PSU and metal stocks drive market gains
The leading sectoral gainers in trading on Wednesday were metal stocks, but PSU stocks also saw significant increases.
The index of metal stocks has increased by 2.8%. SAIL has increased by 7%, NMDC has increased by 5%, while JSW Steel has increased by 3.7% intraday.
PSU stocks have increased by 2% along with the index. Metal and defense stocks are outperforming the rest of the PSUs on Wednesday. Defense stocks have increased: Bharat Dynamics is up 7%, Hindustan Aeronautics is up over 4%, GRSE is up 3%, Mazagon Dock Shipbuilders is up 3%, and Cochin Shipyard is up over 2%.
The benchmark BSE Sensex is up 240 points, trading at 73,978 points. Powergrid and NTPC are up more than 1%, while JSW Steel and Tata Steel are up 3%.
On Wednesday, the market’s breadth is favorable, with 35% of the stocks falling and 60% of them rising.
Fertilizer inventories are also rising, with increases of 6% at Chambal Fertilizers, 4% at Rashtriya Chemicals and Fertilizers, and 4% at Gujarat State Fertilizers and Chemicals.
