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%. However, not all sectors have been affected equally. While banking names like HDFC Bank and ICICI Bank have seen drops of 2-3%, rail PSUs such as RVNL, IRFC, IRCTC, and BEML have experienced decreases of 8-10% each. Power PSUs like SJVN, NBCC, and NHPC have also experienced decreases of 10-20%.
Despite these declines, some sectors have remained resilient. Defensives in the I.T. and pharma sectors have been among the top gainers. Stocks in focus 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.
Nandita Khemka and Yatin Mota discussed the highlights of the trading day on Closing Bell. They noted that while there were no major policy announcements today, investors are still waiting for clarity on issues such as GST rates and monetary policy measures from the government and RBI respectively. Overall market sentiment remains cautious as investors weigh the potential impact of global economic trends on India’s domestic economy.