Monday, June 17, 2024
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PSU stocks are back: Power Grid, SBI, NTPC gain today as Modi 3.0 begins


Shares of public-sector undertaking (PSU) companies recovered from selloff in most counters which was witnessed last week. This comes as PM Narendra Modi returned to power taking oath for a third consecutive tenure on Sunday. The top gainers on Nifty50 included Power Grid, State Bank of India and NTPC. Power Grid led gains in the 50-stock index as it traded 3.6 per cent higher at 320.35 on the NSE. SBI shares were up around 1 per cent at 836.65 apiece and NTPC rose one per cent to 367.35 on the NSE.

The top gainers on Nifty50 included Power Grid, State Bank of India and NTPC.

The BSE PSU index was also among the major sectoral gainers and was up around one per cent today. BJP returned to power with the help of allies which investors see as a good sign for PSU stocks as they hope for policy continuity in Modi 3.0. PM Modi took oath for his third consecutive term with 72 ministers which included Nirmala Sitharaman, Amit Shah, Rajnath Singh, Nitin Gadkari, and S Jaishankar from the previous cabinet. 

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Meanwhile, Sensex breached the 77,000-mark for the first time ever, rallying for the fourth day running as there was optimism in the stock market following the Reserve Bank of India (RBI) revising GDP growth projection to 7.2 per cent for 2024-25 from 7 per cent earlier.

Overall, the 30-share BSE Sensex jumped 385.68 points to hit its new record high of 77,079.04 and NSE Nifty climbed 121.75 points to hit its lifetime peak of 23,411.90. Among the 30 Sensex companies, Power Grid, Axis Bank, State Bank of India, Bajaj Finserv, Reliance Industries and NTPC were the biggest gainers while top laggards were Tech Mahindra, Infosys, Wipro, HCL Technologies and Titan. 

On Friday, BSE benchmark ended at 76,693.36 up 1,618.85 points or 2.16 per cent and Nifty settled with a jump of 468.75 points or 2.05 per cent at 23,290.15.



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