Investors on Dalal Street [Get Quote] seem to have nothing to fear as over 228 scrips on Wednesday surged to their upper circuit levels, even as the benchmark index Sensex had plunged 10 per cent to touch its lower limit in the morning trade.

As per the data available on the Bombay Stock Exchange, 228 scrips across all groups touched their upper circuit limit, representing the cap on the upward movements, while just 132 stocks touched their floor limit.

"Retail investors have nothing to fear if they have not invested in momentum stocks as those stocks are more prone to heavy losses at the time of market correction," Arun Kejriwal of Kejriwal Research and Information Services (KRIS) said.

The market had crashed at the trade opening amid market regulator SEBI's proposal to curb P-notes, a derivative instrument for foreign investment. It later recovered on assurance given by Finance Minister P Chidambaram and the SEBI chief M Damodaran.

Interestingly, the highest number of stocks to hit the upper limit, about 85, are from the T-group, while in the A-group, comprising the blue chip stocks, only one scrip managed to surge up. Meanwhile, another relief to the investors was that no A-group stocks touched their lower circuits today.

Among the 30 stocks comprising the Sensex index, no scrip touched either its lower or upper circuits today. Besides, in the BSE Mid-cap index Gujarat Mineral Development Corporation [Get Quote] (GMDC) and Jai Corporation Ltd swayed 10 per cent both ways today touching their lower and upper limits during the day.

In the BSE Small-cap index, 16 stocks registered maximum gains for the day, including Reliance Industrial Infrastructure [Get Quote] which moved 5 per cent in both directions.