PSU stocks rise as the Sensex and Nifty continue their recovery surge, and BHEL rises by 12%.
At 9:50 am, the NSE Nifty50 was up 78.40 points to trade at 22,698.75, while the S&P BSE Sensex was up 247,23 points at 74,629.47.
Thursday's benchmark stock market indices gained further ground as early trade saw a significant decline in volatility.
At 9:50 am, the NSE Nifty50 was up 78.40 points to trade at 22,698.75, while the S&P BSE Sensex was up 247,23 points at 74,629.47.
A much-needed lift was given to Dalal Street by a dramatic rebound in PSU equities across sectors. equities like BHEL, PFC, and GAIL surged as several brokerages backed their long-term ability to prosper, regardless of the outcome of the Lok Sabha election.
Among sectoral indexes, Nifty PSU Bank, Nifty Realty, and Nifty IT had the biggest gains.
On the Nifty50, Coal India, NTPC, ONGC, SBI, and Shriram Finance were the top five gainers.
Conversely, the biggest losers were Divi's Laboratories, Hero MotoCorp, HUL, Hindalco, and Nestle India.
"Nifty surged in yesterday's trade with all sectoral indices closing in green, as investors shrugged off election jitters, showing confidence in the long-term potential of the Indian market," stated Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. India's VIX fell 29%, indicating a decrease in volatility. The S&P 500 and Nasdaq 100 closed at all-time highs, forecasts of Federal Reserve interest rate reduction growing, and AI stocks like NVIDIA reaching all-time highs—with Apple getting close to a $3 trillion market cap—are among the main triggers.
"We have seen a sharp bounce back in the markets yesterday after news of NDA forming a government for the third consecutive time," stated Choice Broking research analyst Deven Mehata. Yesterday's global markets were likewise robust. For some, the market can remain in a range.
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