The stock market saw a significant decline today, with PSU stocks coming under pressure. The benchmark Sensex dropped over 450 points, and the Nifty Bank fell below 45,000. The PSU Bank index also experienced a crack of over 3%. However, the decline was not limited to banking names. Rail PSUs like RVNL, IRFC, IRCTC, BEML saw an 8-10% drop, while Power PSUs like SJVN, NBCC, and NHPC were down by 10-20%.
On the other hand, defensives like I.T. and pharma were among the top gainers for the day. The stocks in focus included Hero Moto Corp, Divi’s Labs, and Honasa Consumers following their Q3 earnings and brokerages adjusting their targets for these companies.
According to Nandita Khemka & Yatin Mota on Closing Bell, it was an eventful day with a triple-digit fall in Nifty and smallcaps bleeding while PSUs cracked. The impact was felt across various sectors, and it was interesting to see how different companies performed in this environment. Despite the challenges faced by many sectors due to the pandemic’s ongoing effects on the economy, some companies managed to stay afloat and even showed signs of growth.