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PSU scrips MMTC, IRFC post strong rally

PSU stocks were in the limelight in Monday’s trade as MMTC and IRFC were up by more than 19 per cent.

New Delhi, Sep 4,2023: PSU stocks were in the limelight in Monday’s trade as MMTC and IRFC were up by more than 19 per cent.Apart from IRFC, other railway stocks were also up including RVNL up by 11 per cent, IRCON up by 7 per cent.PSU metal stocks were also on fire with Nalco up 6 per cent, SAIL up more than 5 per cent and NMDC up 5 per cent.Coal India was the big gainer in the Nifty, up by more than 4 per cent.Except FMCG all sectors gave positive return with IT, PSU banks and metals rallying 2-3 per cent, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.Sugar stocks were in focus today following higher surge in international sugar prices on account poor rain in Brazil and India while demand is likely to improve ahead of festive season. Even cement counters buzzed today on news of price hikes undertaken for the month of September and firm demand. Most of the sectoral indices were in green where Nifty Metal, Nifty PSU Bank, Nifty IT leading the way with gains of 2.47 per cent, 2.27 per cent, and 2.07 per cent, respectively, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.China is concentrating on enhancing production operations, and soon stimulus is anticipated in China. Improvement in metal demand globally has supported rising metal prices, fostering confidence in the metal industry, he said.

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