Watch out for these penny stocks locked in the upper circuit on June 16

In the morning trade, the major equity indices dramatically pared early gains

In the morning trade, the major equity indices dramatically pared early gains. After falling for the last four trading sessions, the stocks of private banks witnessed some bargain buying. The shares of Ramco Systems jumped over 12 per cent. Besides, the shares of Pearl Polymers surged more than 8 per cent during today’s trading session.  

The US Federal Reserve raised benchmark interest rates by 75 basis points to 1.75 per cent. Suman Bannerjee, CIO, Hedonova, a US-based hedge fund with a major interest alternative investment fund, has provided the following responses: “Given the quantum of money printed in the COVID era and high inflation, a 75 bps rate hike is not a surprise; it should have been a full 1 per cent. Fed is currently playing catch-up. The economy has been flying high on stimulus money, now it's time to take the punch bowl away. There is more than enough liquidity in the system to absorb a couple of hundred basis points in rate hikes. A high inflationary environment for an extended time will have severe negative effects on global trade too.”  

Sensex opened in green on Thursday while at 10.50 am, it was trading up by 141 points at the 52,682 level. Likewise, BSE Midcap index recovered 17 points and trades at 21,972 levels. BSE Smallcap index has also gained 30 points and trades at 25,096 levels. The Top Gainers on Sensex are Maruti Suzuki, ICICI Bank, HDFC, Reliance Industries, and HCL Technologies. Meanwhile, the Top Losers on the index are Power Grid Corporation of India, NTPC, Kotak Mahindra Bank, Tech Mahindra, and Bharti Airtel.  

Similarly, Nifty 50 index has recovered from its past losses and is trading with marginal gains. It has increased by 38 points and trades at 15,730 levels. Bank Nifty scaled up by 142 points and trades at a level of 33,481. The top gainers on Nifty 50 are banking and IT stocks. On the other hand, realty and pharmaceuticals have lost the most.  

Foreign portfolio investors (FPIs) sold shares worth Rs 3,531.15 crore on June 15 while the domestic institutional investors (DIIs) bought shares worth Rs 2,588.00 crore.  

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