Penny Stocks: Stocks likely to be in focus on Tuesday!

The following penny stocks are likely to be in focus on Tuesday, October 03, 2023

On Friday, we witnessed a favorable conclusion to the trading session, with both the Sensex and Nifty charting an upward trajectory. The Sensex made a commendable gain of 0.49 per cent, while the Nifty outshone with a 0.59 per cent surge. This upbeat sentiment reverberated throughout the broader indices, as the Nifty Midcap experienced a substantial rise of 1.08 per cent, and the Nifty Smallcap also closed on a high note, up by an impressive 0.99 per cent surge.

Among the various sectors, Nifty Pharma, Nifty Media, and Nifty Metal took the spotlight today, showcasing robust gains that contributed significantly to the overall positive sentiment in the market. Noteworthy, however, was Nifty IT, the lone major sector that lagged behind during today's trading session.

In the list of top performers within the Nifty 50, Hindalco, NTPC, and Hero Motocorp emerged as the frontrunners, while Adani Enterprises, LTIMindtree, and HCL Tech grappled with losses.

However, looming on the horizon are discussions about a potential partial government shutdown in the United States, which has created a sense of uncertainty in market sentiment. It will be intriguing to observe how events unfold in the upcoming trading sessions.

Should a US government shutdown materialize, particularly following the Republican Party's latest stance, we may witness a brief period of selling pressure on US stocks. While the Indian stock market could experience some short-term ripples in response to the US market movements, it is anticipated to be relatively insulated from the impact of the US shutdown, maintaining its resilience in the face of external developments.

The following Penny Stocks are likely to be in focus on Tuesday, October 03, 2023:

Future Enterprises- Heavy buying was witnessed in the counter as the scrip zoomed and got locked at 5 per cent upper circuit, recording an intraday high of Rs 5.4 per share on NSE. The scrip witnessed massive spurt in volume. Future Enterprises Ltd is in the business of manufacturing, trading and leasing of assets.

IL&FS Transportation Networks- The scrip experienced significant buying activity, resulting in the stock surging and getting locked at 5 per cent upper circuit, reaching an intraday high of Rs 3.80 per share on NSE. IL&FS Transportation Networks Ltd does development, operations and maintenance of surface transportation infrastructure projects.

Ruchi Infrastructure- A solid price volume breakout was seen at the counter today as the stock rallied and got locked at 5 per cent upper circuit to record an intraday high of Rs 13.40 per share on NSE. Ruchi Infrastructure Ltd is engaged in the business of infrastructure, storage of liquid commodities, agri warehousing facilities, wind power generation, trading of various commodities and manufacturing of soap.

Here is the list of volume breakout penny stocks that witnessed heavy buying in Friday’s session (in NSE):  

Disclaimer: The article is for informational purposes only and not investment advice.