Penny stocks to watch out for on Monday , 18 September 2023

The Nifty achieved a 0.47% surge, reaching a fresh all-time high of 20,222 before the market closed, while the Sensex also wrapped up the trading session with a 0.44% uptick, setting a new record at 67,927. In terms of market segments, the Nifty Midcap experienced a modest uptick of 0.28%, whereas the Nifty Smallcap delivered a remarkable performance, surging by 0.41%. 

Leading the pack of top gainers were Nifty Auto, Nifty IT, and Nifty Pharma, while Nifty FMCG, Nifty Energy, and Nifty Realty found themselves among the leading decliners. Noteworthy gainers within the Nifty 50 index included Bajaj Auto, Bharti Airtel, and M&M, while BPCL, Asian Paints, and Hindustan Unilever faced losses. 

The following penny stocks are likely to be in focus on Monday, September 18, 2023:     

Dhanlaxmi Bank– The company witnessed a robust price and volume breakout, resulting in the stock zooming more than 16%, reaching an intraday high of Rs 28.40 per share on the NSE. This price rally was backed by a substantial increase in trading volume. Dhanlaxmi Bank Ltd is a publicly held banking company engaged in providing a wide range of banking and financial services including retail banking, corporate banking, and treasury operations with a major concentration in southern states. 

HT Media- The counter experienced a notable increase in buying interest as the scrip surged more than 16%, reaching an intraday high of Rs 27.15 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. HT Media Ltd is a diversified conglomerate, engaged in printing and publication of newspapers and periodicals, radio broadcast and entertainment and digital businesses.   

Norben Tea & Exports- The stock experienced a substantial surge in its stock price, with the stock zooming and getting locked at 5% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 10.75 per share on the NSE. Norben Tea & Exports Limited is engaged in the business of growing and manufacturing tea and providing commission.  

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.