Penny stocks to watch out for Monday, 24 July 2023

On July 21, 2023, the benchmark equity indices experienced a decline following six consecutive days of gains, triggered by disappointment in market sentiment due to underwhelming first-quarter earnings from a few prominent companies. Additionally, weak global cues and selling from domestic institutional investors further contributed to the negative market sentiment. Sensex and Nifty closed on a lower note by 1.31% and 1.17% respectively. Nifty Midcap closes lower by 0.36% whereas Nifty Smallcap closed higher by 0.72%. 

Nifty PSU Bank, Nifty Media and Nifty Auto were among the top gainers while Nifty IT, Nifty FMCG and Nifty Energy were among the top losers. L&T, ONGC and NTPC were among the top gainers while Infosys, Tech Mahindra and Hindustan Unilever were among the top losers from the Nifty 50. 

The following penny stocks are likely to be in focus on Monday, July 24, 2023:     

Pearl Polymers: The stock displayed a strong breakout in both price and volume, rallying and more than 13%, reaching an intraday high of Rs 23.90 per share on the NSE. This surge in price was accompanied by a significant rise in trading volume. Pearl Polymers Ltd manufactures and trades PET jars and bottles.  

PTC India Financials: The stock zoomed more than 13% upper circuit, exhibiting a robust breakout in both price and volume, to trade at an intraday high of Rs 21.80 per share on the NSE. This remarkable price surge was accompanied by a notable increase in trading volume. PTC India Financial Services Limited is a NBFC registered with RBI which holds the status of infrastructure finance company. 

Surana Solar: The stock zoomed more than 11%, propelling its intraday trading price to reach a peak of Rs 26.30 per share on the NSE. This surge in price coincided with a noticeable uptick in trading volume. Surana Solar is engaged in the business of manufacturing solar photovoltaic modules, generation of wind & solar power energy and trading of other solar related products. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.