Penny Stocks to Watch Out for Tomorrow, June 16, 2023

The following penny stocks are likely to be in focus on Friday, June 16, 2023:     

The Sensex experienced a decline of 0.49%, and the Nifty saw a decrease of 0.36%. On the other hand, the Nifty Midcap witnessed a surge of 0.21%, while the Nifty Smallcap recorded a growth of 0.15%. Towards the end of the day, Nifty Pharma, Nifty Auto, and Nifty FMCG emerged as the top gainers, whereas Nifty Media, Nifty Bank, and Nifty PSU Bank were among the top losers. 

Divis Laboratories, Dr. Reddy’s Laboratories, and Apollo Hospitals performed well and were among the top gainers, while IndusInd Bank, Wipro, and Hero Motocorp experienced losses and were among the top losers.  

Nectar Lifescience– The counter experienced a notable increase in buying interest as the scrip zoomed more than 19%, reaching an intraday high of Rs 21.50 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. Nectar Lifesciences Ltd is primarily engaged in the development, manufacture and marketing of various active pharmaceutical ingredients (APIs) and finished dosage forms.  

Digicontent Limited – The stock exhibited a powerful breakout both in terms of price and volume, as it rallied and hit the upper circuit limit of 20%, reaching an intraday high of Rs 18.15 per share on NSE. This surge in price was accompanied by a significant increase in trading volume and closed 11.55% per cent up at the end of the trading session. Digicontent Ltd operates in the realm of the entertainment and digital innovation business.  

Essar Shipping –There was substantial buying activity observed in the stock, leading to the stock surging and getting at 20% upper circuit band, to trade at an intraday high of Rs 13.70 per share on NSE. This surge in price was accompanied by a significant increase in trading volume for the stock. Essar Shipping is mainly engaged in fleet operating and chartering activities and operates international and coastal voyages.

Disclaimer: This article has been written for educational purposes only. The securities quoted are only examples and not recommendations.