On a year-to-date basis, the S&P BSE PSU index has rallied more than 50% and scaled a lifetime high of 15,531 earlier this week. Meanwhile, the benchmark Sensex has given a little over 16% returns in the same period. A significant chunk of the gains in PSU stocks came in December, with as many as 28 of them clocking double-digit gains, after the strong victory for the Bharatiya Janata Party (BJP) in the state assembly elections of Chhattisgarh, Madhya Pradesh, and Rajasthan.
Out of the last 15 months (including December), the stock finished 13 in the green. During this period, the shares appreciated from ₹83.70 apiece to ₹423 apiece, resulting in a gain of 405%.
Zomato could attract $72 million in passive inflows. It would be followed by HAL that may attract $47 million inflows. Jio Financial shares are expected to attract $41 million passive inflows.
The Indian market remained shut on Tuesday on account of a public holiday. Sectorally, buying was seen in metal, public sector, energy, utilities, and power stocks while selling was visible in IT, consumer durables, and healthcare stocks.
The S&P BSE Sensex rallied nearly 500 points while the Nifty50 closed above 19100 levels. Sectorally, buying was seen in realty, telecom, metal, and public sector stocks.