Top Penny Stocks Gainers Today - Jun 17, 2022

Indian market closed in red on the sixth day straight; pharma shares tumble. Following a turbulent day on Friday, the major market indices closed with minor losses. Pharmaceuticals, oil and gas, consumer durables, and auto stocks all fell, but private banks and financials ended the day in the green. Markets were concerned that aggressive interest rate hikes implemented by global central banks to combat rising inflation could trigger a recession. 

Top 10 Gainers Penny Stocks Today: Jun 17

Following Table Shows Penny Stocks That Gained Most on June 17 

The barometer index, the S&P BSE Sensex, fell 135.37 points, or 0.26%, to 51,360.42, according to provisional closing data. The Nifty 50 index slid 67.10 points to 15,293.50, or 0.44%. The S&P BSE Mid-Cap index fell 0.68%, while the S&P BSE Small-Cap index down 0.88% in the broader market. The market breadth was weak. On the BSE, 1089 shares rose and 2236 sank. There were 96 shares that remained unchanged. 

The Nifty Pharma index dropped 2.12% to 11,810.80 points. In two sessions, the index has dropped 3.67%. Today, the Nifty Pharma index fell 2.18% to 11,803.95. Over the last month, the index has dropped by 8%. Laurus Labs Ltd lost 4.93%, Strides Pharma Science Ltd climbed 4.68%, and Dr.Reddys Laboratories Ltd decreased 3.28% among the members. The Nifty Pharma index has dropped 16% in the last year, compared to the benchmark Nifty 50 index's 2.54% drop. The Nifty Consumption index has fallen 1.75% on the day, while the Nifty IT index has fallen 1.49%. 

European equities climbed on Friday, while Asian markets finished mixed, as investors consider the potential of rapid monetary policy tightening may be leading to a recession. Inflation in the eurozone reached a new high of 8.1% year on year in May, according to data released on Friday. Meanwhile, the Bank of Japan opted on Friday to continue its ultra-loose monetary policy stance, rejecting the global trend. Following the Federal Reserve's highest rate hike since 1994, central banks around the world moved to stamp out growing inflation, sending US stock indices substantially lower on Thursday in a broad sell-off. 

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