• Thu. Feb 29th, 2024

PSU Sector Takes a Hit: Sensex and Nifty Bank Index Fall as Investor Confidence Wanes”.


Feb 12, 2024
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The performance of PSU banks has 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, indicating that this decline is not limited to banking names. In addition to banks, rail PSUs like RVNL, IRFC, IRCTC, and BEML have experienced drops of 8-10%, while power PSUs like SJVN, NBCC, and NHPC have seen decreases of 10-20%. Despite this decline in the PSU sector, stocks in the I.T. and pharma sectors have been among the top gainers.

Stocks in focus for investors include Hero Moto Corp, Divi’s Labs, and Honasa Consumers after their Q3 earnings. Brokerages have adjusted their targets for these counters based on their strong performance during the quarter. However, despite this positive outlook for some sectors and individual stocks, overall market sentiment remains cautious as concerns about rising fuel prices and inflation continue to weigh on investor confidence.

Brokers Nandita Khemka and Yatin Mota discussed the highlights of the trading day on Closing Bell. They noted that while some sectors may be performing well now, it is important for investors to remain vigilant in their investment decisions given ongoing economic uncertainties both domestically and globally.

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