Penny Stocks to Watch Out for Tomorrow, May 30, 2023

After President Joe Biden and congressional Republican Kevin McCarthy reached an agreement over the weekend to temporarily suspend the government’s debt ceiling, there was a positive impact on Asian shares and US stock futures. This deal effectively resolves a prolonged deadlock and eases investor concerns. As a result, the Nifty index saw a surge of 0.5%, closing above the 18,500 level, while the Sensex index recorded a 0.55% gain, finishing above the 62,800 level.  

The Nifty Bank index achieved remarkable milestones by reaching an all-time high of 44,483.35. Additionally, the sectors that performed exceptionally well include Nifty Realty, Metal, and Financial Services. However, the Nifty IT sector stood apart as the only sector experiencing a decline.  

During the day, the Nifty Midcap index experienced a 0.38% surge, while the Nifty Small Cap index also observed a 0.3% upward movement. Prominent gainers among the Nifty 50 index included M&M, Titan, and Tata Steel, while ONGC, HCL Tech, and Power Grid were among the leading losers for the day.   

The following penny stocks are likely to be in focus on Tuesday, May 30, 2023:    

Uniinfo Telecom Services– The stock saw significant buying activity, resulting in a surge of more than 18%, to trade on an intraday high of Rs 24.80 per share on NSE. The scrip witnessed massive spurt in volume. Uniinfo Telecom Services Ltd renders technical services relating to telecom network optimization, network planning, drive test, survey services, etc.  

Bajaj Hindusthan Sugar – Heavy buying interest was witnessed in the counter as the scrip surged 12.37%, recording an intraday high of Rs 15.53 per share on BSE. The scrip witnessed massive spurt in volume by more than 7.92 times. The company is engaged in the manufacture of sugar, alcohol, ethanol and the generation of power.  

Blue Chip India– A strong breakout was witnessed in terms of price and volume as it rallied 16.67%, reaching an intraday high of Rs 0.35 per share on NSE. Blue Chip India Ltd is in the business of providing loan.