Indian benchmark indices began the trading session notably lower due to fragile global market conditions. However, the market rebounded, driven by increased interest in the Auto and FMCG sectors, making substantial contributions to the indices.
Despite the initial losses, the BSE Sensex and Nifty 50 concluded the trading session with declines of 0.38% and 0.24%, respectively. In contrast, the broader indices exhibited remarkable resilience, outperforming the main indices and finishing the day on a relatively stable note.
With 1,851 shares rising on the BSE and 1,843 shares declining, the advance-decline ratio remained balanced. On the Sensex, Nestle India, UltraTech Cement, and IndusInd Bank were among the top gainers, whereas Wipro, Tech Mahindra, and NTPC Ltd were among the market underperformers.
The following penny stocks are likely to be in focus on Friday, October 20, 2023:
Skyline Millars Ltd
Emerging as the leading gainer on the BSE, shares of the real estate company surged, hitting the upper circuit of 20% and closing at Rs 9.78 per share. This impressive recovery follows the company’s shares recently touching a 52-week low of Rs 8 per share on the BSE.
E-Land Apparel Ltd
Shares have witnessed a remarkable surge in buying interest, reaching a new 52-week high on the BSE and getting locked at the 20% upper circuit. The company is primarily involved in the business of manufacturing and selling garments.
Fone4 Communications (India) Ltd
In defiance of the prevailing weak market sentiment, shares of the e-commerce company closed the trading session with a remarkable 16% gain, capturing the attention of micro-cap investors. The company specializes in online electronic commerce and offers a diverse array of electronic gadgets under the brand name “Fone4.”
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.