Penny Stocks Locked in the Upper Circuit on September 1, 2022

Bears are back on Dalal Street dragging down the indices with stocks in the IT and technology sector getting hammered the most. 

Overnight, US stocks concluded the month with their fourth consecutive daily drop due to concerns over the Federal Reserve's rapid interest rate hikes. The pressure in the technology industry, specifically among chipmakers, caused Wall Street indices to close lower.

List of Penny Stocks Today: September 1, 2022

Following is the list of penny stocks locked in the upper circuit on September  1. Keep a close eye on these counters for the upcoming sessions.

The Nasdaq Composite declined 0.56%, The Dow Jones Industrial Average fell 0.88%, and the S&P 500 slipped 0.78%. The rupee depreciated in the opening session, falling to 79.66 against the US dollar due to the strength of the American currency. 

The Indian headline indices started off with heavy losses. In accordance with the US IT and technology industry, Indian IT and tech stocks suffered the highest losses. Additionally, the BSE Energy and BSE Oil and Gas constituents experienced declines. Stocks in the real estate and telecom sectors were helping the indices by posting modest gains. 

At 12:25 pm, the BSE Sensex plunged 0.96%, reaching a level of 58,967. The Nifty 50 index fell 0.88% to 17,602 level. The biggest gainers on the Sensex were Bajaj Finserv, Asian Paints and Bharti Airtel, while Tata Consultancy Services, Infosys and Hindustan Unilever Ltd were the top losers.  

In the broader markets, the BSE Midcap index added 0.44% and was trading at a level of 25,519, while the Smallcap index advanced 0.50% and was trading at a level of 28,792. 

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