Penny Stocks to Watch Out for Tomorrow, May 31, 2023

The Nifty index concluded the trading session with a modest gain of 0.19%, surpassing the 18,600 level. Similarly, the Sensex index closed 0.2% higher, crossing the 62,900 mark. The Nifty Midcap index and the Nifty Smallcap index ended on a positive note, recording gains of 0.25% and 0.22%, respectively.  

At the closing bell, Nifty Media, FMCG, and Financial Services sectors emerged as the top performers. On the other hand, Nifty Metal, Auto, and Realty sectors experienced declines and were among the top losers. Notable gainers included Bajaj Finserv, Kotak Bank and Bajaj Finance, while Hindalco, Adani Enterprises and Tech Mahindra faced losses, emerging as the top losers.  

The following penny stocks are likely to be in focus on Wednesday, May 31, 2023:      

Syncom Formulations (India) Ltd– Heavy buying interest was witnessed in the counter as the scrip surged 15.5%, recording an intraday high of Rs 7.45 per share on NSE. There was a significant surge in trading volume for the scrip. Syncom Formulations is an internationally operating pharmaceutical company specializing in the production and distribution of a wide array of healthcare products.  

MIC Electronics– A strong breakout was witnessed in terms of price and volume as it rallied 4.97%, reaching an intraday high of Rs 19.01 per share on BSE. MIC Electronics has been a prominent player on the global stage, excelling in the design, development, and manufacturing of LED Video Displays, high-end electronic and telecommunication equipment as well as telecom software development.  

A2Z Infra Engineering– The stock saw significant buying activity, resulting in a surge of more than 19%, to trade at an intraday high of Rs 7.65 per share on NSE. The scrip witnessed a massive spurt in volume. A2Z Group is a diverse infrastructure engineering and services business involved in EPC for telecom and power sectors, municipal solid waste management, facility management services, renewable energy generation, waste-to-energy generation and facility management.