Top Penny Stocks Gainers Today - August 29, 2022

The stock market closed Monday in the red, following the incredibly weak global cues. 

The 50-share Nifty index closed at 17,312.90, down 246 points or 1.4%, while the BSE Sensex finished at 57,972.62, down 861.25 points or 1.46%. While IT, media, and private bank shares saw some selling pressure, FMCG and oil & gas companies were up. Investor sentiment suffered as the Fed Chair indicated in his speech last week that restrictive monetary policy may be required to lower rising inflation. Nifty FMCG increased by about 0.5%, while the IT index decreased by about 3.5%. Another sector that finished flat to positive was Nifty Oil & Gas. All other indices ultimately experienced a decline.

List of Penny Stocks Today: August 29

Following Table Shows Penny Stocks That Gained Most on August 29

The frontline indices underperformed the overall market. While the S&P BSE Small-Cap index dipped 0.57%, the S&P BSE Mid-Cap index decreased by 0.80%. Market breadth was in the red as 1,455 shares increased and 2,037 shares decreased on the BSE while 211 shares in total remained unchanged. The India VIX, a measure of market expectations for short-term volatility, increased 8.30% to 19.7275 on the NSE.

The Dow Jones index futures were down 298 points, signalling a downturn in today's US stock market opening. On Monday, stocks in Europe and Asia fell due to the growing possibility of more significant rate increases in the US. Isabel Schnabel, a member of the board of the European Central Bank, repeated Powell's remarks over the weekend. According to Schnabel, central banks must take vigorous action to combat increasing inflation, even if doing so forces their economies into a recession.

Industrial companies in China reported lower profits in July. The National Bureau of Statistics reported on Saturday that the 1.1% gain seen during the first six months was completely erased by the 1.1% profit decline at China's industrial companies from January to July of last year.

After Federal Reserve Chair Jerome Powell stated in his Jackson Hole speech that the central bank won't relent in its fight against high inflation, US markets fell precipitously on Friday.