In the face of weak global indicators, Indian frontline indices continued their decline. All sectors experienced notable selling pressure, with the oil & gas, consumer durables, and metal sectors being particularly hard hit by the downturn. In contrast, the financial services and banking sectors experienced the least impact.
During the latter part of the trading session, broader indices experienced a substantial drop, with the BSE Midcap and BSE Smallcap indices closing 1.02% and 0.76% lower, respectively.
With 1,382 shares rising on the BSE and 2,322 shares declining, the advance-decline ratio strongly remained in favour of declines. On the Sensex, Kotak Mahindra Bank, IndusInd Bank and Tata Consultancy Services were among the top gainers, whereas ITC Ltd, Tata Steel and Hindustan Unilever Ltd were among the market draggers.
The following penny stocks are likely to be in focus on Monday, October 23, 2023:
Integrated Capital Services Ltd
Shares of the company, positioned as the leading gainers on the BSE, recorded a remarkable nearly tenfold increase in trading volume, ultimately hitting the 20% upper circuit. The company specializes in providing business advisory and consulting services, as well as offering advice on debt and business restructuring.
East West Holdings Ltd
In the midst of a generally lacklustre market, shares of the company climbed around 16%, reaching an intraday high of Rs 5.87 per share on the BSE. The company operates as a logistics solutions provider, offering an extensive international freight and trade network.
Baroda Extrusion Ltd
The shares have experienced robust buying interest, driving them to hit the 10% upper circuit. Currently, these shares are trading at Rs 2.86, with a 52-week high of Rs 3.63 per share on the BSE. Baroda Extrusion Limited is primarily engaged in the manufacturing of copper finished goods and extrusion products, along with the trade of both ferrous and non-ferrous metals.
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.