The Nifty index experienced a volatile day, initially opening with a gap down but later rallying higher. However, it eventually lost all the gains during the afternoon session and closed around the opening levels. It recorded a decline of 62.60 points, ending at 18,285.40.
Similarly, the S&P BSE Sensex followed a similar pattern, dropping 208 points and closing at 61,773.78. In contrast, the Nifty Midcap 100 outperformed the benchmark index, rallying by 0.21%, while the Nifty Small-Cap 100 closed almost flat, with a marginal increase of 0.01%.
The pharma, media and FMCG sectors showed strength in their trading, whereas the banks and financial services sectors remained weak throughout the day. Among the Nifty 50 stocks, Sun Pharma, Dr Reddy’s Laboratories and ITC emerged as the top gainers, while Shree Cement, Adani Ports and Tata Motors experienced the most significant losses.
The following penny stocks are likely to be in focus on Thursday, May 25, 2023:
GTL Infrastructure– A strong breakout was witnessed in terms of price and volume as it rallied 13.33%, reaching an intraday high of Rs 0.85 per share on BSE. GTL Infrastructure is in the business of providing shared passive telecom infrastructure in India.
Suzlon Energy– The stock saw significant buying activity, resulting in a surge of 7.8%, to trade on intraday high of Rs 10.20 per share on NSE. Suzlon Energy is primarily engaged in the business of manufacturing of wind turbine generators (WTGs) and related components of various capacities.
MBL Infrastructure– Heavy buying interest was witnessed in the counter as the scrip surged 9.82%, recording an intraday high of Rs 21.80 per share on NSE. MBL Infrastructures Ltd (MBL), incorporated in 1995, is engaged in the execution of civil engineering projects in various business segments namely, highways (EPC, BOT, O&M), building, housing & urban infrastructure, railways/metro and other infrastructure.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations.