PSU shares shine as benchmark indices erase losses

  • IANS
  • Stock Market News
PSU shares shine as benchmark indices erase losses
Credit: © Reuters.

New Delhi, Feb 14 (IANS) PSU stocks posted strong gains on Wednesday as the benchmark indices erased morning losses.PSU stocks index is up 2.8 per cent with many shares posting strong gains. Nalco is up 11 per cent, Hudco is up 9 per cent, KIOCL is up 7 per cent, SJVN (NS: SJVN ) is up 7 per cent, Indian Bank (NS: INBA ) is up 6 per cent, RITES (NS: RITS ) is up 6 per cent.

PSU oil stocks are climbing with BPCL, HPCL up 6 per cent. LIC (NS: LIFI ) is up 5 per cent, IRCON is up 5 per cent, NBCC (NS: NBCC ) is up 5 per cent.

Infrastructure stocks are gaining as the index is up 1.7 per cent. IRB is up 10 per cent, Oil India (NS: OILI ) is up 4 per cent, ONGC (NS: ONGC ) is up 3 per cent, GAIL (NS: GAIL ) is up 2 per cent.

BSE Sensex is trading at 71,527.38 points, down 27.81 points. SBI (NS: SBI ) is top gainer with gains of more than 4 per cent. Tech Mahindra (NS: TEML ) is down more than 2 per cent.

A major catalyst driving the rally in global equity markets has been expectations of rate cut by the Fed, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The Fed had indicated possibly three rate cuts in 2024 and markets had discounted up to five rate cuts. This was on expectations that inflation in the US will continue to trend down. This expectation has received a jolt from the US CPI inflation numbers rising year on year to 3.1 per cent against expectation of 2.9 per cent. This means that the Fed will certainly not cut rates in March and the number of rate cuts in 2024 also will be lower, he said.

--IANS

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