During the last hour of trading, the stock market experienced a sell-off, resulting in a mixed ending for the indices. The NSE Nifty 50 index fell around 100 points from its daily high, closing at a nearly flat level of approximately 18,250. Similarly, the Sensex ended three points lower and the Nifty Midcap and Nifty Smallcap indices remained relatively unchanged.
The IT and auto sectors performed well, while the PSU Banks sector experienced significant selling pressure, causing Nifty PSU Banks to drop by 2.75 %. Among the Nifty 50 stocks, Divi’s Laboratories, Coal India and IndusInd Bank were the top gainers, while UPL, ITC and SBI were the top losers for the day.
The Nifty index formed a bearish candle with smaller wicks on both ends, indicating a possible end to the uptrend. Going forward, corporate earnings and global market trends will continue to influence the Nifty’s future direction.
List of penny stocks are likely to be in focus on Wednesday, May 10, 2023:
Reliance Naval and Engineering– The stock experienced significant buying activity, resulting in 4.91% surge and reaching an intraday high of Rs 2.35 per share on NSE. Reliance Naval and Engineering Ltd is engaged in the construction of vessels, repairs and refits of ships and rigs and heavy engineering.
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 26.74 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 4.50%, reaching an intraday high of Rs 19.5 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.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations.