Solid Rally: Nifty PSE Index soars 3%, PFC, REC surge over 6%
Also Read: Nifty 50, Sensex jump 1% each; why is Indian stock market gaining today? — explained with 5 critical reasons All 20 constituents of the index are currently trading in the green, with power financiers leading the charge. Power Finance Corporation saw a significant surge of nearly 6.8%, reaching an intraday peak of ₹385.85 per share, marking an end to a four-day decline.
Similarly, Rural Electrification Corporation witnessed a 6.5% increase, touching an intraday high of ₹450.65 per share, breaking its four-day downtrend. Both stocks have demonstrated remarkable returns over the past year, with REC showing a 286% increase and PFC delivering 219% growth.
As government-owned entities categorised as central public sector undertakings under the Ministry of Power, they play crucial roles in funding projects throughout the power sector, covering activities from generation to distribution. Also Read: Summer stocks: Power, FMCG, consumer durables and 2 other sectors set to soar with rising temperatures; check top picks Given the escalating power demand in the country, all power-related firms are positioned favorably, with projections indicating a peak demand milestone of 260 GW anticipated this summer.
In the same vein, NTPC, NHPC, and Power Grid Corporation of India recorded gains of 3.4%, 2.4%, and 2.2%, respectively. OMC stocks such as BPCL, IOC, and HPCL are also experiencing a surge in trading, extending their winning streak for the second consecutive day with gains of up to 4.5%.
These stocks faced downward pressure last week amid concerns among investors that companies' profit margins would be affected in the near term due to the recent reduction in petrol and diesel prices by ₹2 per litre. In its latest update,
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