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HomeStocksPenny stocks to watch on Wednesday - May 29, 2024

Penny stocks to watch on Wednesday – May 29, 2024

During the most recent market session, both the Sensex and Nifty closed on a negative note, with the Sensex Index down 0.29% and the Nifty-50 Index down 0.19%. At the same time, the Nifty Mid-cap Index decreased 0.89%, whereas the Nifty Small-cap Index finished the session down 0.85%.

Nifty Pharma Index and NSE Healthcare Index emerged as the winners among the sectors, whereas the Nifty PSU Bank Index and Nifty Oil & Gas Index encountered a loss in the sectoral landscape.

At the individual stock level, Divi’s Laboratories, HDFC Life Insurance and SBI Life Insurance were the top gainers, while Adani Ports, Power Grid and Coal India were the top losers on the Nifty 50 index.

The following penny stocks are likely to be in focus on Wednesday, May 29, 2024:

Hybrid Financial Services Limited

The stock underwent a substantial surge in its stock price, zooming by 5% indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high and a 52-week high of Rs 13.95 on the NSE. Incorporated in 1986, Hybrid Financial Services Ltd is in the business of equipment leasing & hire purchase, loan syndication, and merchant banking. The company provides debt recovery advice and consultancy in financial, secretarial, commercial, legal, direct and indirect taxation, other levies, statistical, accountancy and other fields.

Shree Ram Proteins Limited 

The stock experienced a substantial surge in its stock price, with the stock zooming and getting locked at a 5% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 1.10 per share on the NSE. Incorporated in 2008, Shree Ram Proteins Ltd is in the business of edible oil and solvent extraction from all types of agro. The company is involved in cotton seed extraction and trading of cotton bales, cotton seed cakes, oil rice bran, soya beans and occasionally mustard seeds, etc.

Rattanindia Power Limited

The counter experienced a notable increase in buying interest as the scrip zoomed and hit a 5% upper circuit, reaching an intraday high & 52-week high of Rs 16.60 per share on the NSE. RattanIndia Power Limited is one of India’s largest private power generation company, with an installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra, India. The Co was incorporated in the year 2007 as Sophia Power Company Limited, originally as a part of Indiabulls group.

Read: Top 10 Performers in Power Generation & Distribution sector

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.
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