New Delhi, Feb 19 (IANS) – The Nifty 50 has reached an all-time high of 22,171, largely driven by the strong performance of financial and energy stocks, according to Shailesh Saraf, smallcase Manager and Founder Value Stocks. He noted that investors are now looking for bargains in Indian Public Sector Undertakings (PSUs) and banking stocks, indicating sustained interest in the PSU sector.
Saraf pointed out that the Nifty PSE index rebounded from the 20 SMA level on February 13 and is currently trading near its all-time high at 9,564. He also stated that small-cap and mid-cap indices continue to outperform the primary benchmark indices, with power and railway stocks showing strong intraday performance.
The Nifty energy index saw a 0.7 per cent increase intraday, with Tata Power Company experiencing a 2 per cent surge after receiving a letter of intent for the acquisition of a power project valued at 8.38 billion INR ($101 million).
Titagarh Rail Systems Ltd also witnessed a surge of more than 8 per cent after announcing that it secured an order from the defence ministry for the purchase of 250 specialized wagons. The company’s stock rose sharply by 8.5 per cent to Rs 1037.55.
These developments indicate a positive trend in the Indian stock market, with specific sectors driving the market to new heights. As investors continue to seek opportunities, the market is likely to see further shifts and developments in the coming days.
–IANS
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