PSU, defence, rail, and bank stocks surge up to 13% as election shock wears off
PSU stocks such as BHEL and Mazagon Dock Shipbuilders witnessed gains of up to 13% on Thursday as investors renewed their support for state-owned companies, recognizing their long-term growth potential.
of like and gained up to 13% on Thursday as have once again started supporting for their long-term .such as surged 10% while gained 8%. followed the pack, gaining nearly 7% to hit the day’s high of Rs 1,407 and Bharat Electronics rose 6% to Rs 278.40.
In the railways segment, RVNL shares gained nearly 8% to Rs 383 while IRCTC, IRFC, and Titagarh Rail surged 6%, 6.5% and 7.3% respectively. IRCON International shares jumped 11.7% to the day’s high of Rs 267.
The PSU Bank index also surged 4.45% today with Indian Overseas Bank, Central Bank, Bank of Maharashtra and Indian Bank shares gaining over 5%. India’s largest PSU Bank State Bank of India’s shares rose 4.8% to Rs 827.55.
Shares of PNB, Bank of India, Canara Bank, UCO Bank, Punjab & Sind Bank, Union Bank and Bank of Baroda rose between 3-5%.
In early trade today, NTPC, SBI, and Power Grid from the pack opened 2.5% to 5% higher.
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The key equity indices and Sensex were able to close over 3% higher on Wednesday which was led by after the rail, PSU and defence stocks recovered a sharp fall in the last two days amid the disappointment of the general election outcome.
Currently, Nifty is trading 1.1% higher at around 22,870 while Sensex is nearly 1% higher at 75,168.
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Source: Stocks-Markets-Economic Times
