Penny stock below ₹10 Elitecon International share price bucked the muted trend on Dalal Street on Thursday, September 10, gaining 5% from its previous close. The stock, however, remains under intense selling pressure across multiple timeframes.
Elitecon International shares opened at their 52-week low of ₹7.09 in Thursday's session. The stock subsequently staged a sharp recovery, climbing more than 10% from that low to touch ₹7.83. From its previous close, the penny stock was up 5%.
The recovery came even as India's benchmark indices struggled for direction in early trade. The Sensex and Nifty opened on a weak note as crude oil prices remained above the $100-per-barrel mark amid persistent geopolitical tensions, keeping investor risk appetite subdued.
The indices later recovered from their early weakness. The Sensex climbed 147 points, or 0.1%, to touch an intraday high of 74,910.96, while the broader Nifty 50 advanced around 63 points, or 0.26%, to reach an intraday high of 23,494.95.
Brent crude, the global oil benchmark, traded 0.20% lower at $101 per barrel. Investors are also keeping an eye on upcoming US inflation data for fresh signals on the Federal Reserve's policy trajectory.