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Unprecedented decline in PSU stocks impacts benchmark indices: Nifty and Sensex slide by 450 points each, while rail and power PSUs see drops of up to 20%

ByEditor

Feb 12, 2024
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PSU stocks have had a significant impact on the benchmark Sensex and Nifty, with the Sensex losing over 450 points. The Nifty Bank index has also fallen below 45,000, while the PSU Bank index has seen a decrease of over 3%. This decline has not been limited to banking names alone, as rail PSUs like RVNL, IRFC, IRCTC, and BEML have seen drops of 8-10% each. In addition, power PSUs like SJVN, NBCC, and NHPC have experienced decreases of 10-20%.

However, despite these declines in certain sectors, there were gains in others. Defensives in the I.T. and pharma sectors were among the top gainers. Stocks in focus include Hero Moto Corp, Divi’s Labs, and Honasa Consumers after their Q3 earnings. Brokerages adjusted their targets for these counters based on their performance.

Nandita Khemka and Yatin Mota discussed the highlights of the trading day on Closing Bell. They analyzed the impact of PSU stocks on the market and shared insights into which sectors were performing well and which ones were struggling. Overall, they provided valuable insights into the latest market trends and developments that investors should be aware of.

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