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PSU Stocks Plummet, Benchmarks Tumble as pandemic Cripples Economy

ByEditor

Feb 12, 2024
Live IPO News: Stay Updated with Stock and Share Market News, Economy and Finance News, Sensex, Nifty, Global Market, NSE, BSE

The decline in PSU stocks has caused a significant drop in 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, while power PSUs like SJVN, NBCC, and NHPC have experienced decreases of 10-20%.

However, despite this downturn in the economy sector, there are some gainers in the I.T. and pharma sectors. Stocks like Divi’s Labs and Honasa Consumers have been among the top performers after their Q3 earnings. Brokerages have adjusted their targets for these counters accordingly.

Nandita Khemka and Yatin Mota discussed the highlights of the trading day on Closing Bell. They noted that while some sectors such as banking and energy have been hit hard by the pandemic crisis, others such as technology and pharmaceuticals have shown resilience. The economic recovery is still uncertain but optimistic signs suggest that it may be on its way.

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