The benchmark Sensex and Nifty have seen a drop due to the decline in PSU stocks, with the Sensex losing over 450 points. The Nifty Bank index has fallen below 45,000, while the PSU Bank index has experienced a decrease of over 3%. This decline has not been limited to banking names alone, as rail PSUs like RVNL, IRFC, IRCTC, and BEML have also seen drops of 8-10%, and power PSUs like SJVN, NBCC, and NHPC have experienced decreases of 10-20%.
However, there are some bright spots in the market as defensives in the I.T. and pharma sectors have been among the top gainers. Stocks in focus include Hero Moto Corp, Divi’s Labs, and Honasa Consumers after their Q3 earnings. Brokerages have adjusted their targets for these counters based on their strong performance.
Nandita Khemka and Yatin Mota discussed the highlights of the trading day on Closing Bell. They noted that while PSU stocks are still underperforming overall, there are some positive signs emerging from other sectors such as I.T. and pharma. They also pointed out that investors should continue to keep an eye on key events such as the upcoming RBI monetary policy announcement for further clues about market trends.