Penny Stocks Locked in the Upper Circuit on August 23, 2022

The markets were dragged down by IT, power, and utility companies, with Adani group stocks being among the top losers. 

Investors were nervous about aggressive signals from US Federal Reserve policymakers, which caused Wall Street indices to tumble on Monday. Due to the slowing economy, shares of major companies including Amazon, Apple, Microsoft, and Tesla plunged more than 2% each. The Nasdaq Composite slumped 2.55%, the Dow Jones Industrial Average lost 1.91%, and the S&P 500 declined 2.14%.

List of Penny Stocks Today: August 23

Following is the list of penny stocks locked in the upper circuit on August 23. Keep a close eye on these counters for the upcoming sessions.

Most of the sectors were trading lower with BSE Power, BSE Utilities and BSE IT lost nearly 2% each. The power and utility sector were adversely affected by the 4-6% decline in Adani stocks including Adani Green Energy, Adani Power, and Adani Transmission. With losses of more than 4%, Mphasis Ltd and L&T Technology Services were the IT sector's biggest draggers.

At 11:30 am, the BSE Sensex lost 0.11%, reaching a level of 58,709. The Nifty 50 index fell 0.12% to 17,469 level. On the Sensex, Bajaj Finserv, Mahindra and Mahindra, and Tata Steel were the top gainers, while Tech Mahindra, Infosys and HCL Technologies were the top losers.

In the broader markets, the BSE Midcap index advanced 0.30% and was trading at a level of 24,591, while the Smallcap index rose 0.12% and was trading at a level of 27,876.

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