Penny stocks to watch out for on Wednesday , 20 September 2023

The Sensex wrapped up with a decline of 0.36%, and the Nifty followed suit with a 0.29% decrease. Similarly, the Nifty Midcap showed a 0.42% drop, and the Nifty Smallcap experienced a noteworthy 0.54% decline. 

Regarding sector performance, Nifty PSU Bank, Nifty Auto, and Nifty Energy emerged as the top performers, while Nifty Realty, Nifty Media, and Nifty Metal displayed strength in their respective sectors. 

Within the Nifty 50 index, the leading gainers were Power Grid, Titan, and M&M, whereas Hindalco, HDFC Bank, and Adani Ports faced declines. 

The following penny stocks are likely to be in focus on Wednesday, September 20, 2023:     

Rajdarshan Industries– The company witnessed a robust price and volume breakout, resulting in the stock getting locked at 20% upper circuit, reaching an intraday high of Rs 44.40 per share on the NSE. This price rally was backed by a substantial increase in trading volume. Rajdarshan Industries Ltd is engaged in mining of raw materials and drilling & transportation of limestone. 

Indian Overseas Bank- The counter experienced a notable increase in buying interest as the scrip surged and got locked at 20% upper circuit, reaching an intraday high of Rs 47.40 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. The scrip witnessed some profit booking and closed 14.30% up at Rs 45.15 per share on NSE. Indian Overseas Bank was founded in 1937 by Chidambaram Chettyar and was one of the 14 major banks that were nationalized in 1969. 

IFCI Limited- The stock experienced a substantial surge in its stock price, with the stock zooming more than 14%, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 19.20 per share on the NSE. IFCI is an Indian Government owned non-banking finance company established to cater to the long-term finance needs of the industrial sector. 

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.