Stock under Rs 50 hits upper circuit in opening session even as markets decline dragged by IT firms
A smallcap stock under Rs 50 surged 5 per cent to hit the upper circuit, extending its seven-day rally, even as Sensex and Nifty declined in early trade amid IT losses and weak US cues.
Benchmark equity indices Sensex and Nifty declined in early trade on Thursday, dragged down by heavy losses in IT stocks amid weak cues from US markets. Extending the previous day's decline, the 30-share BSE Sensex dropped 421.66 points, or 0.50 per cent, to 83,811.98 in early trade. The 50-share NSE Nifty fell 121.10 points, or 0.47 per cent, to 25,832.75. According to analysts, rising crude oil prices also added to the cautious sentiment among investors. Despite this, the smallcap stock opened with a gap up and extended its rally for the seventh straight session. The smallcap stock surged as much as 5 per cent to Rs 36.69 apiece on the BSE, hitting the upper circuit.
Share price today
The stock opened gap with a gain of 4.95 per cent at Rs 36.68 against the previous close of Rs 34.95 on the BSE. It further rose to touch the high of Rs 36.69 and hit the upper circuit. The market cap of the company stood at Rs 2,557.74 crore.
The counter has been gaining for the last seven days and has risen 35.84 per cent in the period. It has outperformed the sector by 4.78 per cent. Technically, the stock trades higher than the 5-day and 20-day moving averages but lower than the 50-day, 100-day and 200-day moving averages
The stock's 14-day relative strength index (RSI) is 82.46. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
The stock has a 52-week high of Rs 72.20, hit on November 24, 2025, and a 52-week low of Rs 7.69.
Global market today
In Asian markets, South Korea's Kospi advanced over 2 per cent. Japan's Nikkei 225 index, Shanghai's SSE Composite index were also traded in the positive territory, while Hong Kong's Hang Seng index was quoting in the red zone.
The US equities market closed lower overnight deals on Wednesday.
Brent crude, the global oil benchmark, went up by 0.46 per cent to USD 69.72 per barrel.