Penny Stocks to Watch Out for Tomorrow, July 5, 2023

The Sensex ended the day with a gain of 0.42%, while the Nifty closed higher by 0.34%. The Nifty Midcap witnessed a decline of 0.2%, whereas the Nifty Smallcap registered a gain of 0.25%. Among the sectors, Nifty Media, Nifty IT, and Nifty PSU Bank emerged as the top gainers, while Nifty Auto, Nifty Energy, and Nifty Realty were the top losers. 

From the Nifty 50 index, Bajaj Finance, Bajaj Finserv, and Hero MotoCorp performed well and were among the top gainers, whereas Eicher Motors, Bharti Airtel, and Grasim faced losses and were among the top losers. In terms of market breadth, about 818 stocks advanced, while 1126 stocks declined. This indicates a negative sentiment prevailing in the broader market. 

The following penny stocks are likely to be in focus on Wednesday, July 05, 2023:     

GMR Power and Urban Infra: The stock zoomed more than 11%, propelling its intraday trading price to reach a peak of Rs 19.85 per share on the NSE. This surge in price coincided with a noticeable uptick in trading volume. GMR Power and Urban Infra Limited (GPUIL), a subsidiary of GEPL holds expertise in the sectors of energy, urban infrastructure and transportation.  

MIRC Electronics: The stock displayed a strong breakout in both price and volume, rallying 9.97%, reaching an intraday high of Rs 19.30 per share on the NSE. This surge in price was accompanied by a significant rise in trading volume. The company is engaged in the business of manufacturing and marketing electronics goods primarily under the brand named – Onida and IGO.  

Shah Metacorp: Exhibiting a robust breakout in both price and volume, the stock surged more than 16%, reaching a peak of Rs 3.60 per share on the NSE. This remarkable price surge was accompanied by a notable increase in trading volume. Shah Metacorp is engaged in the business of manufacturing stainless steel and mild steel long products from scrap.