Watch out for these penny stocks locked in the upper circuit on April 17

After forecasting revenue growth at a six-year low in fiscal 2024 due to U.S. and European clients postponing spending, Infosys was down 11.5 per cent and the main drag on the Nifty 50.

On Monday, Indian equities fell more than 1 per cent after Infosys plunged 15 per cent and caused a selloff in IT stocks due to dismal results and forecasts. After forecasting revenue growth at a six-year low in fiscal 2024 due to U.S. and European clients postponing spending, Infosys was down 11.5 per cent and the main drag on the Nifty 50.

Of the 13 major sectoral indices, eight showed a fall. With a 6.5per cent decline, the IT index was headed for its largest one-day loss since March 2020. All ten of the components decreased by 2.4 per cent to 15 per cent. The likelihood that the Federal Reserve will increase interest rates by 25 basis points in May increased as a result of data showing robust U.S. retail sales, which brought down global markets. However, only Large-Cap corporations experienced a significant decline in domestic stock prices. Both the Nifty midcap 100 index and the Nifty smallcap 100 index experienced losses of roughly 0.2 per cent.

As of 11:59 am, the BSE Sensex is trading at 59,751 levels, plunging by 679 points, while the S&P BSE Mid-Cap index has gained by mere 45 points at a level of 24,765 points. The Small-Cap index is trading flat at 28,148 level. The NSE index NIFTY50 also dipped by 167 points to 17,660 levels, but the Bank Nifty dropped by 47 points and is currently trading at a level of 42,085.

On April 14, the foreign portfolio investors bought securities worth Rs 221.85 crore and the domestic institutional investors (DIIs) were the net sellers of shares worth Rs 273.68 crore. 

Following is the list of Penny Stocks locked in the upper circuit on Monday. Keep a close eye on these counters for the upcoming sessions: