IT Stock Under Rs 50 Hits 5% Upper Circuit Amidst Market Downturn; Check Share Price

IT Stock Under Rs 50: Shares of small-cap IT company Blue Cloud Softech Solutions rose 5 per cent to hit the upper circuit despite a sharp decline in key equity indices--Sensex and Nifty. The domestic stock market traded in negative territory due to uncertainty over the next round of US–Iran negotiations in Doha. Amid the cautious sentiment, the shares of Hyderabad-based IT company opened in red at Rs 18.50 against the previous close of Rs 19.01 on the BSE. However, the stock picked up momentum due to value buying at a lower level and gained 5 per cent to hit an upper circuit at Rs 19.96, up 5 per cent from the last day's closing.

The stock fell sharply in the last session. At closing, the stock settled at Rs 19.96, up 5 per cent or 0.95 per cent.  Meanwhile, it's 52 week high and low values stood at Rs 38 and Rs 16.51, respectively.

The stock has been placed under the Short Term Additional Surveillance Measure Stage 1 (ST ASM-1) framework by the Bombay Stock Exchange (BSE).

Also Read: Stock Markets Decline For 2nd Day, Sensex Down 250 Points As IT Shares Lead losses

Stock Market Today

The key domestic equity indices were trading in negative territory in afternoon trade as investors remained cautious amid renewed tension in the Middle East. At closing, the 30-share BSE index Sensex plummeted over 249.70 points, or 0.33 per cent, to end the session at 76,478.67. Earlier in the morning session, the index was green.  It fell 398.98 points, or 0.51 per cent, to a low of 76,329.39 during the day. The 50-share NSE Nifty fell 80.50 points, or 0.34 per cent, to close at 23,865.75.

Analysts said the delayed arrival and slow progress of the southwest monsoon, outflow of new foreign funds, and a decline in blue-chip IT stocks weighed on market sentiment.

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.