The Sensex and Nifty both saw significant drops, closing 0.83% and 0.71% lower, respectively, making it a challenging day for the financial markets.
Additionally, the Nifty Midcap index recorded a substantial decline of 0.9%, while the Nifty Smallcap index also experienced a decrease, though a more modest one at 0.34%. These figures illustrate the prevailing market downturn.
When it comes to specific sectors, Nifty Pharma, Nifty Media, and Nifty Auto demonstrated resilience amid the broader market challenges by emerging as the top-performing sectors. Conversely, Nifty PSU Bank, Nifty Financial Services, and Nifty Bank found themselves among the leading decliners, reflecting the difficulties faced by financial institutions.
Taking a closer look at individual stocks within the Nifty 50 index, Cipla, Dr Reddy’s Laboratories, and Tata Motors emerged as the top gainers, while Bajaj Finance, Bajaj Finserv, and NTPC were among the top losers in this index.
The following penny stocks are likely to be in focus on Thursday, October 19, 2023:
Blue Coast Hotels
The company witnessed a robust price and volume breakout, resulting in the stock getting locked at a 5% upper circuit, reaching an intraday high of Rs 7.35 per share on the NSE. Blue Coast Hotels Limited is in the business of hospitality.
This counter experienced a significant increase in buying interest as the scrip surged and got locked at a 5% upper circuit, reaching an intraday high of Rs 38.30 per share on the NSE. This surge in price was accompanied by a noteworthy rise in trading volume for the scrip. ABM International Ltd is primarily engaged in the import of plastic raw materials.
The stock underwent a substantial surge in its stock price, zooming and getting locked at a 5% upper circuit level, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 21.40 per share on the NSE. Ashoka Metcast Ltd does trading of steel, goods and others.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.