Among PSU stocks, PSU Railway stocks led the gains, with RITES surging 11% to a day’s high of Rs 310. Ircon International, IRFC, RVNL, and RailTel rose between 4% and 8%. Among PSU Bank stocks, Central Bank of India climbed over 8%, while UCO Bank, Indian Bank, IOB, ONB, and Bank of Baroda gained 5% to 8%.
PSU defense stocks also saw strong performance, with Bharat Dynamics leading the rally, gaining up to 7%. Cochin Shipyard, Hindustan Aeronautics (HAL), and Mazagon Dock Shipbuilders posted gains of up to 5%.
Also Read: Investors gain nearly Rs 9 lk cr in post-election D-Street rally
The rally was driven by the BJP-led alliance’s decisive win in Maharashtra, which boosted investor confidence. The alliance won 233 of the 288 seats, bringing renewed focus to infrastructure development.
The decisive mandate, which aligns the state with the central government, is expected to expedite infrastructure development and address long-pending governance issues, according to analysts.”The political message from this election is huge and highly positive from the market perspective,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.Meanwhile, Indian benchmark equity indices, Sensex and Nifty50, also surged over 1.5%, driven by investor optimism following the BJP-led Mahayuti alliance’s victory. The BSE Sensex was up by 1,305 points, or 1.65%, at 80,423, while the Nifty50 gained 413 points, or 1.73%, trading at 24,321 in early trading.
After the recent correction, both benchmarks have risen nearly 4% over the past two trading sessions. The market capitalization of all listed companies on the BSE surged by Rs 8.66 lakh crore, reaching Rs 441.37 lakh crore.
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