Penny Stocks to Watch out for Tomorrow, May 9, 2023

Today, the Nifty achieved its highest closing level of the year 2023 following a sharp selloff in the previous trading session, with Nifty rising by 195 points to reach a level of 18,264, representing a 1 % increase. The S&P BSE Sensex also saw a significant jump, rising over 700 points to close at 61,764. The Nifty Midcap 100 and Nifty Smallcap 100 also participated in the rally, closing around 1.02 % and 0.94 % higher, respectively.  

Talking of sectors, the Auto, Private Banks and Realty sectors traded strongly, while stocks in the PSU Banks and Media sectors remained weak. Amongst the Nifty 50 stocks, IndusInd Bank, Tata Motors and Bajaj Finance were the top gainers, while Coal India, Sun Pharma and Dr Reddy’s Lab were the top losers.  

List of penny stocks are likely to be in focus on Tuesday, May 09, 2023:     

Patel Engineering– The stock experienced significant buying activity, resulting in an 8.8% surge and reaching an intraday high of Rs 25.80 per share on NSE. Patel Engineering Ltd specializes in heavy civil engineering works such as constructing dams, bridges, tunnels, roads, piling works, industrial structures and infrastructure in hydro, irrigation & water supply, urban infrastructure and transportation sectors.  

GI Engineering Solutions– The stock saw significant buying activity, resulting in a surge and hitting the 5% upper circuit, reaching an intraday and 52-week high of Rs 25.56 per share on BSE. GI Engineering Solutions Ltd is a company that offers Information Technology, Engineering Services and related services.  

MIC Electronics – A strong breakout was witnessed in terms of price and volume as it rallied 4.83%, reaching an intraday high of Rs 18.45 per share. MIC Electronics has been a leader in designing, developing and manufacturing LED Video Displays, high-end Electronic and Telecommunication equipment and Telecom software since 1988, on a global level.