Top 10 Penny Stocks Gainers Today - September 8, 2022

On Thursday, domestic equity markets put a smile on investors’ faces by recording healthy gains. Large-cap stocks outperformed mid and small-cap stocks in today’s session. 

Nifty 50 and Sensex closed in the green territory at 17,798.7 and 59,688.2, up by 1.12% and 0.99%, respectively. Top large-cap gainers include Shree Cements, BPCL, Axis Bank, ICICI Bank and Tech Mahindra. 

List of Penny Stocks Today: September 8

Following Table Shows Penny Stocks That Gained Most on September 8

Oil plummeted to its lowest since January as the US dollar continues its upward march and global demand concerns persist to heavily weigh on prices despite the threat of disruption to Russian supplies. The US benchmark West Texas Intermediate tumbled below USD 85 while the global Brent benchmark sunk below $90. With the majority of the central banks hiking interest rates to control the raging inflation, investors across the world are concerned that several developed economies may slip into recession. 

China's export growth deteriorated in August and imports contracted due to pandemic restrictions, sky-high energy prices and inflation weighed in on Chinese consumer demand. As per customs data, exports rose 7% on a YoY basis to USD 314.9 billion, barely one-third of July's 18% expansion. Imports contracted by 0.2% to USD 235.5 billion, compared with the previous month's already weak 2.3% growth. 

The adoption of 5G technology is expected to expedite the revenue growth of the telecom industry, which will add Rs 1 lakh crore of additional revenue every three years rather than the four-year cycle in the 4G era. According to a report released by Techarc, a technology analytics company, the total revenue of the telecom industry is expected to reach Rs 10-lakh crore by the end of 2023. The report also noted that the sale of 5G smartphones will exceed 50% by 2024. 

According to a Crisil report, the consumer durables sector in India will see its revenue grow 15-18% to Rs 1 trillion this fiscal year, led by a 10-13% increase in volumes. The industry had crossed the pre-pandemic mark in value terms in FY22; this financial year it will scale past the pre-pandemic volume mark by around 3%, said the rating firm. Demand is expected to be driven by both urban and rural segments, though rural demand will come into play in the second half of the financial year.