Strong Buying Pressure Drives Stock to Upper Circuit
On the trading session of 1 Feb 2026, Manaksia Steels Ltd (Stock ID: 939595), a micro-cap player in the ferrous metals industry, witnessed exceptional buying momentum that propelled its share price to the upper circuit limit of ₹61.33. This represented a gain of ₹2.92 or 5.0% from the previous close, the maximum permissible daily price band for the stock.
The stock opened sharply higher at ₹61.33, maintaining this price throughout the day without any intra-day fluctuation, indicating a complete absorption of available supply at this level. Total traded volume was modest at 0.1008 lakh shares, translating to a turnover of ₹0.0618 crore, reflecting a concentrated but intense demand.
Outperformance Against Sector and Market Benchmarks
Manaksia Steels Ltd outperformed the ferrous metals sector, which declined by 0.11% on the same day, and the Sensex, which posted a marginal gain of 0.19%. The stock’s 1-day return of 5.0% was a notable reversal after two consecutive days of decline, signalling renewed investor confidence.
Investor participation has been on the rise, with delivery volumes on 30 Jan 2026 reaching 18,020 shares, a 61.11% increase compared to the five-day average delivery volume. This surge in delivery volumes underscores genuine buying interest rather than speculative intraday trading.
Technical Positioning and Moving Averages
From a technical perspective, the stock’s current price is above its 5-day moving average but remains below its 20-day, 50-day, 100-day, and 200-day moving averages. This suggests a short-term positive momentum while the medium to long-term trend remains under consolidation or correction. The upper circuit hit could be an early indication of a potential trend reversal if sustained buying interest continues.
Market Capitalisation and Quality Scores
Manaksia Steels Ltd holds a market capitalisation of approximately ₹403 crore, categorising it as a micro-cap stock within the ferrous metals sector. The company’s Mojo Score stands at a robust 75.0, reflecting strong fundamentals and positive market sentiment. Recently, on 7 Jan 2026, the Mojo Grade was upgraded from 'Hold' to 'Buy', signalling improved outlook and investor confidence.
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Regulatory Freeze and Unfilled Demand
The stock’s upper circuit hit triggered an automatic regulatory freeze on further trading in Manaksia Steels Ltd shares for the remainder of the day. This mechanism is designed to curb excessive volatility and allow the market to absorb the surge in demand. The freeze also indicates significant unfilled buy orders at the upper price band, reflecting strong investor eagerness to accumulate the stock.
Such regulatory interventions are common in micro-cap stocks with limited liquidity, where sudden bursts of buying can lead to sharp price movements. The freeze provides a cooling-off period, enabling market participants to reassess valuations and supply-demand dynamics.
Liquidity and Trading Considerations
Despite the upper circuit, Manaksia Steels Ltd remains sufficiently liquid for trading, with turnover levels supporting trade sizes up to ₹0 crore based on 2% of the five-day average traded value. However, investors should be mindful of the stock’s micro-cap status and inherent volatility risks.
Given the stock’s recent upgrade to a 'Buy' rating and its strong Mojo Score, market participants may view the current price action as a positive signal. Yet, the stock’s position below longer-term moving averages suggests that confirmation of a sustained uptrend will require further price appreciation and volume support.
Outlook and Investor Implications
Manaksia Steels Ltd’s upper circuit event highlights a renewed investor interest in the ferrous metals sector, possibly driven by improving industry fundamentals or company-specific developments. The stock’s performance today, outperforming both sector and benchmark indices, may attract further attention from traders and long-term investors alike.
Investors should closely monitor subsequent trading sessions for confirmation of trend continuation or potential profit booking. The regulatory freeze and unfilled demand underscore the need for cautious optimism, balancing the upside potential against liquidity constraints and market volatility.
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Sector Context and Broader Market Trends
The ferrous metals sector has experienced mixed performance in recent weeks, with some stocks facing pressure due to global commodity price fluctuations and domestic demand concerns. Manaksia Steels Ltd’s strong showing today contrasts with the sector’s marginal decline, suggesting company-specific catalysts or renewed investor interest in its growth prospects.
Broader market indices like the Sensex have remained relatively stable, with modest gains reflecting cautious optimism amid macroeconomic uncertainties. In this environment, micro-cap stocks such as Manaksia Steels Ltd can offer attractive risk-reward profiles for investors willing to navigate volatility.
Financial Metrics and Quality Assessment
While detailed financial disclosures for Manaksia Steels Ltd are limited in this report, the Mojo Score of 75.0 and recent upgrade to a 'Buy' rating indicate favourable assessments of the company’s fundamentals, earnings potential, and market positioning. The Market Cap Grade of 4 further supports the stock’s classification as a micro-cap, highlighting the importance of liquidity considerations for investors.
Investors should continue to analyse quarterly results, management commentary, and sector developments to validate the sustainability of the current price momentum.
Conclusion
Manaksia Steels Ltd’s upper circuit hit on 1 Feb 2026 underscores strong buying interest and a potential shift in market sentiment. The stock’s 5.0% gain, regulatory freeze, and unfilled demand highlight a dynamic trading environment with both opportunities and risks. While the short-term technical indicators are encouraging, investors should remain vigilant and consider broader market and sector trends before making investment decisions.
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