Nifty & Sensex Skyrocket Post PSU Banks' Massive Rallies

Nifty & Sensex Skyrocket Post PSU Banks' Massive Rallies

Oct 27, 2017 | 02:00 PM IST

Nifty & Sensex Skyrocket Post PSU Banks' Massive Rallies

Market This Week

Government's announcement of 2.11 lakh crore recapitalisation plan for public sector banks boosted public sector banks this week as most of the public sector banks gained almost 20 to 50%. Metals, oil and gas and beverages stocks were in focus as some of the companies have presented good number and some have fundamentally strong news. The government has announced The Sagarmala project and due to that most infrastructure companies were in focus. Crude oil has been gaining in an international market and Indian rupee is consolidating at the current level.

Movers & Shakers

All PSU bank were the top gainers this week post government announcement of recapitalization scheme and most of the PSU banks like SBI, PNB, BOB etc gained around 20 to 50% this week. Oil and gas sector stocks like HPCL, BPCL, IOC etc. were on higher side due to increasing price of crude oil globally and also metals sector were in focus due to increased steel and non-ferrous metal prices due to production cuts announced by China and demand-supply mismatch. Yes bank tanked almost 12% this week. Increased NPA problem has created a pressure on the balance sheet. Bharti Infratel, HCL tech, and Indiabulls housing finance were down this week due to profit booking that was seen in the stock.

Key Market Drivers

The government announcement of recapitalization and Sagarmala project was the main trigger for the market this week and it has created an outstanding 'Teji' in the Indian market. Other important drivers for market this week was the outstanding numbers presented by some of the companies especially in beverages sector

Event Watch

USA FED interest rate decision is going to come on 1st of November and India's the fiscal deficit numbers are going to come on 31st. It is very important to follow as recently the government has announced a recapitalization scheme for PSU banks.

Stocks To Watch

UPL is on the upside while HCL technologies ltd is on the downside.



Niveza Editorial Desk : We are a team of stock market nerds trying to stay ahead of the herd. We spend our grey cells everyday to pave a smooth road for our clients in the shaky world of stock market. While...



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