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HomeStocksPenny Stocks To Watch Tomorrow – 10th October 2023

Penny Stocks To Watch Tomorrow – 10th October 2023

On Monday, the benchmark indices concluded with modest setbacks, with both the Sensex and Nifty experiencing notable declines, registering losses of 0.73% and 0.72%, respectively.

Additionally, the Nifty Midcap segment wrapped up the day with a significant downturn of 1.34%, while the Nifty Smallcap segment recorded a substantial loss of 1.78%. 

Among the Nifty 50 stocks, the leading gainers include HCL Tech, Dr Reddy’s Laboratories, and Tata Consumer Products, while Adani Ports, Hero MotoCorp, and HDFC Life have faced notable losses.

The persistent increase in US bond yields, elevated crude oil prices, and a stronger US dollar have prompted ongoing selling by Foreign Institutional Investors (FIIs) in the Indian markets. On the contrary, Domestic Institutional Investors (DIIs) are witnessing substantial fund inflows and are directing their investments towards stocks with reasonable valuations. 

FIIs have been actively selling Indian shares, with a total offload of Rs 55,723 crore since August 1, 2023, marking their lengthiest selling streak since mid-January. In contrast, DIIs have acquired domestic equities valued at Rs 49,763 crore during this same period. 

The following penny stocks are likely to be in focus on Tuesday, October 10, 2023:

ASL Industries

ASL Industries Ltd, engaged in the manufacturing and trading of automobile parts, railway or tramway components, and related services, exhibited a robust breakout in both price and trading volume. This momentum led to the stock hitting a 5% upper circuit, with an intraday peak of Rs 26.25 per share on the NSE.

AKI India

AKI Ltd, specializing in the manufacturing and export of leather and leather goods, saw a substantial surge in buying interest, resulting in the stock being locked at a 5% upper circuit. The scrip reached an intraday high of Rs 13.40 per share on the NSE, accompanied by a significant uptick in trading volume. 

Birla Tyres

Birla Tyres Ltd, a player in the automotive tire manufacturing and trading industry, witnessed a remarkable surge in its stock price. This surge led to the stock hitting a 5% upper circuit, indicative of a strong breakout in both price and trading volume. The stock achieved an impressive intraday high of Rs 5.30 per share on the NSE.

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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