Nifty, Sensex plunges over 5.8 percent, PSU stocks topple over

On the final day announcement of the Lok Sabha general elections 2024, a steep fall was witnessed as a downturn for the Indian equities at the Stock exchange. Yesterday the highlighted Sensex and nifty were skyrocketing as of exit polls prediction, a strange uneven change was seen in the recent trading session.

The most unusual crackdown has been witnessed among PSU stocks such as RVNL, IRFC, RailTel Corporation, and IRCON International which experienced declines of up to 15% during today's trade.

The defence PSU stocks like Mazagon Dock, Cochin Shipyard, and Bharat Dynamics saw losses of up to 15% in their share values.

 

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The entire  PSU sectoral indices were trading in the red curtailing around 15%. As per the holistic overview, Nifty CPSE was down by 20%, Nifty PSU Bank by 19.52%, Nifty PSE by 20% to hit a 2-month low, and S&P BSE PSU by 17.37%. Meanwhile, BSE Power also recorded a significant decline, tumbling over 13% amidst the market turmoil.

Some notable Public sector entities like Power Finance Corporation and REC cut down by 20 percent lower at Rs 444 and Rs 484, respectively. Bharat Electronics (BEL) tumbled by 20 percent to a low of Rs 255 and quoted 18 percent lower at Rs 263.

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Other PSU segments, BHEL, Gail India, Container Corporation of India, and ONGC shot down at 15-18 percent each. Similarly, Hindustan Aeronautics, SAIL, HPCL, Coal India, NTPC, Power Grid Corporation of India, Oil India, IRCTC, NMDC, and NHPC were the other major losers - down over 10 percent. 

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