Top 10 Penny Stocks Gainers Today - August 16, 2022

The benchmark indices ended with strong gains in Tuesday's trading session. 

PSU banks, media, and IT shares lagged while auto, real estate, and FMCG companies climbed. With positive market breadth, 1,995 shares increased and 1,553 shares decreased on the BSE and 157 shares were unchanged overall.

List of Penny Stocks Today: August 16

Following Table Shows Penny Stocks That Gained Most on August 16

The barometer index, the S&P BSE Sensex, increased 379.43 points or 0.64% to 59,842.21 according to provisional closing data. To reach 17,825.25, the Nifty 50 index rose 127.10 points, or 0.72%. The S&P BSE Mid-Cap index and the S&P BSE Small-Cap index both increased by 1.03% in the overall market. 

India's exports, including goods and services, grew last month. Exports increased by 11.51% over the same time in the previous year and were estimated at USD 61.18 billion. Additionally, the total amount of imports increased by 42.90% compared to the same time last year. An estimated USD 82.22 billion worth of imports were made by the nation in the previous month. 

India's Life Insurance Corporation (LIC) saw a gain of 2.23%. In comparison to the Rs 2.94 crore reported in Q1 FY22, LIC posted a standalone net profit of Rs 682.89 crore in Q1 FY23. Apollo Tyres increased by 6.06%. Consolidated net income for the tyre manufacturer increased by 49.2% to Rs 190.68 crore on a 29.6% increase in net sales to Rs 5,942 crore in Q1 FY23 compared to Q1 FY22. 

On Tuesday, most Asian stocks closed higher while shares in Europe rose across the board. The rate on the People's Bank of China's 1-year policy loans was reduced by 10 basis points to 2.75%, and the rate on its 7-day reverse repo was raised from 2.1% to 2%. It went against the predictions of economists that the central bank would implement rate reduction. 

After the central bank abruptly lowered its main interest rates, China still needs more growth plans to stabilise its economy, according to state-run media in China on Tuesday. Mega-cap growth shares helped US equities rise on Monday, continuing the market's recent uptrend on investor confidence that the Federal Reserve can deliver a gentle landing for the economy.