top performers in the Nifty Smallcap 100 index,...