Watch out for these penny stocks locked in the upper circuit on May 24

In terms of individual stocks within the Nifty 50, Sun Pharma, Dr Reddy's, and ITC stood out as the top gainers

Throughout the day, the Nifty index had a tumultuous ride, initially opening with a gap down but later rebounding. However, it relinquished all the gains in the afternoon session and closed around the opening levels, resulting in a decline of 62.60 points to settle at 18,285.40.

Following a similar trajectory, the S&P BSE Sensex dropped by 208 points, concluding the day at 61,773.78. On a brighter note, the Nifty Midcap 100 index outperformed the benchmark, exhibiting a 0.21 per cent rally, while the Nifty Smallcap 100 remained nearly flat, with a marginal increase of 0.01 per cent.

Among the sectors, the Pharma, Media, and FMCG sectors displayed strength, while the Banks and Financial services sectors exhibited weakness throughout the day. In terms of individual stocks within the Nifty 50, Sun Pharma, Dr Reddy's, and ITC stood out as the Top Gainers, whereas Shree Cement, Adani Ports, and Tata Motors experienced the most significant losses.

It is noteworthy that the Nifty retraced almost 100 points from its peak during the day, indicating that today's high level may pose as a formidable resistance point in the forthcoming sessions.

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